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

Commercial & Industrial Standalone PV Inverter Market Size

The global commercial & industrial standalone PV inverter market was valued at USD 3.2 billion in 2023 and is estimated to grow at a CAGR of 13.7% from 2024 to 2032. It is a type of inverter specifically designed for use in commercial and industrial applications, converting direct current electricity generated by photovoltaic (PV) solar panels into alternating current electricity. This conversion is essential because most commercial and industrial electrical systems operate on AC power.
 

Increasing demand for scalable solutions, allowing businesses to start with a smaller installation and expand as their energy needs grow will influence product adoption. Furthermore, this flexibility makes them particularly attractive for industries that may experience fluctuations in energy demand. Growing government support to promote renewable energy adoption and make solar technology more accessible for commercial and industrial users will foster the product deployment.
 

Increasing global awareness of climate change increases, encouraging many companies to adopt sustainable practices to meet regulatory requirements and improve their corporate social responsibility (CSR) profiles leading to uplifting the business statistics. Ongoing research activates towards advancing inverter technology offering improved efficiency and functionality will complement the industry expansion.
 

Commercial & Industrial Standalone PV Inverter Market Trends

Increasing demand for reliable sources of energy, especially in remote locations where grid access may be limited or unreliable will boost product adoption. Rising demand for consistent power supply to maintain operations in sectors such as agriculture, mining, and manufacturing will foster the demand for independent systems that can ensure these enterprises can mitigate the risks associated with power outages and fluctuations in energy supply.
 

Commercial & Industrial Standalone PV Inverter Market Analysis

Based on phase, the three-phase segment is anticipated to cross over USD 10 billion by 2032, due to its greater power output, crucial for commercial and industrial facilities that require substantial energy to support operations. Growing demand for solutions having the ability to handle larger loads and maintain stable voltage and current, minimizing energy waste will foster multi-phase product adoption. Rising need for scalable solutions that can help businesses to expand, allowing for easy integration of additional solar panels and inverters as needed will create lucrative opportunities for product growth.
 

The string segment is set to grow at a CAGR of over 13.5% through 2032, on account of its cost-effectiveness, making it a preferred choice in C&I projects. Additionally, their excellent scalability, allowing businesses to expand their solar capacity as their energy needs grow, particularly beneficial for industries with fluctuating energy demands, enabling them to start with a smaller installation and increase capacity without extensive redesign or retrofitting leading to the market growth.
 

Growing investment in developing modern inverters equipped with advanced monitoring features that allow operators to track performance in real-time, enabling businesses to quickly identify and address performance issues, leading to improved energy output and system reliability will complement the adoption of commercial & industrial standalone PV inverter.
 

Asia Pacific commercial & industrial standalone PV inverter market is set to cross over USD 3 billion by 2032. Increasing industrial growth and urban expansion in countries such as China, India, and Southeast Asian nations, drives demand for reliable and sustainable energy solutions, creating opportunities for product proliferation. Continuous decline in the costs of solar panels and inverters in the region will make standalone PV systems more accessible for commercial and industrial applications leading to business growth. Growing concerns over energy security and fluctuating fossil fuel prices, companies in the region are increasing renewable energy adoption to achieve energy independence, driving industry expansion.
 

In the U.S. rising innovations in PV inverter technology, including features such as smart monitoring and integration with energy storage systems will drive the product penetration. Growing business's commitment to sustainability goals, with many large corporations investing in renewable energy to enhance their corporate social responsibility profiles will foster product adoption.
 

Commercial & Industrial Standalone PV Inverter Market Share

Eminent players are actively exploring emerging markets within the Asia Pacific region, such as India and Southeast Asia, where solar energy adoption is rapidly increasing. Companies are collaborating with local firms and technology providers to enhance their market presence and improve service delivery. Leading players are focusing on research and development to enhance their product offerings. They are investing in advanced inverter technologies that improve efficiency, connectivity, and user experience.
 

Commercial & Industrial Standalone PV Inverter Market Companies

Eminent players operating in the Commercial & Industrial Standalone PV Inverter industry are:

• Chint Power Systems
• Growatt
• Hitachi Hi-Rel Power Electronics
• INVTSolar
• LEONICS
• SUNGROW
• Solplanet
• Sankopower
• SMA Solar Technology
• Waaree
   

Commercial & Industrial Standalone PV Inverter Industry News

• In October 2024, Solplanet, a China-based inverter manufacturer, has introduced a 350 kW three-phase solar inverter for large-scale PV projects in India. With a high input current capacity of 75 amps, this inverter is compatible with larger PV modules, enhancing flexibility for utility-scale installations. Its conversion efficiency exceeds 99%, which maximizes power output and minimizes energy loss, aiming to boost the inverter's appeal in large PV setups by enhancing energy yields and system compatibility.
   
• In October 2022, Growatt, a leading provider of distributed energy solutions, showcased its extensive portfolio of energy storage products, PV inverters, EV chargers, and smart energy management solutions at the Renewable Energy India Expo, Asia’s top B2B energy event. The company highlighted its powerful solar inverters, suitable for residential, commercial, and large-scale applications, which were central to the exhibition.
   

This commercial & industrial 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

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