String Inverter Market Worth 3.89 Billion USD by 2021
The report “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 String Inverter Market is expected to grow from an estimated USD 2.61 Billion in 2016 to USD 3.89 Billion by 2021, registering a CAGR of 8.29% from 2016 to 2021. The global market is witnessing significant growth due to decrease balance of system cost, remove systems monitoring capabilities, and easy installation & customization.
Browse 66 market data tables and 41 figures spread through 151 pages and in-depth TOC on “String Inverter Market – Global Forecast to 2021”
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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.
Utilities are expected to hold the largest market share of the String Inverter Market, by end-users, during the forecast period
The utilities segment is expected to hold the largest share the String Inverter Market during the forecast period. 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.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the String Inverter Market. These players include 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), among others. Leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.
Source:prnewswire
