The global string inverter market is projected to grow at a CAGR of 8.29% from 2016 to 2021. Asia-Pacific is estimated to be the largest market, followed by Europe; the trend is expected to continue till 2021. The growth of the string inverter market is driven by decrease balance of system cost, remove systems monitoring capabilities, and easy installation & customization.
The string inverter market is dominated by a few global players. Some of the key players operating in the string inverter market are KACO New Energy GmbH (Germany), Delta Energy Systems GmbH (Germany), ABB Limited (Switzerland), Chint Power Systems Co., Ltd. (China), Ningbo Ginlong Technologies (China), Samil Power Co., Ltd. (China), Fronius International GmbH (Austria), SMA Solar Technology AG (Germany), and Huawei Technologies Co. Ltd. (China), among others.
Key strategies adopted by players in the string inverter market include new product development, investment & expansions, contracts & agreements, and merger & acquisition. Contracts & agreement was the most commonly used strategy, constituting 45% of the total developments from 2013 to 2016. Industry players also widely adopted the strategy of new product development/launches during the same period.
SMA Solar Technology AG is a subsidiary of the SMA Group. The company produces photovoltaic system technology that includes solar inverter technology, battery storage management, commercial PV power systems, and large-scale PV power solutions. It offers products and solutions for decentralized and renewable energy supply. SMA manufactures high-quality PV inverters and innovative technologies for intelligent management and efficient use of energy. The company is focusing on availing international growth opportunities, and hence, is continuously developing new photovoltaic products and enhancing its existing products. It has added many new string inverters to widen its product portfolio and provide solutions for both residential & commercial customers.
SolarEdge Technologies, Inc. covers a broad range of solar market segments including residential solar installations, commercial and small utility-scale solar installations. Its product segment includes inverters, power optimizers, storage solutions, and cloud-based monitoring systems. It provides inverter solutions for photovoltaic arrays. The company invented intelligent inverter solutions for the better management of power generated by solar photovoltaic systems. These intelligent inverter solutions increase the power generated by an individual PV module and lowers the cost of energy produced by the solar PV system.
String Inverter Market by Phase (Single and Three), System Type (On-Grid and Off-Grid), Power Rating (Up to 10kw, 11kw–40kw, 41kw–80kw, and Above 80kw), End-User (Residential, Commercial & Industrial, and Utilities), and Region - Global Forecast to 2021
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