Global String Inverters Market 2017-2021
About String Inverters
The global string inverters market is expected to grow at a steady rate during the forecast period. The primary applications that are driving the growth of string inverter systems are wind, solar PV, and others. The renewable energy market, especially solar and wind, has grown tremendously owing to the different global and national mandates to reduce greenhouse gas (GHG) emissions. This growth has boosted the global string inverters market and is expected to continue to do so during the forecast period. In addition, other end-users such as residential and commercial sectors as well as power utilities are increasingly adopting inverters to ensure the smooth functioning of their operations.
Technavio’s analysts forecast the global string inverters market to grow at a CAGR of 8.48% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global string inverters market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sale of inverters in different end-user industries.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global String Inverters Market 2017-2021
Technavio recognizes the following companies as the key players in the global string inverters market: ABB, Huawei Technologies, Schneider Electric, SMA Solar Technology, and SUNGROW.
Other Prominent Vendors in the market are: Delta Energy Systems, Fronius International, Growatt Shenzhen, KACO new energy, Ningbo Ginlong Technologies, Samil Power, SHANGHAI Chint Power Systems, SolarEdge Technologies, and Yaskawa - Solectria Solar.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is reduction in solar PV cost. One of the major hurdles to the adoption of renewables is their intermittent nature. Energy storage bridges the gap, and it is also used to increase the renewable energy penetration in hybrid systems. For instance, a standard PV could produce 20%-30% of the power. However, with the addition of an ESS (battery), the power from solar PV could go beyond 60%-70%.”
According to the report, one driver in market is declining prices of inverter systems. Vendors in APAC offer inverters at lower prices than the international vendors. This has led to a price war among vendors. In 2015, China was one the largest markets for solar PV inverters and battery systems globally and is likely to dominate the market during the forecast period. The country is increasingly focusing on the development of string and central inverters that have a capacity of 1,500 V. The price of inverters is declining in China due to market consolidation. Intense competition in the Chinese market resulted in a 10% decline in inverter prices in 2015, wherein central inverters were priced between $0.03-$0.05/W (CNY 0.20-CNY 0.28/watt) and string inverters ranged between $0.06-$0.08/W (CNY 0.40-CNY 0.50/watt). The average price of a PV inverter in China saw a steep price decline of about 60% during 2006-2010. This trend is projected to continue as the implementation of significant tariff cuts will impact the demand for PV inverters by 2020.
Further, the report states that one challenges in market is changing market dynamics. Inverters are involved in the complex process of energy production via integrated monitoring technology. These are required to work continuously to produce reliable power in challenging environmental conditions. With the growing use of solar PV inverters worldwide, consumers and regulatory bodies are increasingly demanding multiple AC grid standards and changes in building standards. This adds to the operational costs of manufacturers. Downward pricing pressures, changing global trends, shifting subsidy markets, fluctuating energy prices, and evolving dynamics of the global finance market are some of the key issues affecting the global solar industry. This will have an impact on inverter manufacturers. As a result, these manufacturers are required to constantly innovate and enhance their product offerings.
ABB, Huawei Technologies, Schneider Electric, SMA Solar Technology, SUNGROW, Delta Energy Systems, Fronius International, Growatt Shenzhen, KACO new energy, Ningbo Ginlong Technologies, Samil Power, SHANGHAI Chint Power Systems, SolarEdge Technologies, and Yaskawa - Solectria Solar.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook