UK String Inverter Market Size Flourishing to Touch USD 427 Million by 2029
UK string inverter market is expanding due to rapid development in the renewable energy sector, the simplicity of installing string inverters, an increase in government efforts, and investments in the electrification of rural and isolated areas.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the UK string inverter market size at USD 266.91 million in 2022. During the forecast period between 2023 and 2029, the UK string inverter market size is projected to grow at an impressive CAGR of 7.05% reaching a value of USD 426.67 million by 2029. The rapid growth of the renewable energy sector and the ease of string inverter installation are the main factors propelling the market's expansion throughout the forecast period. Also, it is expected that increased government initiatives and investments in the electrification of remote and rural areas will assist the top competitors in the string inverter market.
UK String Inverter market – Overview
The string inverter in a solar system converts the direct current (DC) electricity generated by the solar panels into the alternating current (AC) power required by electrical appliances. Solar inverters track voltage, communicate with the grid, and shut down in an emergency, in addition to converting power. On-grid inverters, as opposed to off-grid string inverters, produce pure sine waves of AC electricity, which increases their use and ensures the efficiency and safety of home equipment. String inverters are most commonly used in residential and commercial applications, in addition to being increasingly used in small utility projects across the UK.
UK String Inverter market – By Connection Type
The UK string inverter market is divided into two segments: on-grid and off-grid. The on-grid segment holds a higher market share, due to increasing investments in direct supply of electricity rather than storing it in batteries. In addition, rising electricity demand from emerging economies drives demand for on-string inverter applications in solar.
UK string inverter market is fiercely competitive. Major competitors in the market include 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. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the UK string inverter market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of UK String Inverter Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in UK String Inverter Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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