Report Overview

Increasing demand and support for renewable energy, government incentives and subsidies, and adoption of technology advancements could boost the growth of UK String Inverter Market during the forecast period between 2023 and 2029.

UK String Inverter Market - Industry Trends & Forecast Report, 2029

UK string inverter market size was estimated at USD 266.91 million in 2022. During the forecast period between 2023 and 2029, UK string inverter market size is projected to grow at a CAGR of 7.05% reaching a value of USD 426.67 million by 2029. The primary drivers driving the growth of the market during the forecast period are the quick development of the renewable energy industry and the simplicity of string inverter installation. Also, it is projected that the leading players in the string inverter market will benefit from increased government initiatives and investments in the electrification of rural and isolated areas.

UK String Inverter Market - Overview

Solar system's string inverter transforms the DC electricity coming from the solar panels to the AC power needed for your home's electrical appliances. In addition to conversion, solar inverters also track voltage, communicate with the grid, and shut down in an emergency. When compared to off-grid string inverters, on-grid inverters produce pure sine waves of AC electricity, which increases their use and ensures the efficiency and safety of home equipment. In addition to being increasingly used in modest utility projects across the UK, string inverters are most frequently used in residential and commercial applications.

Growth Drivers

Reliability, Affordability, and Efficiency of String inverters

Tax reductions and government initiatives to encourage the usage of solar power are credited with driving the growth of the string inverter business. The sector will grow as a result of a growing trend toward the incorporation of renewable energy sources and careful energy efficiency coordination. The demand for solar systems in the utility sector will also be boosted by an expansion in large-scale PV projects in several nations to create an inexpensive and sustainable power-generating source. Silicon Carbide (SiC) and Gallium Nitride (GaN)-based inverter designs boost output while requiring less cooling. Consequently, the whole system's cost and weight are decreased, which accelerates the string inverter market's growth.

Restraints

Anti-dumping Tariffs

Anti-dumping tariffs are expected to put continued pressure on equipment suppliers, stifling market growth during the forecast period. Several countries have imposed such duties as a result of price declines that have hampered the domestic market for solar equipment. The precipitous price drops have compelled nations, such as the United States, to levy anti-dumping duties on cheaper equipment imported from countries.

Impact of COVID-19 on UK String Inverter Market

There were significant disruptions in their respective manufacturing and supply-chain operations as a result of various precautionary lockdowns and other restrictions imposed by governing authorities across the UK. Also, consumer demand has subsequently decreased as people are now more focused on eliminating non-essential expenses from their respective budgets as the general economic status of the majority of people has been severely impacted by this outbreak. These factors are expected to weigh on the revenue trajectory of the UK String Inverter market during the forecast period. However, as respective governing bodies begin to lift these imposed lockdowns, the UK string inverter market is expected to recover.

UK String Inverter Market

Segmental Coverage

UK String Inverter Market - By Connection Type

UK string inverter market is split into On-Grid and Off-Grid segments. Due to increased investment in direct supply of electricity rather than storing it in batteries, the on-grid segment holds a higher market share. Also, rising electricity demand from emerging economies fuels demands for on-string inverter applications in solar applications.

UK String Inverter Market - By Phase

On basis of seating capacity, UK string inverter market is divided into Single Phase and Three Phase. Due to the trend of moving from 1 kilovolt to 1.5-kilovolt solar arrays, which increased the size of PV power plants in large commercial and utility installations and supported the growth of the three-phase market during the forecast period, the three-phase segment dominates the UK string inverter market.

UK String Inverter Market - By End Use

On basis of end use, UK string inverter market is divided into Residential, Commercial & Industrial, and Utilities segments. Due to increased investment in utility-size solar power plants, solar parks, and other solar structures, the utility segment held the biggest market share and is expected to maintain its dominance during the forecast period.

 UK String Inverter Market - By Nominal Output Power

Based on nominal output power, the UK string inverter market is divided into < 3 kW, 3–33 kW, 33–110 kW, and >110 kW. The market for products < 3 kW held the largest market share in 2021, and during the forecast period, it is expected to grow significantly. By 2029, it is forecast that the 3–33 kW category will ship more than 33,000 MW annually. Through 2029, it is expected that the 33–110 kW market will grow at a significant CAGR.

Competitive Landscape

Competition in UK string inverter market is intense. Major companies 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. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Recent Development

• In May 2019 - Siemens signed a definitive agreement to acquire the string inverter business of KACO new energy. KACO sold its central inverter operations to the Korean firm OCI Power in January 2019.

Scope of the Report

By Connection Type

• On-Grid

• Off-Grid

By Phase

• Single Phase

• Three Phase

By End Use

• Residential

• Commercial & Industrial

• Utilities

By Nominal Output Power

• < 3 kW

• 3–33 kW

• 33–110 kW

• >110 kW