String style is expected to become mainstream

The photovoltaic inverter market is mainly dominated by centralized and string inverters. According to the China Photovoltaic Industry Association's China Photovoltaic Industry Development Roadmap (2023-2024), the photovoltaic inverter market will still be dominated by string inverters and centralized inverters in 2023. Among them, the market share of string inverters is 80%, and the market share of centralized inverters is 20%.
The penetration rate of string inverters in large power plants has increased, and string inverters are more suitable for distributed photovoltaics, which will further drive the growth of the string application market. In 2023, large-scale ground power stations accounted for 55.6% of all newly added photovoltaic power generation capacity, while distributed power stations accounted for 44.4%. Among them, household photovoltaics accounted for about 45.3% of the distributed market. In 2023, the construction of large-scale base projects in China will begin, with obvious centralized growth points. In terms of distributed markets, China's household photovoltaic installed capacity has performed well, and as multiple traditional household installed capacity markets approach saturation, household installations are beginning to shift southward, with provinces such as Jiangxi, Hunan, and Fujian showing outstanding growth in 2023. In the future, with the continuous development of the distributed photovoltaic market and the increasing proportion of string inverters in centralized photovoltaic power plants, the market size of string inverters will continue to grow.