United Kingdom String Inverter Market Insights Forecasts to 2033

• The United Kingdom String Inverter Market Size was valued at USD 253.91 Million in 2023.
• The Market is growing at a CAGR of 6.9% from 2023 to 2033.
• The United Kingdom String Inverter Market Size is expected to reach USD 494.97 Million by 2033.

The United Kingdom String Inverter Market is anticipated to exceed USD 494.97 Million by 2033, growing at a CAGR of 6.9% from 2023 to 2033.

Market Overview

A string inverter is a type of solar inverter used in photovoltaic (PV) systems, which are systems that convert sunlight into electricity. The primary function of a string inverter is to convert the direct current (DC) electricity produced by solar panels into alternating current (AC) electricity suitable for use in homes, businesses, or the electrical grid. In addition to converting, solar inverters track voltage, connect with the grid, and power down in an emergency. As contrasted with off-grid string inverters, on-grid inverters generate pure sine waves of AC electricity, increasing their availability and ensuring the efficiency and security of home equipment. String inverters are most commonly employed in residential and commercial applications, while they are also being used in small utility projects around the United Kingdom. The swift progress of the renewable energy industry, as well as the simplicity of string inverter installation, will be the key drivers of market growth throughout the projection period. However, increased government initiatives and investments in rural and remote electrification will assist the string inverter market.

Report Coverage

This research report categorizes the market for the United Kingdom string inverter market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the string inverter market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the string inverter market.

Driving Factors

The demand for solar systems in the utility sector will also be encouraged by an increase in large-scale PV projects in numerous countries to develop an affordable and sustainable power source. Silicon Carbide (SiC) and Gallium Nitride (GaN)-)-based inverter designs improve output while having less cooling. As a result, the overall system cost and weight are reduced, accelerating the growth of the string inverter market. Tax breaks and government attempts to encourage the use of solar power are associated with propelling the string inverter market. The sector will expand due to an increasing tendency toward the use of renewable energy sources and attentive energy efficiency coordination. Governments throughout the world have implemented various regulations and given incentives to encourage the use of solar energy. Feed-in tariffs, tax credits, grants, and subsidies encourage consumers to invest in solar power systems, which boosts demand for string inverters.

Restraining Factors

The sudden reductions in prices have forced nations, such as the United States, to impose anti-dumping tariffs on cheaper equipment imported from other countries. Anti-dumping tariffs are likely to place additional pressure on equipment providers, restricting market growth over the projection period. Several governments have imposed such tariffs as a result of price drops that have impacted the domestic market for solar equipment.

Market Segmentation

The United Kingdom string inverter market share is classified into phase, connection type, and end-use.

• The three-phase segment is expected to hold a significant share of the United Kingdom string inverter market during the forecast period.   

Based on the phase, the United Kingdom string inverter market is segmented into three phase and single phase. Among these, the three-phase segment is expected to hold a significant share of the United Kingdom string inverter market during the forecast period. Three-phase string inverters are particularly well-suited for industrial and commercial applications due to their higher power output capabilities. As businesses and industries in the United Kingdom increasingly adopt solar energy solutions to reduce operating costs and carbon footprints, there is a growing demand for larger-scale solar installations, which often require three-phase inverters.

• The on-grid segment is expected to hold the largest share of the United Kingdom string inverter market during the forecast period.

Based on the connection type, the United Kingdom string inverter market is divided into on-grid and off-grid segments. Among these, the on-grid segment is expected to hold the largest share of the United Kingdom string inverter market during the forecast period. The on-grid sector now has a larger market share due to greater investment in direct electricity supply instead of battery storage. Additionally, increased electricity demand in emerging economies increases the need for on-string inverter usage in solar systems.

• The utilities segment is expected to hold the largest share of the United Kingdom string inverter market during the forecast period.

Based on the end use, the United Kingdom string inverter market is divided into commercial & industrial, residential, and utilities. Among these, the utilities segment is expected to hold the largest share of the United Kingdom String Inverter market during the forecast period. The United Kingdom government has set ambitious renewable energy targets, including increasing the share of renewable energy in electricity generation. This drives utilities to invest in solar power projects, which, in turn, boosts the demand for string inverters.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the United Kingdom string inverter market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• SolarEdge Technologies United Kingdom Ltd
• Fronius United Kingdom Ltd
• Delta Energy Systems (United Kingdom) Ltd
• Eaton Electric Ltd
• Sma Solar Technology United Kingdom Ltd
• Abb Limited
• Tigo Energy United Kingdom Ltd
• Huawei Technologies Co., Ltd.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at United Kingdom, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the United Kingdom String Inverter Market based on the below-mentioned segments:

United Kingdom String Inverter Market, By Phase

• Three Phase
• Single Phase

United Kingdom String Inverter Market, By Connection Type

• On-Grid
• Off-Grid

United Kingdom String Inverter Market, By End-Use

• Commercial & Industrial
• Residential
• Utilities