String Inverter Market by Type (Single string, Multi string), by Connectivity (On-grid, Off-grid), by Application (Residential, Commercial, Industrial, Utilities), by North America (U.S., Canada, Mexico), by Europe (UK, Germany, France, Italy, Spain, Russia, Netherlands, Switzerland, Poland, Sweden, Belgium), by Asia Pacific (China, India, Japan, South Korea, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines, New Zealand), by Latin America (Brazil, Mexico, Argentina, Chile, Colombia, Peru), by MEA (UAE, Saudi Arabia, South Africa, Egypt, Turkey, Israel, Nigeria, Kenya) Forecast 2024-2032
The size of the String Inverter Market market was valued at USD 15.8 USD Billion in 2023 and is projected to reach USD 33.01 USD Billion by 2032, with an expected CAGR of 11.1 % during the forecast period. A string inverter is a major component in the operation of solar energy systems where it determines the direct current the PV solar panels generate and changes it to the alternating current utilized by the electricity network. They are referred to by their arrangement, where many solar panels are linked together by cables – that is, a ‘string’ – to the inverter. According to the power supply, string inverters are single-phase, three-phase, and hybrid inverters. Some of them are efficiency, constant monitoring, and the possibility of easy maintenance. Residential as well as commercial utilize is another application of string inverters mainly used in systems where the amount of direct sunlight is uniform and converts solar energy to usable electricity at a reasonable cost.
The String Inverter Market is experiencing several notable trends:
Key Regions:
Dominating Segment:
Type:
Connectivity:
Application:
Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 11.1 % from 2018-2032 |
Segmentation |
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Aspects | Details |
---|---|
Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 11.1 % from 2018-2032 |
Segmentation |
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Note* : In applicable scenarios
Primary Research
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