String Inverter Market has been valued at US$ 3.8 billion in the year 2021 and it is estimated to reach US$ 6.9 billion by the year 2027, with a CAGR of 8.4% from 2021 to 2026. String Inverter A device used with solar arrays to convert the energy that is generated (Direct Current) to usable electricity for a home (Alternating Current); these are the main factors that have considerably increased the demand for the String Inverter in the market, thereby driving the huge growth of the String Inverter market in the upcoming years

Market Drivers and Restraints:

The main factors that have considerably increased the demand for the String Inverter in the market are mainly due to the Rapid development in the renewable energy sector and the easy installation of string inverters are the key factors that drive the growth of the market during the forecast period. However, high heat loss in the large-sized string inverter and the absence of panel level monitoring are the key factors restraining the growth of the market in the upcoming years. On the contrary, an increase in government initiatives and investments in the electrification of rural and remote areas are anticipated to create opportunities for the key players in the string inverter market globally; these are the main factors that have considerably increased the demand for the String Inverter in the

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The report is segmented as:

String Inverter Market is segmented on the basis of:

By End-User (Residential, Commercial, Industrial, and Utility),

By System (Off-Grid and On-Grid),

By Power Rating (Up to 10kw, 11kw–40kw, 41kw–80kw, and above 80kw)

Geographical Segmentation:

String Inverter Market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and the rest of the world. North America has the dominant share in the String Inverter due to the owing to increase in investment in the utility-scale solar power plants, solar parks, and other solar structures these are the main factors that have considerably increased the demand for the String Inverter in North America, followed by Europe, Asia Pacific, Latin America, and the Middle East & Africa will register a slower increase in the String Inverter Market

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Impact of COVID-19 on the Market

Covid -19 pandemic has affected the growth of business of every sector and it also affected the development of the String Inverter market, and temporary lack of growth in export and import activities, which has impacted the rays of String Inverter market growth. The covid-19 pandemic has impacted hugely on the sales revenue of the String Inverter market. Due to the government restrictions like lockdown in many countries have shut down the commercial and industrial establishments and also stopped transportation these made a huge loss for String Inverter market. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of coronavirus.

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