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Commercial & Industrial PV Inverter Market Size

Report ID: GMI9467
Published Date: May 2024
Report Format: PDF

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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.

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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.

Commercial & Industrial PV Inverter Market Report Attributes
Report Attribute	Details
Base Year:	2023
Commercial & Industrial PV Inverter Market Size in 2023:	USD 14.1 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	13.8%
2032 Value Projection:	USD 47.9 Billion
Historical Data for:	2021 - 2023
No. of Pages:	120
Tables, Charts & Figures:	25
Segments covered:	Product, Phase, Connectivity, Nominal Output Voltage and Region
Growth Drivers:	Rising Technological Advancements and Innovation Rising Energy Independence and Reliability Growing Regulatory Support
Pitfalls & Challenges:	High Product Cost

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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.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market size of commercial & industrial PV inverter was reached USD 14.1 billion in 2023 and is anticipated to grow at over 13.8% CAGR from 2024 to 2032, owing to rising energy independence and reliability.

The string segment in the commercial & industrial PV inverter market is anticipated to exceed USD 26.9 billion by 2032, driven by the rising demand for inverters with modular design and scalability coupled with optimized performance monitoring.

Europe commercial and industrial PV inverter market is estimated to cross USD 25.8 billion by 2032, attributed to the renewable energy targets including European Union's Renewable Energy Directive to combat climate change and transition towards a low carbon economy.

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., and Sineng Electric Co., Ltd.