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Standalone PV Inverter Market Analysis

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

Standalone PV Inverter Market Analysis

Alt Tag : Standalone PV Inverter Market Size, By Product, 2022-2032 (USD Billion)

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.

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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