DUBLIN, September 1, 2020 / PRNewswire / – The report, “String Inverter Market – Growth, Trends, and Forecast (2020-2025)” has been added to the offering from ResearchAndMarkets.com.
The global string inverter market is expected to grow by more than 15% in the forecast period 2020-2025.
Factors such as the increasing use of solar projects due to supporting government initiatives and the falling price of photovoltaic solar components are likely to drive the market. Governments around the world have introduced various guidelines to implement renewable energy as an alternative energy source.
However, it is expected that the lack of financing options for the installation of photovoltaic solar systems in residential areas in underdeveloped and developing economies will hinder the market growth for string inverters during the forecast period.
- The utility segment is likely to see significant growth over the forecast period due to the increase in solar power projects in various countries around the world to develop a sustainable and affordable energy source.
- With goals to reduce greenhouse gas emissions in the coming years, countries around the world are adopting various goals to curb climate change. For example, California is one of the most famous states in The United StatesThe aim is to reduce greenhouse gas emissions to 40% by 2030. In addition, the global electricity demand is estimated at almost 36,000 terawatt hours by 2030. The increasing demands on electricity associated with the greenhouse gas emissions targets are expected to trigger the growth of renewable energy systems like solar PV, which is likely to give string inverter companies an opportunity to grow their business in the near future.
- Asia Pacific Significant growth is expected to be seen over the forecast period, with most of the demand coming from China, Japan, and India.
The utility segment is likely to experience significant growth
- Utility-scale solar photovoltaic systems are massive projects that span several acres of land and are used to generate electricity for distribution purposes only. The string inverters are used to convert the direct current (DC) generated by the solar modules into alternating current (AC).
- The utility-scale solar systems generate electricity through various technologies, including concentration of photovoltaics (CPT), concentration of solar energy (CSP), and photovoltaics (PV). Of all of them, photovoltaics is the most widespread technology in which string inverters are used.
- In 2009, the worldwide installed solar PV capacity was almost 580.2 gigawatts (GW) and is expected to increase in the forecast period due to various initiatives by the countries for a sustainable and cheaper energy source.
- String inverters for supply segments are primarily three-phase, have an output of more than 80 kW and have unique properties to withstand extreme climatic conditions.
- For example the solar park project in Tatvan City Turkey is one of the most recent solar projects with almost 40 string inverters installed. The installed capacity of the park is around 5 megawatts and was put into operation in 2019.
- With increasing demand, investments in solar supply projects increase over the years. Countries like China and The United States are among the top countries to focus on a large number of utility projects in the coming years. Such moves in the utility sector are likely to have a large installation of string inverters and therefore would help to dominate the market over the forecast period.
Asia Pacific to witness significant growth
- Asia Pacific dominates the region with the highest installed capacity of solar PV and string inverters. In 2019, the region has an installed solar PV capacity of almost 330 gigawatts (GW) China, Japan, and India than the main countries.
- China is the largest country in the region with approximately 205 GW of solar PV in 2019. The country is expected to plan to double its installation capacity by 2025, which is expected to expand the string inverter market over the forecast period.
- Tengger Desert Solar Park and Longyangxia Dam Solar Park by China, Kurnool Ultra Mega Solar Park and Kamuthi Solar Power Station of India are the few key projects in the region where string inverters are installed.
- According to the National Energy Administration (NEA), China has assigned three billion yuan of subsidiaries for solar projects in 2019. From the total number almost 750 million yuan is expected to be provided for the solar power projects on the roof. The assigned subsidiaries are expected to install more solar PV systems, which is expected to improve the installation of the string inverters in the coming years.
The market for string inverters is moderately fragmented. The most important market participants include KACO New Energy GmbH, Delta Energy Systems GmbH, ABB Ltd., Sungrow Power Supply Co. Ltd., Huawei Technologies Co. Ltd., Chint Power Systems Co. Ltd. and Ningbo Ginlong Technologies Co. Ltd., Fronius International GmbH, SMA Solar Technology AG and Eaton Corporation.
1.1 Scope of the study
1.2 Market definition
1.3 Study assumptions
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.2 Market size and demand forecast USD billion by 2025
4.3 Current trends and developments
4.4 Government Policies and Regulations
4.5 Market dynamics
4.6 Supply chain analysis
4.7 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1.1 Single phase
5.2 Nominal power
5.2.1 Up to 10 kW
5.2.2 11 kW to 40 kW
5.2.3 41 kW to 80 kW
5.2.4 Over 80 kW
5.3 End users
5.3.2 Trade & Industry
5.4.1 North America
5.4.2 Asia Pacific
5.4.4 South America
5.4.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Cooperations and Agreements
6.2 Leading Player Strategies
6.3 Company profiles
6.3.1 KACO New Energy GmbH
6.3.2 Delta Energy Systems GmbH
6.3.3 ABB Ltd.
6.3.4 Sungrow Power Supply Co. Ltd.
6.3.5 Huawei Technologies Co. Ltd.
6.3.6 Chint Power Systems Co. Ltd.
6.3.7 Ningbo Ginlong Technologies Co. Ltd.
6.3.8 Fronius International GmbH
6.3.9 SMA Solar Technology AG
6.3.10 Eaton Corporation PLC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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