North America On Grid PV Inverter Market Size & Share 2024 - 2032
Market Size by Product (String, Micro, Central), by Phase (Single Phase, Three Phase), by Application (Residential, Commercial & Industrial, Utility), by Nominal Output Power, by Nominal Output Voltage & Forecast.
Report ID: GMI9750
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Published Date: June 2024
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Report Format: PDF
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Authors:
Ankit Gupta, Pooja Shukla
North America On Grid PV Inverter Market Size
North America on Grid PV Inverter Market was valued USD 4.9 billion in 2023 and is anticipated to grow at a CAGR of 8% between 2024 and 2032. It is a device used to convert the DC electricity produced by solar panels into AC electricity, which is compatible with the public electricity grid. These inverters synchronize with the grid's voltage and frequency, enabling the seamless integration of solar power into the existing electricity network. They are essential for residential, commercial, and utility-scale solar installations connected to the grid.
North America On Grid PV Inverter Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Rising technological innovations to develop modern grid tied inverters offering more efficient, reliable, and versatile, featuring advanced capabilities such as smart grid integration, real-time monitoring, and enhanced safety features like arc-fault detection will propel the product penetration. Declining solar panels and related components costs coupled with supportive incentives such as tax credits, rebates, and subsidies provided by governments and utilities to encourage solar power adoption will stimulate the market statistics.
Growing awareness of environmental issues and the urgent need to reduce carbon footprints are compelling both individuals and organizations to switch to renewable energy sources thereby boosting the product demand, as a clean and sustainable energy option. Furthermore, supportive regulatory measures such as renewable energy mandates, feed-in tariffs, and grid integration standards will create a favorable environment for the product adoption.
North America On Grid PV Inverter Market Trends
Rising investments in modernization of grid infrastructure and the development of smart grids with smart functionalities contribute to grid stability, efficiency, and reliability will propel the market growth. Additionally, increasing emphasis on energy security is stimulating product demand due to their ability to generate electricity locally, thereby enhancing the energy security and reducing dependence on external sources.
North America On Grid PV Inverter Market Analysis
Based on product, the on grid PV inverter market is segmented into string, micro and central. String is anticipated to grow over USD 4.7 billion by 2032 on account of its cost effectiveness making it a preferred choice for residential and medium sized commercial solar installations. Rising technological advancements to develop modern product offering sophisticated maximum power point tracking (MPPT) algorithms that optimize the energy output from each string of panels and maintain the high overall system efficiency will propel the industry landscape. Additionally, rising integration of enhanced digital monitoring and smart grid capabilities in the device to provide real-time data is set to influence the product adoption.
Based on phase, the On Grid PV inverter market is segmented into single phase and three phase. Three phase is set to grow at a CAGR of over 8.5% by 2032 on account of their ability to handle high loads more efficiently, making them ideal for large-scale solar installations typically found in commercial and industrial settings. Their grid stability and compatibility with existing electrical infrastructure in various applications are set to augment the product demand. Rising adoption of solar energy by manufacturing, mining, and data centers to reduce their carbon footprint and operational costs will boost the product demand due to their ability to support high energy loads and ensure uninterrupted power supply.
U.S. On grid PV inverter market is anticipated to grow over USD 10 billion by 2032. Supportive government policies and financial incentives such as the Investment Tax Credit (ITC) offering significant tax reductions for solar installations to make it more financially attractive will uplift the product demand. Growing investment towards renewable energy infrastructure in the U.S., driven by both private and public sectors supported by substantial funding from venture capitalists and government grants will foster the industry statistics. Additionally, rising utility-scale solar projects, supported by both federal and state initiatives aimed at reducing greenhouse gas emissions and promoting clean energy are driving the market growth.
North America On Grid PV Inverter Market Share
Eminent players are focusing on sustainability initiatives and corporate social responsibility (CSR) to align with the growing demand for green energy solutions coupled with providing exceptional customer service and robust after-sales support for maintaining a competitive edge. Key players are entering new regional markets within North America and targeting untapped segments such as residential, commercial, and utility-scale solar installations.
North America On Grid PV Inverter Market Companies
Eminent players operating in the industry are:
North America On Grid PV Inverter Industry News:
North America On Grid PV Inverter market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “(USD Billion & MW)” from 2021 to 2032, for the following segments:
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Market, By Product
Market, By Phase
Market, By Nominal Output Power
Market, By Nominal Output Voltage
Market, By Application
The above information has been provided for the following countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
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3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
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5. Forecast model & key assumptions
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✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
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Parameters studied & evaluated
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