Global string inverter market will expand significantly on account of numerous government measures to accelerate the adoption of sustainable energy. In 2018, European Union has updated its energy policy framework with an aim to bind renewable energy of at least 32% from overall energy mix. The directive will positively stimulate the industrial competitiveness and will boost the demand for PV systems. Declining component prices on account of favourable tax benefit measures by regulators will significantly drive the market size. Improvement in primitive technologies along with volume manufacturing practices have led to considerable declination in the overall component prices. Anti-dumping duties implemented by the U.S. on various Chinese modules, depreciation in euro and yen, and the downward adjustment of the minimum import values is anticipated to further decline the prices in the near term.
Seattle, WA -- (SBWIRE) -- 11/13/2019 -- Market Ecosystem:
The ecosystem of the global string inverter market starts with suppliers of basic components such as magnets, transformers, circuitry, wiring, enclosure, packing, and miscellaneous parts. The manufactured parts are then assembled by the OEM (original equipment manufacturer) to form a string inverter, which is then tested. This is followed by the distribution stage, following which the product is provided to the end-users. Distribution is the next stage of the supply chain. The top players in the industry market their products through self-operated sales offices located near target markets, while regional players rely on distribution partnerships to access diverse markets.
Some of the Major Players in the string inverter market are KACO New Energy GmbH (Germany), Delta Energy Systems GmbH (Germany), ABB Limited (Switzerland), Chint Power Systems Co., Ltd. (China), Ningbo Ginlong Technologies (China), Samil Power Co., Ltd. (China), Fronius International GmbH (Austria), SMA Solar Technology AG (Germany), and Huawei Technologies Co. Ltd. (China).
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The global string inverter market is projected to grow at a CAGR of 8.29% from 2016 to 2025, to reach a market size of USD 3.89 Billion by 2025. The growth is attributed to decrease balance of system cost, remove systems monitoring capabilities, and easy installation & customization.
Based on system type, the on-grid segment is expected to dominate the string inverter market during the forecast period. The 41 kW-80 kW segment is the largest market; due to their compact size and light weight, these inverters offer more design flexibility for all sizes of PV plants and provide higher level of protection and enhances durability in a harsh outdoor environment.
The report segments the string inverter market based on phase into single-phase and three-phase. The latter is estimated to be the largest market owing to rising installations of large utility-scale solar systems in Japan, China, and other European countries. Inverter manufacturers have been strongly promoting the installation of three-phase string inverters in large power plants, due to which the global shipments are projected to double in the next 4 years.
String Inverter Market
Higher heat loss due to the large size and no panel level monitoring are expected to slow down the demand for string inverters during the forecast period. However, government incentives schemes offer huge opportunities. Contracts & agreement was the strategy most commonly adopted by the top players in the market, constituting 45% of the total developments from 2013 to 2016. It was followed by new product development, expansion, partnerships/joint ventures/collaboration, and merger & acquisitions.
This research study involved the use of extensive secondary sources, directories, and databases such as Hoovers, Bloomberg Businessweek, Factiva, and OneSource to identify and collect information useful for a technical, market-oriented, and commercial study of the global string inverter market. Primary sources are mainly industry experts from core and related industries, preferred suppliers, manufacturers, distributors, service providers, technology developers, standard and certification organisations of companies, and organisations related to all the segments of this industry's value chain. The points given below explain the research methodology.
In this report, the string inverter market has been analysed with respect to four regions, namely, the Americas, Europe, Asia-Pacific, and the Middle East & Africa. Asia-Pacific is expected to dominate the global string inverter market during the forecast period, owing to government targets, policy support (tax incentives and RPOs), incentives such as feed-in tariffs, and tenders and competitive bidding in the region. The Americas, on the other hand, is expected to be the fastest growing market among other regions, during the forecast period.
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