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Standalone PV Inverter Market Size - By Product (String, Micro), By Phase (Single Phase, Three Phase), Application (Residential, Commercial & Industrial), Nominal Output Power, Nominal Output Voltage & Forecast, 2024 – 2032

  • Report ID: GMI9688
  • Published Date: May 2024
  • Report Format: PDF

Standalone PV Inverter Market Size

Standalone PV Inverter Market size was valued at USD 4.1 billion in 2023 and is anticipated to grow at a CAGR of 13.3% between 2024 and 2032. These are devices used in solar power systems to convert the DC electricity generated by photovoltaic (PV) panels into AC electricity. Unlike grid-tied inverters, standalone PV inverters are designed for use in systems that are not connected to the electrical grid. They are typically used in remote locations, residential homes, or commercial facilities that rely entirely on solar power and battery storage for their electricity needs.

Standalone PV Inverter Market

Increasing need for reliable power in remote and rural areas is set to augment the product growth to ensure consistent electricity supply. Rising innovations to improve efficiency, reliability, and affordability of the product offering enhanced features such as advanced monitoring systems, better battery management, and higher conversion efficiencies will foster the product penetration.

Rising renewable energy promotion by government through subsidies, favorable policies and incentives to reduce carbon emissions and promote sustainable energy sources are stimulating the industry growth. Furthermore, reducing cost of solar panels and associated components extends the market reach to lower-income households and small businesses thereby positively influencing the product adoption.

Standalone PV Inverter Market Trends

Rising demand for solutions offering energy independence and reducing reliance on unstable grid systems or expensive diesel generators particularly crucial in areas prone to power outages or those affected by natural disasters is driving the product demand. Increasing adoption of off grid devices by industries and businesses to cut operational costs and enhance sustainability credentials is propelling the business statistics.

Standalone PV Inverter Market Analysis

Based on product, the market is segmented into string, and micro. The string segment is anticipated to surpass USD 12.2 billion by 2032, on account of its cost effectiveness compared to other inverter types. Rising demand for products offering excellent scalability, making them suitable for a wide range of system sizes from small residential setups to larger commercial projects is boosting the product growth.

Furthermore, their higher efficiency rates and better overall performance with features such as Maximum Power Point Tracking (MPPT), which optimizes the power output from each string of panels, ensuring maximum energy harvest even in variable conditions will improve the industry scenario.

Standalone PV Inverter Market Share, By Application, 2023

Based on application, the standalone PV inverter market is segmented into commercial & industrial and residential. The commercial & industrial segment is set to expand at a CAGR of over 13.6% through 2032. Rising demand for solutions in critical commercial operations offering uninterrupted power supply with reliable sources of electricity, mitigating the risks associated with power outages or grid failures is enhancing the product demand. Increasing environmental regulations and policies aimed at reducing carbon emissions is encouraging various industrial settings to adopt cleaner energy sources thereby fostering the business landscape.

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

Europe standalone PV inverter market is expected to reach USD 7.5 billion by 2032. Rising European union's ambitious climate targets, such as the European Green Deal aiming for carbon neutrality by 2050 are set to create opportunities for product penetration. Rising solar energy adoption by countries like Germany, Spain, and Italy with extensive policy support and subsidies for renewable energy projects will augment the industry landscape. Increasing support from government in terms of policies such as Renewable Energy Directive (RED II), Feed-in tariffs, tax incentives, and grants for solar power adoption will complement the product demand.

In the U.S. rising companies investments in solar energy to lower operational costs, enhance sustainability credentials, and achieve energy independence coupled with improving large-scale solar projects in sectors such as agriculture, manufacturing, and data centers will drive the business statistics. Expanding research activities and growing developed of cutting-edge technologies and smart grid solutions to enhance product performance will propel the market growth.

Standalone PV Inverter Market Share

Standalone PV Inverter Company Market Share

Eminent players are focusing on offering a broad range of products tailored to various applications including high-capacity inverters for industrial use, compact solutions for residential applications, and robust inverters designed for challenging environments and meet the evolving needs of the market. Companies are collaborating with other companies, including solar panel manufacturers, energy storage providers, and installation firms, helping key players to create integrated solar solutions. Furthermore, key players are establishing local manufacturing units, distribution networks, and service centers to help in better market penetration and customer service.

Standalone PV Inverter Market Companies

Eminent players operating in the standalone PV inverter industry are:

  • APsystems
  • Chint Power Systems
  • Eaton
  • Hitachi Hi-Rel Power Electronics Pvt. Ltd
  • INVTSolar
  • KACO new energy GmbH
  • NingBo Deye Inverter Technology Co.Ltd
  • OutBack Power Technologies
  • Power Electronics
  • Servotech Power Systems
  • SMA Solar Technology AG
  • UTL Solar
  • Yaskawa Solectria Solar

Standalone PV Inverter Industry News

  • In October 2023, INVTSolar showcased its complete range of on-grid, hybrid, and off-grid PV inverters at the Solar Solutions International 2023 trade show in Amsterdam. The company aims to expand its reach across the European market ensuring better and more cost-efficient products and services.
  • In March 2023, Sungrow, a global leader in inverter and energy storage solutions, launched its next-generation PV inverter solution, the SG125CX-P2, for the South African market at the "Experience Power Freedom" event in Johannesburg. This inverter solution aims to enhance self-sufficiency for businesses, making solar installation on C&I rooftops a strategic investment that improves competitiveness and offers a strong return on investment.

The standalone 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

  • String
  • Micro

Market, By Phase

  • Single Phase
  • Three Phase

Market, By Nominal Output Power

  • ≤ 0.5 kW
  • 0.5 - 3 kW
  • 3 - 33 kW
  • 33 - 110 kW
  • > 110 kW

Market, By Nominal Output Voltage

  • ≤ 230 V
  • 230 - 400 V
  • 400 - 600 V
  • > 600 V

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 standalone PV inverter reached USD 4.1 billion in 2023 and is set to witness 13.3% CAGR between 2024 and 2032, due to the increasing demand from industrial and commercial sectors and rising emergency and backup power needs.

The string segment is expected to reach USD 12.2 million by 2032, owing to its cost effectiveness compared to other inverter types and high efficiency rates.

Europe market is projected to cross USD 7.5 million by 2032, attributed to rising solar energy adoption, increasing support from government and rising European union's ambitious climate targets.

APsystems, Chint Power Systems, Eaton, Hitachi Hi-Rel Power Electronics Pvt. Ltd, INVTSolar, KACO new energy GmbH, NingBo Deye Inverter Technology Co.Ltd, OutBack Power Technologies, Power Electronics, and Servotech Power Systems, among others.

Standalone PV Inverter Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 14
  • Tables & Figures: 25
  • Countries covered: 19
  • Pages: 80
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