String Inverter Market Size Growing at 5.34% CAGR by 2033
The Brainy Insights is pleased to announce that the global string inverter market was valued at USD 3.84 billion in 2023 and is projected to reach USD 6.67 billion by 2033, growing at a CAGR of 5.34% from 2024 to 2033.
The growing demand for solar energy is significantly driving the string inverter market, as string inverters are used for connecting small solar energy sources into the grid. Governments of various countries are focusing on increasing the share of renewable energy sources in their total energy mix. This has resulted in several subsidies and incentives for the installation of solar power plants and other renewable energy sources. Moreover, the growth in the residential and commercial sectors is expected to drive the growth of the string inverter market. Technological advancements in design and functionality drive the market growth of string inverters. Developing economies in Asia-Pacific are driving the growth of this market due to a surge in demand for solar energy sectors from key players, along with readily available manufacturing infrastructure within these countries. “String inverters become increasingly cost-competitive and energy efficient as the demand for solar energy increases," said Avinash D, CEO of Brainy Insights Pvt. Ltd. "With the increasing government initiatives to promote solar energy installations, string inverters are required to make these installations efficient and cost-effective. This demand for string inverters will further drive the growth of the market in the long-term.”
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The rising demand for solar energy and government incentives is driving the string inverter market, which is further boosted by technological advancements and the surge in demand from the residential and commercial sectors in the Asia-Pacific region.
The Brainy Insights continues to be a leader in the solar energy industry, helping developing countries with their solar energy initiatives. To learn more about The Brainy Insights products and services, visit https://www.thebrainyinsights.com/enquiry/sample-request/14040