Single Phase String Inverter Market - By Connectivity, By Application, 2025 – 2034

Single Phase String Inverter Market Size

The global single phase string inverter market size was valued at USD 2.3 Billion in 2024 and is estimated to grow at a CAGR of 2.5% from 2025 to 2034. This solar inverter caters to small and medium-sized photovoltaic systems, primarily serving residential and small commercial needs. Its main function is to transform the direct current (DC) electricity produced by solar panels into alternating current (AC) electricity, making it compatible with single-phase electrical grids.
 

Rising awareness about energy independence and sustainability will encourage individuals and businesses to adopt solar power systems, driving the product adoption. Additionally, the growing focus on residential solar installations, driven by heightened environmental consciousness and the need to mitigate climate change will accelerate solar power uptake. These factors collectively contribute to the expansion of the solar energy market and increased adoption of single phase products.
 

Rising government initiatives and environmental campaigns aimed at reducing carbon emissions and promoting sustainable energy adoption will enhance the industry growth. Ongoing technological advancements in PV inverters, such as maximum power point tracking (MPPT) for optimized solar energy harvesting, remote monitoring capabilities, and enhanced safety features such as anti-islanding protection, will foster the product adoption.
 

Single Phase String Inverter Market Trends

Rapid urbanization and the growth of residential areas will drive demand for dependable and efficient energy solutions, positively impacting the business scenario. Furthermore, increasing demand for simpler and more efficient inverters with smaller sizes and lower complexity will complement the product penetration. Additionally, rising incorporation of features such as maximum power point tracking (MPPT) to optimize energy extraction from solar panels will further enhance efficiency and market growth.
 

Single Phase String Inverter Market Analysis

Based on connectivity, the market is segmented into on grid and standalone. On grid is anticipated to grow over USD 2.3 Billion by 2034 on account of its cost-effectiveness than off-grid solutions due to the lack of battery storage. Rising shift towards reducing carbon footprints by decreasing dependence on fossil fuel-based power generation will propel grid tied connectivity penetration. Furthermore, these inverters also allow users to feed excess energy generated by solar panels back into the utility grid. This provides an opportunity to receive compensation for surplus electricity through net metering, helping offset energy costs.
 

Based on application, the single phase string inverter market is segmented into residential and commercial. Commercial is set to grow at a CAGR of over 5.5% by 2034 due to its cost efficiency for small to medium-sized commercial setups and good returns on investment (ROI) over the long term. Rising demand for highly scalable solutions, allowing commercial installations to start small and expand as energy needs grow will create lucrative opportunities for the product adoption. Furthermore, increasing need for compact and space-efficient designs to overcome space challenges for energy equipment will improve the product growth.
 

The U.S. single phase string inverter market is anticipated to grow over USD 550 million by 2034. Rising federal tax credits, state rebates, and other financial incentives for solar photovoltaic (PV) installations will drive the product adoption, particularly for commercial businesses seeking to offset their energy costs. Additionally, rising frequency of power outages, extreme weather events, and increasing concerns over grid instability will augment the need for businesses to ensure energy resilience and independence, strengthening the business outlook.
 

In Europe increasing government initiatives like feed-in tariffs, renewable energy targets, tax incentives, and subsidies for solar PV installations will significantly boost the product demand. These incentives lower the upfront costs of solar power systems, making them more accessible to both residential and commercial users. In Europe, the European Union's ambitious energy transition goals, such as the European Green Deal and the target of achieving climate neutrality by 2050 will further bolster the adoption of solar energy technologies.
 

Single Phase String Inverter Market Share

Eminent players are expanding their market reach by collaborating with PV module manufacturers, EPC contractors, distributors, and utilities. These partnerships enable firms to strengthen their market presence and expand their geographical footprint globally. Companies are prioritizing continuous innovation to improve the performance, efficiency, and reliability of single phase PV inverters. This includes advancements in maximum power point tracking (MPPT) algorithms to optimize energy harvest from solar panels, as well as incorporating smart grid capabilities for better integration with the power grid.
 

Single Phase String Inverter Market Companies

Eminent players operating in the Single Phase String Inverter industry are:

• APsystems
• Canadian Solar
• Enphase Energy
• Fronius International
• Huawei Technologies
• INVTSolar
• NingBo Deye Inverter Technology
• Solaredge Technologies
• SUNGROW
• UTL Solar
   

Single Phase String Inverter Industry News:

• In December 2023, INVTSolar has introduced its XG1-5KTL-S series single-phase string inverter in Gujarat, India. This model, part of the smallest power range (1-5kW) in the XG series, targets the residential rooftop solar market.
   
• In January 2022, SMA Solar Technology AG has introduced a new hybrid inverter designed for both commercial and residential rooftop photovoltaic (PV) systems. The inverter achieves an efficiency of approximately 98.2%, is compatible with high-voltage lithium-ion batteries, and features an integrated automatic backup power supply to ensure optimal battery utilization and reliable energy storage.
   

Single phase string 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 2034, for the following segments:

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Market, By Connectivity, 2021 – 2034 (USD Billion & MW)

• Standalone
• On Grid

Market, By Application, 2021 – 2034 (USD Billion & MW)

• Residential
• Commercial

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

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