Dublin, May 02, 2025 (GLOBE NEWSWIRE) -- The "Three Phase String Inverter Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025-2034" report has been added to ResearchAndMarkets.com's offering.
The Three Phase String Inverter Market was valued at USD 16.7 Billion in 2024, and is projected to reach USD 47.9 Billion by 2034, rising at a CAGR of 10.50%. The increasing demand for large-scale solar installations is driving the adoption of these inverters due to their capability to handle higher power outputs and ensure balanced electricity distribution across multiple phases.
As the cost of conventional energy sources rises and sustainability takes center stage, more businesses are turning to solar solutions. The growing need for seamless grid integration, especially in regions with robust three-phase electricity systems and remote locations, is further fueling demand. Additionally, the preference for economical and scalable inverters that require minimal cabling and installation complexity is enhancing product acceptance. Government policies promoting renewable energy adoption and aggressive targets for reducing carbon emissions are providing a favorable business landscape for market expansion.
Continuous technological advancements in multi-phase string inverters, such as remote monitoring features, smart grid compatibility, and improved safety mechanisms like anti-islanding, are making these systems more attractive to end users. With enhanced safety and efficiency, the appeal of these inverters is increasing, contributing to the overall growth of the industry.
The market is segmented by connectivity into on-grid and standalone systems. The on-grid segment is forecasted to surpass USD 36 billion by 2034. Rapid urbanization and increased energy demands from the commercial and industrial sectors are driving the need for robust and scalable energy conversion systems. Businesses are adopting these solutions due to their cost-effectiveness, low maintenance, and ease of connectivity. The push toward decarbonization and the integration of cleaner energy sources is encouraging companies to bring innovative technologies to market, enhancing industry growth.
Based on application, the market is categorized into residential, commercial & industrial, and utility sectors. The commercial & industrial segment held a 52.7% market share in 2024, driven by the transition toward renewable energy to meet sustainability goals and reduce carbon emissions. Increasing incentives and regulatory frameworks promoting clean energy adoption are further driving solar PV system installation in commercial and industrial sectors. To increase product acceptance, companies are introducing advanced strategies to encourage solar application adoption.
In 2024, North America captured over 15.1% of the global three-phase string inverter market share, with anticipated growth by 2034. The US market witnessed consistent growth, with values of USD 1.9 billion in 2022, USD 2.1 billion in 2023, and USD 2.4 billion in 2024. Favorable solar installation incentives by the government, such as the Investment Tax Credit (ITC), which offers up to 26% in tax benefits for businesses installing solar systems, are driving product demand. Moreover, the declining costs of solar energy systems and the rising frequency of power outages and natural disasters in the region are expected to further propel the market demand.
Comprehensive Market Analysis and Forecast
- Industry trends, key growth drivers, challenges, future opportunities, and regulatory landscape
- Competitive landscape with Porter's Five Forces and PESTEL analysis
- Market size, segmentation, and regional forecasts
- In-depth company profiles, business strategies, financial insights, and SWOT analysis
Key Attributes
| Report Attribute | Details |
| No. of Pages | 126 |
| Forecast Period | 2024-2034 |
| Estimated Market Value (USD) in 2024 | $16.7 Billion |
| Forecasted Market Value (USD) by 2034 | $47.9 Billion |
| Compound Annual Growth Rate | 10.5% |
| Regions Covered | Global |
Key Topics Covered
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
2.1 Industry synopsis, 2021-2034
Chapter 3 Industry Insights
3.1 Industry ecosystem
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.5 Porter's analysis
3.5.1 Bargaining power of suppliers
3.5.2 Bargaining power of buyers
3.5.3 Threat of new entrants
3.5.4 Threat of substitutes
3.6 PESTEL analysis
Chapter 4 Competitive landscape, 2024
4.1 Introduction
4.2 Strategic dashboard
4.3 Innovation & technology landscape
Chapter 5 Market Size and Forecast, by Connectivity, 2021-2034 (USD Billion & MW)
5.1 Key trends
5.2 Standalone
5.3 On grid
Chapter 6 Market Size and Forecast, by Application, 2021-2034 (USD Billion & MW)
6.1 Key trends
6.2 Residential
6.3 Commercial & industrial
6.4 Utility
Chapter 7 Market Size and Forecast, by Region, 2021-2034 (USD Billion & MW)
7.1 Key trends
7.2 North America
7.2.1 U.S.
7.2.2 Canada
7.3 Europe
7.3.1 Germany
7.3.2 Italy
7.3.3 Netherlands
7.3.4 UK
7.3.5 France
7.4 Asia Pacific
7.4.1 China
7.4.2 Australia
7.4.3 India
7.4.4 Japan
7.4.5 South Korea
7.5 Middle East & Africa
7.5.1 Israel
7.5.2 Saudi Arabia
7.5.3 UAE
7.5.4 South Africa
7.6 Latin America
7.6.1 Brazil
7.6.2 Mexico
7.6.3 Chile
Chapter 8 Company Profiles
8.1 Canadian Solar
8.2 Chint Power Systems
8.3 Fimer
8.4 Goldi Solar
8.5 Huawei Technologies
8.6 INVTSolar
8.7 LEDVANCE
8.8 NingBo Deye Inverter Technology
8.9 SUNGROW
8.10 Solis Inverters
8.11 UTL Solar
8.12 Veichi Electric
For more information about this report visit https://www.researchandmarkets.com/r/2q1k9p
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
