DUBLIN – (BUSINESS WIRE) – Added “String Inverter Market – Growth, Trends, and Forecast (2020-2025)” report ResearchAndMarkets.com Offer.
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, the lack of financing options for the installation of photovoltaic solar systems in residential areas in underdeveloped and developing economies is expected to hamper the growth of the string inverter market 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 leading states in the United States with a goal of reducing greenhouse gas emissions to 40% by 2030. In addition, it is estimated that global electricity needs will be close to 36,000 terawatts by 2030 String inverter companies will likely have an opportunity to grow their business in the near future.
For the Asia-Pacific region, significant growth is expected in the forecast period, with the majority of 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 the concentration of photovoltaics (CPT), the concentration of solar energy (CSP), and the photovoltaics (PV). Photovoltaics is the most widespread technology of all that uses string inverters.
In 2019, 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 the Turkish city of Tatvan 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 variety 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 shows significant growth
The Asia-Pacific region 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), with China, Japan and India being the most important countries.
China is the main country in the region with a solar PV system of approximately 205 GW 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 in China, Kurnool Ultra Mega Solar Park and Kamuthi Solar Power Station in India are the few key projects in the region where string inverters have been installed.
According to the National Energy Administration (NEA), China allocated three billion yuan to subsidiaries for solar projects in 2019. Of the total, nearly 750 million yuan is expected to be allocated for rooftop solar power projects. 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 players 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
5.4.4 South America
5.4.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Cooperations and Agreements
6.2 Strategies of leading players
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
Please visit https://www.researchandmarkets.com/r/tuvmxd for more information on this report