String Inverter Market Trends, Statistics & Growth Forecast 2022- 2028

The string inverter market is projected to showcase steady growth by 2028 on account of increasing product demand in key regions worldwide.

String inverters have been gaining massive popularity among solar developers, particularly in the distributed solar space. These inverters are also finding extensive usage in utility-scale solar systems owing to recent scalable and flexible technological advancements, which has played a crucial role in business growth in recent years.

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The string inverter market has been segregated on the basis of phase, connectivity, nominal output voltage, nominal output power, application, and region. Based on phase, the market has been segmented into three phase and single phase. In 2021, the single phase segment was valued at about USD 2 billion and is slated to observe strong growth through the assessment timeframe.

Under three phase, the string inverter market has been divided into high power (> 99 kW) and low power (≤ 99 kW). The low power (≤ 99 kW) segment is projected to exceed over USD 9 billion by 2028. The high power (> 99 kW) segment is set to witness notable development at a rate of more than 8.1% through 2028.

With regard to connectivity, the market has been bifurcated into on grid and standalone. The string inverter industry share from the on grid segment exceeded a valuation of USD 8 billion in 2021 and is calculated to garner a sizable revenue by the end of the review timeline.

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With respect to nominal output power, the market has been classified into 3 - 33 kW, < 3 kW, > 110 kW, and 33 - 110 kW. In 2021, the < 3 kW segment was valued at around USD 7 billion and is poised to attain a considerable share in the market over the study timespan. The 3 - 33 kW segment is anticipated to record annual shipment of over 33,000 MW by 2028. The 33 - 110 kW segment is foreseen to expand at a CAGR of approximately 9.3% through 2028.

In terms of nominal output voltage, the string inverter market has been segmented into > 600 V, 230 - 400 V, ≤ 230 V, and 400 - 600 V. The ≤ 230 V segment is expected to reach nearly USD 3.2 billion in revenue by 2028. The 230 - 400 V segment held a significant share in the market in 2021 and is estimated to exceed a valuation of USD 8.5 billion by 2028. The 400 - 600 V segment is speculated to register annual shipment of above 35,000 MW by the end of the analysis time period.

From the application perspective, the string inverter market has been divided into utility, residential, and commercial & industrial. The commercial & industrial segment is projected to reach annual shipment of about 74,000 MW by 2028.

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On the regional spectrum, the North America string inverter industry was valued at over USD 1.5 billion in 2021 and is set to witness substantial growth over 2022-2028. The Middle East & Africa region accounts for a prominent share of the overall industry revenue and is calculated to progress at a rate of almost 5.9% by 2028. Meanwhile, the Latin America string inverter market exceeded USD 1 billion valuation in 2021 and is primed to amass major gains through the forecast period.

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