String Inverter Market Share

Asia Pacific Market Analysis

The Asia Pacific string inverter market is estimated to dominate largest revenue share of 45% by 2037. Rising investment in the solar energy sector and growing efforts to boost renewable energy capacity will increase the demand for string inverters. With the expansion of solar installations, more inverters are required to handle the higher capacities and power outputs of these projects. The government of India committed USD 885 million for solar power projects in the Union Budget 2023-24, including grid, off-grid, and PM-KUSUM projects. Moreover, in Japan, there were about 4 thousand solar power plants.

North American Market Statistics

The North America string inverter market is projected to be the second largest with a share of about 34% by the end of 2037. Since string inverter is a crucial part of dissipating renewable energy sources, the demand for it grows with the rising consumption and production of renewable energy. In 2021, renewable energy output and consumption achieved record highs of approximately 12.32 and 12.16 quads, respectively, owing primarily to solar and wind energy production.