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Single Phase PV Inverter Market Size By Connectivity (Standalone, On Grid), Application (Residential, Commercial & Industrial), 2024 – 2032

  • Report ID: GMI9940
  • Published Date: Jun 2024
  • Report Format: PDF

Single Phase PV Inverter Market Size

Single Phase PV Inverter Market size was valued at USD 4.5 billion in 2023 and is anticipated to grow at a CAGR of 5.5% between 2024 and 2032. It is an electrical device that converts the DC electricity generated by a solar photovoltaic system into alternating current AC electricity suitable for use in residential or small commercial electrical grids. These devices provide essential functions such as maximum power point tracking to optimize energy harvest, grid synchronization, and various safety features to ensure the reliable and efficient operation of the solar PV system.
 

Single Phase PV Inverter Market

Shifting focus by governments and environmental organizations to reduce carbon emissions and increase use of sustainable energy is set to influence the product demand. Growing advancements in PV inverter technology including maximum power point tracking (MPPT), which optimizes the energy harvest from solar panels, remote monitoring capabilities, and improve safety features such as anti-islanding protection will lead to market growth.
 

Increasing energy independence and sustainability awareness drives businesses to invest in solar power systems, thereby stimulating the product adoption to generate electricity, reducing reliance on traditional energy sources and utility companies. Expanding solar installation in residential applications in line with rising environmental consciousness and the need to combat climate change will shift focus on solar power, thereby augmenting the industry growth.
 

Single Phase PV Inverter Market Trends

Rapid urbanization and expansion of residential areas will create demand for reliable and efficient energy solutions, thereby stimulating the business statistics. Rising energy prices coupled with growing integration of battery storage systems with solar PV installations will augment the product penetration, allowing users to store excess energy generated during peak sunlight hours for use during non-sunny periods or during power outages.
 

Single Phase PV Inverter Market Analysis

 Single Phase PV Inverter Market Size, By Connectivity, 2022-2032 (USD Billion)

Based on connectivity, the market is segmented into on grid and standalone. The on grid segment is set to surpass USD 4.1 billion by 2032, on account of its energy security and stability. Rising demand for connectivity offering balanced supply and demand, reducing strain on centralized power plants, and improving the overall reliability is set to augment the business landscape. Growing development of smart grids to enhance communication and coordination between distributed energy resources and the central grid, optimizing energy flow and improving grid management will drive the industry scenario.
 

Single Phase PV Inverter Market Share, By Application, 2023

Based on application, the single phase PV inverter market is segmented into residential and commercial & industrial. The residential segment is poised to expand at a CAGR of over 5.8% through 2032. Rising demand for cost saving solutions allowing homeowners to generate their electricity, and reducing their dependency on grid-supplied power is propelling the product adoption. Furthermore, increasing investments in improving the home value by deploying solar systems to lower operating costs and environmental benefits will lead to market growth.
 

 Europe Single Phase PV Inverter Market Size, 2022-2032 (USD Billion)

 

Europe single phase PV inverter market is anticipated to cross USD 2.8 billion by 2032. Rising initiatives such as feed-in tariffs, renewable energy targets, tax incentives, and subsidies for solar PV installations are bolstering the product demand. Ambitious energy transition and climate goals, such as the European Green Deal and the goal to achieve climate neutrality by 2050 in line with rising investment in developing advanced technology will propel the product penetration.
 

In the U.S. rising federal tax credits, state rebates, and incentives for solar PV installations coupled with growing events such as power outages, extreme weather events, and grid instability will strengthen the business landscape. Furthermore, declining solar PV systems cost and rising ambitious renewable energy and carbon reduction goals to combat climate change will complement the business growth.
 

Single Phase PV Inverter Market Share

Single Phase PV Inverter Company Market Share

 

Eminent players are focusing on continuous innovation to enhance performance, efficiency, and reliability of single-phase PV inverters by developing advanced maximum power point tracking algorithms, integrating smart grid capabilities, improving thermal management systems, and enhancing monitoring and control functionalities. Companies are increasing collaborations with PV module manufacturers, EPC contractors, distributors, and utilities enabling them to strengthen their market presence and expand their reach globally.
 

Single Phase PV Inverter Market Companies

Eminent players operating in the single phase PV inverter industry are:

  • APsystems
  • Chint Power Systems
  • Enphase Energy
  • Eaton
  • Fronius International GmbH
  • GOODWE
  • Huawei Technologies Co., Ltd
  • INVTSolar
  • NingBo Deye Inverter Technology Co.Ltd
  • Solaredge Technologies, Inc
  • Statcon Energiaa
  • SUNGROW
  • UTL Solar
  • Victron Energy B.V.
     

Single Phase PV Inverter Industry News

  • In May 2024, Statcon Energiaa unveiled the single-phase Energiaa-X Series of solar inverters in 3 kW and 5 kW power ratings. These inverters hold additional features of built-in maximum power point tracking technology. The lower voltage inverter is ideal for residences, gyms, small offices, small clinics and shops. The product launch aims to expand the company portfolio across residential applications, targeting a wider range of customers.
     
  • In October 2023, At All Energy Australia, Sungrow introduced its new high-powered single-phase hybrid solar inverters, SH8.0RS and SH10RS for residential applications. The inverters have multi-layer high protection design and offer compatibility with large-capacity batteries, allowing more households to benefit from clean power backup solutions. These innovative products enhance energy security for families while also supporting a sustainable future through the promotion of renewable energy sources.
     

The single phase 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 Connectivity

  • Standalone
  • On Grid

Market, By Application

  • Residential
  • Commercial & Industrial

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • Italy
    • Poland
    • Netherlands
    • Austria
    • UK
    • France
  • Asia Pacific
    • China
    • Australia
    • India
    • Japan
    • South Korea
  • Middle East & Africa
    • Israel
    • Saudi Arabia
    • UAE
    • South Africa
  • Latin America
    • Brazil
    • Mexico
    • Chile

 

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market size of single phase PV inverter reached USD 4.5 billion in 2023 and is set to witness 5.5% CAGR between 2024 and 2032, due to the rising demand for renewable energy and increasing technological advancements.

The residential segment in the single phase PV inverter industry is poised to grow at 5.8% CAGR through 2032, owing to the rising demand for cost saving solutions allowing homeowners to generate their electricity and increasing investments in improving the home value.

Europe market is anticipated to reach USD 2.8 Billion by 2032, attributed to the rising initiatives such as feed-in tariffs, renewable energy targets, tax incentives, and subsidies for solar PV installations are bolstering the product demand.

APsystems, Chint Power Systems, Enphase Energy, Eaton, Fronius International GmbH, GOODWE, Huawei Technologies Co., Ltd, INVTSolar, and NingBo Deye Inverter Technology Co.Ltd, among others.

Single Phase PV Inverter Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 14
  • Tables & Figures: 25
  • Countries covered: 22
  • Pages: 40
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