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The String Inverter Market is likely to witness an impressive CAGR of 6.7% during the forecast period. The prime factor that is contributing to the demand for String Inverter is the increasing demand for String Inverter in various industries.
This report on the String Inverter Market has been put together covering various companies of the industry from different geographies. The study is a perfect blend of qualitative and quantitative research highlighting vital market developments, challenges and competition that the industry might face, along with opportunities and trends available in the String Inverter Market. The report intends to present a thorough analysis of the String Inverter Market and provide cutting-edge market intelligence to help decision makers undertake a sound investment evaluation. Besides, the report also classifies and analyses the emerging trends along with major growth drivers.
String Inverter Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges act as extrinsic factors affecting the market. The report aims at answering several key questions concerning the overall profitability in the market.
Few key players operating in the String Inverter Market are-
Elettronica Santerno
Fronius International GmbH
Ginlong Technologies
GoodWe
REFU
SatCon Technology Corporation
Schneider Electric
SMA Solar Technology AG
Sungrow Power Supply Co., Ltd
TBEA Co., Ltd..
Growth drivers and Market Value:
This report, from Stratview Research, studies the String Inverter Market value and growth drivers over the trend period of 2022-27. According to the report -
String Inverter Market is likely to witness a healthy CAGR of 4% during the forecast period. Multiple government initiatives to accelerate the adoption of sustainable energy, decreasing component prices due to favorable tax benefit considerations, upgradation of primitive technologies paired with volume manufacturing practices leading to significant reduction in the overall component prices are some of the major factors driving the market growth during the forecast period.
Based on Power Class Type:
Based on the power class type, the market is segmented as single phase and three phase. Single phase string inverters are projected to witness strong growth rate in the market owing to their effective operational feasibility, due to which they are gaining traction in residential and small commercial establishments. In addition, some positive regulatory prospects such as feed-in tariff schemes are expected to drive the product demand during the forecast period. On the other hand, three phase string inverters are expected to benefit from factors such as low cost, absence of inverter subpanel and compact size over the forecast period. Three phase string inverter type is further categorized as Low Power ≤99 kW and High Power >99 kW.
Based on Region:
In terms of regions, North America is estimated to be the leading region in the market for string inverters during the forecast period. The region’s growth is driven by the growth in the U.S. market along with the federal norms to achieve clean economy structure by reducing the impact of harmful emission and increasing the focus towards energy conservation. On the other hand, the Asia-Pacific market is likely to be positively influenced over the forecast period with China and India being the growth engines offering promising growth opportunities. Europe is also expected to offer substantial growth opportunities during the forecast period.
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