Rising adoption of automation, increase in standard of living, the rapid growth of urbanization and different global and national mandates to reduce greenhouse gas (GHG) emissions has driven the growth and has increased the demand for renewable solar energy installations. The use of solar installations coupled with string inverters ensures energy savings and reduced cost. A string inverter is a device for converting DC to AC power and is designed for high voltage DC inputs. The residential and commercial end users are increasingly adopting string inverters to ensure the smooth functioning of their operations and to avoid interruptions.
The growth of the global string inverters market is propelled by several factors. One of the major drivers in this market is increasing solar energy consumption across the globe. Analysts at Technavio predict that the global string inverters market will grow steadily in the next five years to be valued above $3billion by 2021.
Widespread Adoption: What are the driving forces?
Vendors in local regions offer inverters at a relatively lower cost than the international vendors that has led to a war among vendors resulting in a decline in the prices of string inverters globally. Apart from that, the inverter prices are declining owing to market consolidation, improvement in economies of scale and tariff cuts that impact the demand for string inverters and PV inverters.
Globally, a large number of countries are cognizant of the depleting fossil fuel resources as well as the associated carbon emission regulations. Therefore, they are gradually moving towards renewable energy, such as wind and solar, to meet their carbon emission goals and reduce dependence on fossil fuels through the formulation of favorable policies.
Governments worldwide are providing incentives for solar energy generation projects. This, in turn, encourages many investors to invest in solar PV projects to increase the amount of electricity generation from the existing infrastructure. This will contribute to the growth of the global string inverters market during the forecast period.
String Inverters use off-grid energy storage technologies that reduce losses and improves the efficiency of power plants. The off-grid energy technologies also make transmission and distribution more flexible that results in rising power consumption. Therefore, growing power consumption is one of the major drivers for the global string inverter market.
Prominent Vendors in the Global String Inverter Market
- ABB
- Schneider Electric
- SMA Solar Technology
- Huawei Technologies
- SUNGROW
Technavio Market Solutions:
A comprehensive study is done by Technavio to deliver a strong understanding of the market to the firms in the Global String Inverters Market. The report comprises of an in-depth primary and secondary research to provide market insights to the firms in the same or related industry. Our report also covers a detailed analysis of the industry including key drivers, emerging trends, as well as the competitive landscape.
For an in-depth analysis of the Global String Inverter Market
