There has been significant growth in the string inverter market during the past few years. Some of the prominent factors to drive growth avenues in the industry include, for instance increasing the use of string inverters to convert direct current into alternating current (DC to AC). In addition to this, strict government regulations related to the use of fossil fuels have also been estimated to create sales growth in the string inverter market in the following years.
In recent years, there has been an increased demand for uninterrupted electricity supply around the world. Along with this, the introduction of numerous schemes by the governments in order to promote the adoption of renewable energy has also been working as one of the favorable drivers to create revenue generation opportunities in the string inverter market in the following years.
Technological Advancements to Drive String Inverter Market Growth
Rapid technological advancements are resulting in increased improvements in the power density as well as a reduction in the price of string inverters. Along with this, the growing adoption of decentralized systems in the rural areas and locations with a shortage of electricity supply has also been driving growth avenues in the string inverter market. This factor is further predicted to fuel sales growth for the string inverter market in the following years.
The lack of panel monitoring has been estimated to curtail the growth opportunities in the string inverter market in the coming years. In addition to this, technical issues, for example, reduction in the effectiveness of all panels because of shading of one panel has also been restricting growth opportunities in the string inverter market. Furthermore, high heat loss owing to the large panel size is also projected to limit the growth avenues in the string inverter market in the near future. Lack of awareness among people about government incentives to use renewable energy technologies is also putting negative impacts on the sales projection in string inverter market growth.