Global String Inverter Market: Brief Account
The world string inverter market is deemed to offer lucrative opportunities in Asia Pacific with China emerging as a future window for robust growth. Giant vendors such as Huawei have promoted the market for three-phase string inverter for its use in utility installations. Future string inverters are expected to have better features for their application in utility projects. Of late, Sungrow has announced the introduction of a twice as powerful, next-generation string inverter which can be suited to 1,500-volt installations. It is said that string inverters will have the potential to closely battle with central inverters.
The global string inverter market can be classified according to product, phase, power rating, and application. With a study of the most promising segments, businesses in this industry can invest wisely and take confident strides toward success.
This report has taken the top-down and bottom-up approaches for analyzing the global string inverter market in respect of market estimation and size. Forecasts and trends are chalked down after conducting thorough primary and secondary research. The publication throws light on key industry analysis factors such as technology upgrades and strategic partnerships.
Global String Inverter Market: Trends and Opportunities
The global share for string inverter market is envisioned to gain strength with the aggravating demand for continuous power supply without any interruptions and strict sustainability statutes. Over the forecast period 2016–2024, the global market share is expected to be bolstered by the reducing adoption of fossil fuel and increasing acceptance of renewable energy supported by government measures. The cut down in component cost and rising want for sustainable energy can considerably contribute toward the escalation of market growth. The industry is likely to welcome more growth on the back of feed-in tariff, net metering, and other various schemes introduced. Coupled with commendable enhancement in power density, the substantial decrease in component price is a result of technology innovation in the string inverter sector.
The single-phase string inverter segment could rise while riding on the aggressive penetration of off-grid residential consumers in emerging economies. The market carries the potential to add to the global market growth impressively. Likewise, the three-phase market is anticipated to exhibit a considerable growth.
Other promising segments of the world string inverter market could include standalone and on-grid string inverter by product, 10 KW and 11 KW–40 KW by power rating, and residential and commercial by application.
Global String Inverter Market: Geographical Analysis
The U.K. string inverter market is envisaged to augment its business growth with the rise in the adoption of rooftop solar system in both the residential and commercial fields. The Europe region will gain impetus for its growth with the newly introduced EU emissions trading system (EU ETS) directive 2003/87/EC, which is aimed toward the 20.0% of slimming down of greenhouse gas emission by 2020.
The U.S. market will take advantage of the encouraging adoption of renewable energy propelled by rebate, tax credit, and other government incentives. The Asia Pacific region could leverage the significant market share offered by China with the introduction of photovoltaic poverty alleviation program, which plans to implement solar panels of 10 GW by 2020. China will also look to target 110 GW of photovoltaic installation by 2020.
Market opportunities are also predicted to arise from countries such as South Africa and Chile.
Global String Inverter Market: Competitive Overview
Major players are taking to new product development with mammoth investments in research and development. The SG125HV string inverter, for instance, manufactured by Sungrow in 2016 comes with a 99.0% efficiency and 1.5 DC:AC ratio. The string inverter helps to check installation and balance of system cost. Some of the top companies operating in the international string inverter market are Schneider Electric, Sungrow Power Supply, Advanced Energy Industries, Delta Energy System, KOSTAL Solar Electric, Yaskawa – Solectria Solar, SolarMax, Ginlong Technologies, Fronius International, and Ingeteam.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.