String Inverter Market Trends

Growth Drivers

• Rising Solar Panels Deployment –String inverters play a crucial role in converting the DC electricity generated by solar panels into AC electricity for immediate consumption. The generated electricity can be used for business as well as the home for their immediate use. As of March 2022, the world had installed enough solar panels to create approximately 1 TW of direct solar power.
• Rising Initiatives for Boosting Sustainable Technologies– Many governments around the world are implementing incentive policies for promoting sustainable technologies. These can include, tax credits, net metering programs, grants, and others. In addition, manufacturers are taking initiatives to develop new technologies in order to improve the reliability of inverters. Such initiatives make sustainability more attractive ad will increase the demand for solar panels and, consequently, string inverters.
• Higher Electrification of Rural Regions– Apart from aiding the use of solar panels in the rural regions. String inverters also support the powering of agricultural machinery in rural region, such as water pumps, dairy equipment, and others. The Indian government has mandated the electricity supply to nearly 18,000 villages and established a target of installing 175 GW of renewable energy in 2022.

Challenges

• Huge Amount of Heat Loss in Large String Inverters- During the conversion of DC into AC, some amount of heat is lost. It is one of the rising concerns in the string inverters market since it impacts the overall efficiency and performance of the components and the entire system.
• Efficiency and power limitation
• High tariff and changing trade policies