A string inverter is a device used to convert the energy generated from the solar panel i.e. direct current (DC) to alternating current (AC) for residential and other AC applications. Solar inverters are connected to more than one solar panel to optimize the performance of the solar panels at an equal level.
According to the report published by Allied Market Research, the global string inverter market generated $3.1 billion in 2019 and is estimated to reachÂ $4.6 billionÂ by 2027, registering aÂ CAGR of 6.3% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Significant development of the end-use industries such as oil & gas, telecom, mining, pharmaceutical, chemicals, and healthcare is fu
eling the demand for off-grid solar installations for their respective manufacturing and operations, which in turn drives the growth of the market during the forecast period.
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On the basis of phase, the three-phase segment holds the largest market share of 76.4% and growth rate of 6.4%, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to the gaining importance of the power generation, distribution, and transmission sector.
Based on region, Asia-Pacific contributed the highest share, accounting for more than half of the total market share in 2019, and will maintain its dominance throughout the forecast period. Moreover, the same region is expected to grow at the highest CAGR of 6.5% from 2020 to 2027. The research also discusses regions including North America, Europe, and LAMEA.
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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Key Findings of the Study:
Leading market players analyzed in the research include SMA Technologies AG, Fimer S.p.A., SolarEdge Technologies Ltd., Ginlong Technologies, Siemens AG, Delta Electronics Public Co., Ltd., Chint Group, SolarMax, Growatt New Energy Technology Co., Ltd., and Huawei Technologies Co., Ltd.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of â€śMarket Research Reportsâ€ť and â€śBusiness Intelligence Solutions.â€ť AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.