String Inverter Market Report 2025

This String Inverter report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The string inverter market size has grown strongly in recent years. It will grow from $4.12 billion in 2024 to $4.36 billion in 2025 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to solar pv market growth, cost reduction, efficiency improvements, grid integration, growth in awareness of environmental benefits.

The string inverter market size is expected to see strong growth in the next few years. It will grow to $5.76 billion in 2029 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to renewable energy targets, expanding applications, sustainability and circular economy, consumer education and market awareness, smart inverter technologies. Major trends in the forecast period include hybrid inverter solutions, multi-mppt designs, grid support functions, cybersecurity features, high power density.

The growing demand for electricity is driving the string inverters market. Rapid growth in socio-economic factors, including population increase, urbanization, rising net capital income, and heightened industrial activities in both developed and developing economies, has led to a significant surge in electricity demand worldwide. This rising electricity demand is expected to enhance the utilization of string inverters, as they are essential components for converting electricity generated by solar panels into usable electricity. For example, in July 2024, the House of Commons, a UK-based governing body, reported that typical household energy bills rose by 54% in April 2022 and by 27% in October 2022. Although lower wholesale prices have led to decreased rates, bills remain approximately 29% higher than their levels during the winter of 2021/22. Therefore, the increase in electricity demand is expected to boost the demand for string inverters in the forecast period.

The expanding residential solar installations sector is set to propel the string inverters market forward. Residential solar installations involve the placement of solar panels on residential properties to harness energy from the sun. String inverters, used in both on-grid and off-grid systems, play a key role in monitoring system performance and health, contributing to their increased adoption in the residential sector. As reported by Energy Live, a UK-based independent energy news provider in February 2023, 73% of the UK's new solar capacity came from small-scale residential solar panel installations. The UK currently boasts over 1,265,000 registered solar power installations, with approximately 1.1 million located on residential properties. Hence, the growth in residential solar installations is a significant driver for the string inverters market.

Technological advancements, particularly the development of smart string inverters, are emerging trends in the string inverter market. Smart inverters utilize voltage and frequency sensors to detect grid anomalies, providing valuable data to utility operators. They are particularly convenient for home rooftop solar owners, functioning independently. In March 2022, Huawei unveiled a smart string energy storage system featuring a Smart I-V Curve Diagnosis tool that conducts real-time and remote detection of PV systems at the string level, offering automatic detection reports for underperforming PV arrays and aiding utility-scale PV facilities in reducing O&M expenses.

Major players in the string inverters market are introducing innovative hybrid solutions, such as low-voltage hybrid inverters, to enhance efficiency. A low-voltage hybrid inverter, designed to work with low-voltage batteries typically ranging from 42V to 59V, is a notable example. SolaX Power, a China-based solar inverter manufacturer, launched the X1-Hybrid LV in May 2023. This low-voltage hybrid inverter, designed for residential applications, stands out for its superior efficiency in solar PV systems. It operates at lower voltages, supports high-power solar panels, provides reliable backup power with the ability to connect up to 10 inverters, and accommodates various battery types.

In July 2023, the acquisition of Fimer by CLEMENTY Group, a UK-based investment firm, is expected to provide FIMER with the financial resources needed to sustain operations, pay creditors, hire new employees, and relaunch the company. Fimer specializes in solar inverters and mobility systems and is based in Italy.

Major companies operating in the string inverter market include Chint Group Corp., Delta Electronics Inc., Sputnik Engineering AG, Growatt New Energy Technology Co. Ltd., Siemens AG, SMA Technologies AG, Fimer S.p.A., SolarEdge Technologies Ltd., Ginlong Technologies Co., SolarMax Energy pvt. Ltd., Huawei Technologies Co. Ltd., ABB Ltd., KACO New Energy GmbH, Ningbo Ginlong Technologies Co. Ltd., Fronius International GmbH, Eaton Corporation Plc, Altenergy Power System, Darfon Electronics Corporation, Sungrow Power Supply Co. Ltd., CC Power Electronics Ltd., Schneider Electric SE, Delta Energy Systems Gmbh, TMEIC Corporation, Advanced Energy Industries Inc., Kostal Solar Electric GmbH, REFUsol GmbH, Danfoss Solar Inverters A/S.

Asia-Pacific was the largest region in the string inverter market share in 2024. The regions covered in the global string inverter market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the string inverter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and the USA.

A string inverter is a device designed to convert the direct current (DC) energy generated by a solar array into usable power for residential use in the form of alternating current (AC). A solar array comprises multiple solar panels working collectively to produce power. The string inverter, usually a standalone unit, features inputs to connect strings of solar panels into a unified system. Typically, six to ten solar panels are connected in a string-like sequence, and the entire string is connected to the central inverter.

String inverters have two main types of connections: on-grid and off-grid. On-grid string inverter connection involves linking the solar power system to the utility's power grid. Excess energy generated is sent to the utility system, and the consumer may receive a refund. Conversely, if the system generates insufficient power, the customer can draw electricity from the grid and pay for the consumed units. String inverters operate at various nominal output voltages, including less than 230 volts, between 230 to 400 volts, between 400 to 600 volts, and above 600 volts. The power ratings for string inverters range from up to 10 kW, between 11 kW to 40 kW, 41 kW to 80 kW, and above 80 kW. These inverters find application in residential, commercial and industrial, as well as utility settings.

The string inverter market research report is one of a series of new reports that provides string inverter market statistics, including string inverter industry global market size, regional shares, competitors with a string inverter market share, detailed string inverter market segments, market trends and opportunities, and any further data you may need to thrive in the string inverter industry. This string inverter market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The string inverter market consists of sales of straight string inverters and optimized string inverters. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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