The report has offered an all-inclusive analysis of the global string inverter market taking into consideration all the crucial aspects like growth factors, constraints, market developments, top investment pockets, future prospects, and trends. At the start, the report lays emphasis on the key trends and opportunities that may emerge in the near future and positively impact the overall industry growth.
Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
Fast growth in the renewable energy sector and easy installation of the inverters drive the growth of the global string inverter market. However, high amount of heat loss and deficiency of panel level monitoring hinder the market growth. On the other hand, government initiatives & investment on electrification of remote and rural area using solar energy would offer a number of opportunities in the coming years.
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There has been the operational disruption in the electrical and electronic industry during the Covid-19 outbreak across the globe. So, string inverter production has been impacted considerably.
During the coronavirus pandemic, maintenance and new installations of the string inverters have been postponed in the commercial and residential sectors due to lockdown and social distancing norms.
The report offers a detailed segmentation of the global string inverter market based on connection type, phase, end use, and region.
Based on connection type, the on-grid segment contributed to the largest share in 2019, accounting for three-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. Moreover, the same segment is expected to register the highest CAGR of 6.4% from 2020 to 2027. The report also analyzes the off-grid segment.
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Based on phase, the three phase segment contributed to the highest market share with more than three-fourths of the global string inverter market in 2019, and is estimated to maintain its leadership position during the forecast period. Moreover, the same segment is estimated to generate the fastest CAGR of 6.4% from 2020 to 2027. This is attributed to the increase in importance and rise in demand from power generation, distribution and transmission sector.
Based on region, Asia-Pacific accounted for the highest share based on revenue, holding for more than half of the global string inverter market in 2019, and is projected to maintain its dominant position throughout the forecast period. Moreover, the same region is estimated to generate the fastest CAGR of 6.5% from 2020 to 2027. This is attributed to large number of key players and availability of the manufacturing facilities in this region. Furthermore, North America region is anticipated to manifest the CAGR of 6.1% from 2020 to 2027.
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