UK String Inverter Market Share, Revenue, Trends, Scope, Growth Drivers, Challenges, Key Players and Future Investment Opportunities Till 2033


UK String Inverter Market Share, Revenue, Trends, Scope, Growth Drivers, Challenges, Key Players and Future Investment Opportunities Till 2033: SPER Market Research

 Category : Power & Energy

 Published: May-2024
 Author: SPER Analyst

United Kingdom String Inverter Market is projected to be worth 565.15 million by 2033 and is anticipated to surge at a CAGR of 7.28%.

A string inverter is a stand-alone device that converts power from solar panels into usable electricity for household uses. Each panel is linked to a series, or rows, of string inverters, which combine the obtained direct current (DC) and convert it to alternating current. String inverters are also equipped with power optimizers and smart modules to reduce the effects of shading while increasing cost-effectiveness and operational efficiency. They can be installed on or off-grid, and they are also used for voltage tracking, grid communications, power delivery during shutdowns, and troubleshooting. In comparison to standard central inverters, string inverters can be employed in small utility installations with low power requirements.

Driving Factors: The demand for solar systems in the utility sector will also be boosted by an increase in large-scale PV projects in a number of nations in order to produce an affordable and sustainable energy source. Silicon Carbide (SiC) and Gallium Nitride (GaN)-based inverter designs increase output while requiring less cooling. As a result, the entire system cost and weight are lowered, hastening the expansion of the string inverter industry. Tax benefits and government efforts to promote the usage of solar power are credited with pushing the string inverter business. The sector will grow as a result of an increased preference for renewable energy sources and careful energy efficiency planning. Governments throughout the world have adopted a variety of policies and incentives to encourage the use of solar energy. Feed-in tariffs, tax credits, grants, and subsidies encourage consumers to invest in solar power systems, hence increasing demand for string inverters.

Challenges: Despite declining, the initial cost of string inverters is still a significant barrier to entry in the market. String inverters remain a major component of system costs even with huge reductions in the cost of solar panels. Since affordability is a primary priority for buyers, especially in residential markets, the high overhead costs of high-quality string inverters may put off some buyers. To increase the likelihood of installing these kinds of solar systems, manufacturers and legislators need to work together on cost-cutting projects. String inverters present difficulties because of installation and upkeep requirements. In addition, the maintenance requirements—which involve regular maintenance and likely component replacements—raise the cost of ownership. Simplifying installation procedures and extending component life could address these problems.

Impact of COVID-19 on United Kingdom String Inverter Market
Prolonged precautionary lockdowns and other restrictions enforced by UK regulatory authorities caused major disruptions to their individual supply-chain and industrial activities. Additionally, because the majority of people's overall financial status has been severely harmed by this outbreak, consumer demand has decreased as people are now more focused on cutting non-essential spending from their varied budgets. Over the course of the forecast period, these factors are anticipated to have an effect on the revenue trajectory of the UK string inverter market. However, the UK string inverter market is expected to grow as individual regulatory authorities ease the mandatory lockdowns.

United Kingdom String Inverter Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Fronius UK Ltd, SMA Solar Technology UK Ltd, ABB Limited, Delta Energy Systems UK Ltd, SolarEdge Technologies UK Ltd, Tigo Energy UK Ltd, Huawei Technologies Co Ltd, and Eaton Electric Ltd.

United Kingdom String Inverter Market Segmentation:

By Connection Type: Based on the Connection Type, United Kingdom String Inverter Market is segmented as; On-Grid, Off-Grid.

By Phase: Based on the Phase, United Kingdom String Inverter Market is segmented as; Single Phase, Three Phase.

By End User: Based on the End User, United Kingdom String Inverter Market is segmented as; Residential, Commercial & Industrial, Utilities.

By Region: This research includes data for London, East Anglia, Southwest, Southeast, Scotland, East Midlands, Yorkshire & Humberside.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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