Global String Inverter market size 2024, Forecast To 2033

The string inverter market has demonstrated strong growth, increasing from $3.93 billion in 2023 to $4.19 billion in 2024, with a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period is attributed to the expansion of the solar PV market, cost reductions, improvements in efficiency, grid integration, and increased awareness of environmental benefits. Looking forward to the next few years, the market is expected to witness robust growth, reaching $5.49 billion in 2028 at a CAGR of 7.0%. The anticipated growth in the forecast period can be attributed to factors such as the pursuit of renewable energy targets, expanding applications, focus on sustainability and the circular economy, consumer education and market awareness, and the integration of smart inverter technologies. Major trends expected in the forecast period include the adoption of hybrid inverter solutions, development of multi-MPPT designs, incorporation of grid support functions, implementation of cybersecurity features, and the emphasis on high power density.