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New York, Sept. 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "String Inverter Global Market Report 2022" - https://www.reportlinker.com/p06318493/?utm_source=GNW
The global string inverter market is expected to grow from $3.37 billion in 2021 to $3.67 billion in 2022 at a compound annual growth rate (CAGR) of 9.08%. The string inverter market is expected to grow to $5.04 billion in 2026 at a compound annual growth rate (CAGR) of 8.22%.
The string inverter market consists of sales of string inverters by entities (organizations, sole traders, and partnerships) that refer to a device that converts the energy generated by solar arrays (Direct Current) into useable power for a residence (Alternating Current).A solar array is a group of several solar panels that work together to generate power.
String Inverter is a stand-alone box with inputs for connecting "strings" of solar panels into a single unit. Six to ten separate solar panels are usually linked together in a string-like sequence, with the end hooked into the central inverter.
The main type of connections in string inverters is on-grid and off-grid.On-grid string inverter connection refers to a solar power system connected to the utility’s power grid.
The extra energy generated is sent to the utility system, and the consumer gets a refund.Similarly, if the system generates insufficient power, the customer can consume electricity from the grid and pay for the units consumed.
The string inverters operate on different nominal output voltages including less than 230 volts, between 230 to 400, between 400 to 600, and above 600.The string inverter power ratings range from up to 10 kW, between 11 kW to 40 kW, 41 kW to 80 kW, and above 80kW.
These inverters are used by residential, commercial & industrial, and utility entities.
Asia Pacific was the largest region in the string inverter market in 2021. The regions covered in the string inverter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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 increasing electricity demand is driving the string inverters market.Rapid growth in socio-economic factors such as population, urbanization, net capital income, and industrial activities in both developed and developing economies have contributed to a rapid surge in demand for electricity across the globe.
Increasing demand for electricity is expected to boost the utilization of string inverters, as they act as key components to convert electricity generated from solar panels to usable electricity.According to the International Energy Agency (IEA) Renewable Energy Market Update 2021, Solar renewable energy expansion to reach 162 GW in 2022 from 145 GW in 2021.
Therefore, the rise in electricity demand is expected to boost demand for string inverters during the forecast period.
Technological developments are a key trend gaining popularity in the string inverter market.Smart string inverters are one of the developments in the string inverter market.
Smart inverters use voltage and frequency sensors to identify grid anomalies and provide appropriate data to utility operators.Smart inverters are convenient for home rooftop solar owners since they function independently.
In March 2022, Huawei unveiled a smart string energy storage system with a Smart I-V Curve Diagnosis tool that conducts comprehensive, real-time, and remote detection of PV systems at the string level. It creates automatic detection reports of underperforming PV arrays, helping utility-scale PV facilities cut O&M expenses.
In March 2019, Siemens AG, a German-based multinational conglomerate, acquired Kaco New Energy GmbH for an undisclosed amount.Through this acquisition, Siemens is focused on expanding its existing portfolio with attractive growth segments and penetrating its business presence across the globe with innovative technologies.
Kaco New Energy GmbH is a Germany-based manufacturer of inverters for solar plants and energy storage systems.
The countries covered in the string inverter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06318493/?utm_source=GNW
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