Commercial & Industrial PV Inverter Market Size - By Product (String, Micro and Central), By Phase (Single Phase and Three Phase) By Connectivity (Standalone, On Grid), By Nominal Output Voltage (230 - 400 V, 400 - 600 V), Regional Outlook & Forecast, 2024 – 2032

Commercial & Industrial PV Inverter Market Size

Commercial & Industrial PV Inverter Market was valued at USD 14.1 billion in 2023 and is anticipated to grow at a CAGR of over 13.8% between 2024 and 2032. It is an electrical device designed specifically for use in commercial and industrial solar PV systems for converting the direct current electricity generated by solar panels into alternating current electricity. These inverters are typically installed either on-site or in close proximity to the solar panels, where they are connected to the PV array and the building's electrical distribution system.
 

Rising shift towards generating clean electricity from solar energy to reduce dependence on grid electricity, lowering their energy bills over the long term thereby uplifting the product adoption. Supportive regulatory policies including renewable energy mandates, feed-in tariffs, and renewable energy credits are creating favorable growth conditions.  Rising technological advancements including improved efficiency, reliability, and functionality of system is improving product attractiveness among commercial applications, driving the industry scenario.
 

Growing interest in integrating energy storage solutions with PV systems to enhance energy self-consumption, improve grid stability, and optimize energy management strategies is fueling the product penetration. Rising emergence of smart inverters in commercial setting equipped with enhanced grid support functionalities, comprising voltage regulation, frequency control, and power factor correction is set to drive the business outlook.
 

Commercial & Industrial PV Inverter Market Trends

Rising shift of businesses towards decentralized energy systems and distributed generation models to diversify their energy sources, reduce reliance on centralized power plants is favoring the product deployment. Increasing adoption of solar PV systems in industries including manufacturing, retail, hospitality, healthcare, and agriculture is creating robust opportunities for the product to tailor specific needs and requirements of these sectors.
 

Commercial & Industrial PV Inverter Market Analysis

Based on product, the string segment is anticipated to reach more than USD 26.9 billion by 2032. Rising demand for inverters with modular design and scalability coupled with optimized performance monitoring, maximum power point tracking (MPPT), and fault detection is stimulating the product growth. Furthermore, their reduced installation and maintenance costs, as each of the system operates independently, simplify the system design, wiring, and commissioning processes are some additional factors fostering the product adoption.
 

Based on phase, the single phase segment is set to grow at a CAGR of over 15.9% through 2032. Flexibility of the system making easy integration into the existing electrical systems commonly found in small businesses, retail stores, and offices, without the need for complex electrical infrastructure upgrades or modifications is propelling the industry projections. Furthermore, cost effectiveness and space-efficient, suitable for installations where space is limited or constrained are additional factors favoring the market proliferation.
 

Europe commercial and industrial PV inverter market is projected to surpass USD 25.8 billion by 2032. Set ambitious renewable energy targets including European Union's Renewable Energy Directive to combat climate change and transition towards a low carbon economy will create positive growth prospects. Favorable net metering policies allow businesses to export surplus solar energy to the grid and receive compensation or credits for the excess generation is encouraging the product deployment.
 

In the U.S., federal incentives, declining technology costs, and state and local incentive programs propel positive growth. Many businesses in the country are adopting corporate sustainability initiatives and renewable energy goals to reduce carbon emissions, enhance brand reputation, and meet stakeholder expectations, thereby fueling the market statistics.
 

Commercial & Industrial PV Inverter Market Share

Eminent players are investing in research and development to introduce innovative products including developing next generation inverters with high efficiency, improved reliability, and advanced monitoring and control functionalities to gain a competitive edge and capture market share. Companies are also focusing on expanding their market presence and geographic footprint by entering new regions and territories with untapped growth potential.
 

Commercial & Industrial PV Inverter Market Companies

Eminent players operating in the commercial & industrial PV inverter industry are:

• Canadian Solar
• Delta Electronics, Inc.
• Darfon Electronics Corp.
• Eaton
• Fimer Group
• Ginlong Technologies
• GoodWe
• Growatt New Energy
• Huawei Technologies Co., Ltd.
• Schneider Electric
• SMA Solar Technology AG
• Sungrow
• SolarEdge Technologies, Inc.
• Sineng Electric Co., Ltd.
• Tabuchi Electric Co., Ltd.
   

Commercial & Industrial PV Inverter Industry News

• In December 2023, Sineng Electric, a Chinese PV inverter and battery manufacturer, surpassed 10 GW in cumulative shipments of solar PV inverters to India. The company established a 3 GW manufacturing base in Bangalore in 2018 and increased its annual production capacity to 10 GW in 2021.
   
• In March 2023, Sungrow signed a Memorandum of Understanding (MOU) with Amp Co., Ltd., a major renewable energy Independent Power Producer (IPP) in Japan. The company showcased a range of solar and storage applications tailored for diverse Japanese needs, supporting the country's shift towards a low carbon economy and surpassing its 2050 carbon neutrality goal.
   

This commercial & industrial 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
• Central

Market, By Phase

• Single Phase
• Three Phase

Market, By Connectivity

• Standalone
• On Grid

Market, By Nominal Output Voltage

• 230 - 400 V
• 400 - 600 V

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