The string inverter market is expected to grow from an estimated $2.61 billion in 2016 to $3.89 billion by 2021, registering a CAGR of 8.29 percent from 2016 to 2021. These estimates are pulled from the “String Inverter Market by Phase (Single and Three), System Type (On-Grid and Off-Grid), Power Rating (Up to 10kw, 11kw-40kw, 41kw-80kw, and Above 80kw), End-User (Residential, Commercial & Industrial, and Utilities), and Region – Global Forecast to 2021,” published by MarketsandMarkets. The global market is witnessing significant growth due to a decrease in balance of system cost, removing systems monitoring capabilities and easy installation and customization.
Some quick bullets from the report
- The on-grid segment is expected to hold the largest share of the string inverter market, by system type, during the forecast period.
- The on-grid segment led the overall String Inverter Market in 2015. On-grid systems are applied mostly in small-to-medium scale commercial & industrial and large utility-scale solar applications. This is driving the market of three-phase string inverters, which are being commercialized at a huge scale in Asia-Pacific and Europe.
- Maybe surprisingly, utilities are expected to hold the largest market share of the string inverter market, by end-users, during the forecast period.
More on that utilities number
Utility-scale large projects are improving given regulations for renewable integration, while accelerating the growth of the String Inverter Market for the utility segment. On islands, string inverter in utility-based solar systems, integrated with energy storage systems, is expected to grab areas with high level of penetration of renewable energy.
Asia-Pacific is the largest market for string inverter
In this report, the String Inverter Market has been analyzed with respect to four regions, namely, the Americas, Europe, Asia-Pacific, and the Middle East & Africa. Asia-Pacific is estimated to be the largest market for string inverter till 2021. Government targets, policy support (tax incentives and RPOs), incentives such as feed-in tariffs and tenders, and competitive bidding in the region will drive the Asia-Pacific sting inverter market from 2016 to 2021.
— Solar Builder magazine