String Inverter Market Analysis

Connection Type (On-Grid, Off-Grid)

String inverter market from the off-grid segment is estimated to witness the highest growth rate till 2037. Rising energy generation from off-grid solar panels will rise the segment growth. The off-grid solar business is expanding, with 70 million additional individuals having acquired access to electricity through off-grid solar power since 2019, totaling around 490 million people across the world. It is an 18% rise since 2019. Off-grid systems use string inverters, which allow users to monitor the system's performance and health. Tracking solar energy generation, battery state, and overall system efficiency are all part of this. It can also be used to connect many strings of solar panels, improving power generation and providing flexibility in system design.

End Users (Residential, Commercial & Industrial, Utilities)

The commercial & industrial segment is poised to hold 43% share of the global string inverter market by 2037. For the commercial and industrial sectors, string inverters are a more cost-effective solution than other inverter technologies, such as power optimizers and microinverters. This reason will drive the segment growth. Moreover, string inverters have the capability of handling high power capacities, making them efficient for commercial and industrial uses.

Our in-depth analysis of the String Inverter Market includes the following segments: