According to the research report titled ‘String Inverter Market Size By Power Class, By Nominal Output Power, By Nominal Output Voltage, By Connectivity , By Application, Industrial {Chemical, Paper, Food Processing}, Utility) By Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report, worldwide string inverter market is expected to exceed USD 5 billion by the year 2024.
 

Favorable government initiatives which encourage the use of sustainable technology along with increasing investments towards robust grid integration are major factors driving the string inverter market growth. Extension of various incentives by government entities, like financial assistance, net metering and feed in tariff has enhanced the adoption of green technologies, in turn favoring the market outlook.
 

Growing electricity demand and strict emission regulation are further fueling the stringer inverter market expansion. Advancements in nascent technology and increasing practices of volume manufacturing have led to reduction in overall component costs, thereby boosting product penetration.
 

As per power class, single phase string inverter market segment is expected to register significant growth during the forecast period. It is widely used in commercial and residential establishments. These units offer reliability, operational feasibility, high efficiency and better accessibility.
 

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In terms of power output, >500W string inverters segment is slated to witness robust demand in the subsequent years. Rising adoption of reliable and cost effective solar systems in off-grid locations along with surging investments towards enhancing the operational efficiency and flexibility are boosting the growth of the segment.
 

Based on the application spectrum, string inverter market share from industrial segment is predicted to expand substantially during the study period. Preference for uninterrupted and reliable power supply and shifting focus towards mitigating GHG emissions will favor the market outlook.
 

Considering the geographical landscape, the U.S. string inverter industry is anticipated to record 4% CAGR through 2024. Increasing popularity of sustainable technologies along with rising concerns regarding environmental degradation are promoting the business scenario in the U.S. Strict regulations aimed at reducing the carbon footprint and emission levels are also favoring the market outlook.
 

The prominent companies operating in string inverter market are Chint Group, TBEA, SolarMax, Fronius, Shenzhen KSTAR, Ginlong Technologies, Growatt New Energy Technology, Schneider Electric, Huawei, Omron, Solar Edge, Elektronik, SMA Solar, GoodWe, ABB, KACO New Energy, Samil Power, Delta Group, SatCon, REFU, Sungrow and Elettronica Santerno.