String Inverter Market Size - By Phase (Single Phase, Three Phase {Low Power (≤ 99 kW), High Power (> 99 kW)}), By Connectivity (Standalone, On Grid), Nominal Output Power, Nominal Output Voltage, Application & Global Forecast, 2023 - 2032

String Inverter Market Size - By Phase (Single Phase, Three Phase {Low Power (≤ 99 kW), High Power (> 99 kW)}), By Connectivity (Standalone, On Grid), Nominal Output Power, Nominal Output Voltage, Application & Global Forecast, 2023 - 2032

Global String Inverter Market will record a commendable growth rate from 2023 to 2032. Consistent technological breakthroughs have led to the development of more efficient and reliable string inverters, enhancing their performance and cost-effectiveness. In January 2023, With its novel composite architecture and components that are optimized for silicon carbide (SiC), Brek Electronics created two string inverters. The design uses planar magnetics in place of film capacitors and replaces them with machine-placeable ceramic capacitors.

Compared to silicon insulated-gate bipolar transistors (IGBTs), SiC metal oxide semiconductor field effect transistors (MOSFETs) have a 20 times faster switching frequency. The two appliances each produce 200 kW and 400 kW of power. According to the company, the SiC components give the 400 kW inverter a power density of 4 kW/kg.

The increasing adoption of solar energy as a sustainable and renewable power source will drive the demand for string inverters. Additionally, government incentives and policies promoting solar energy installations are encouraging the deployment of string inverters in residential, commercial, and utility-scale projects, which will further contribute to market growth.

The overall String Inverter Market is classified based on phase, connectivity, nominal output power, and region.

Based on the phase, the single-phase segment will contribute significantly to the market revenue from 2023 to 2032. Single-phase inverters are preferred for residential and small commercial solar installations due to their compact size, ease of installation, and compatibility with single-phase grid connections. As rooftop solar systems gain popularity among homeowners and businesses, the need for efficient and cost-effective single-phase string inverters is increasing. Moreover, advancements in single-phase inverter technology, such as enhanced efficiency and monitoring capabilities, are further driving their adoption, making them a key segment in the string inverter market.

By connectivity, the on-grid segment of the string inverter industry will showcase a high growth rate from 2023-2032. On-grid inverters are designed to feed solar power directly into the electrical grid, making them suitable for grid-connected solar installations. With the increasing adoption of solar energy in both residential and commercial sectors, on-grid string inverters offer a reliable and efficient solution for converting DC power from solar panels into AC power for immediate use or feed-in.

Regarding nominal output power, the string inverter market share from the 33-110 KW segment will expand commendably over 2023-2032. These inverters are ideal for medium to large-scale solar installations, including commercial and industrial projects. With the increasing focus on renewable energy adoption and the expansion of solar power generation in commercial settings, the need for efficient and high-capacity string inverters is rising. The 33-110 KW range offers a balance between power output and cost-effectiveness, making it a popular choice for developers and investors looking to maximize energy production and returns on their solar investments.

Regionally, the North America string inverter market will gain momentum through 2032 due to the region's commitment to renewable energy and sustainability. String inverters, known for their reliability, cost-effectiveness, and compatibility with various solar installations, are in high demand. Additionally, favorable government incentives and policies promoting solar energy installations are boosting market growth in North America. As the demand for clean and efficient energy solutions continues to rise, the string inverter market in North America is set to witness continued expansion and development.