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Commercial & Industrial Standalone PV Inverter Market Size

Report ID: GMI12001
Published Date: Oct 2024
Report Format: PDF

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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.

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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.

Commercial & Industrial Standalone PV Inverter Market Report Attributes
Report Attribute	Details
Base Year:	2023
Commercial & Industrial Standalone PV Inverter Market Size in 2023:	USD 3.2 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	13.7%
2032 Value Projection:	USD 11 Billion
Historical Data for:	2021 - 2023
No. of Pages:	80
Tables, Charts & Figures:	25
Segments covered:	Product, Phase, Nominal Output Power, Nominal Output Voltage, and Region
Growth Drivers:	Increasing demand from reliable energy sources in remote locations Government support for renewable energy adoption Risin technological advancements
Pitfalls & Challenges:	High initial costs Technological complexity

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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.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The global market for commercial & industrial standalone PV inverter was reached USD 3.2 billion in 2023 and is estimated to grow at a 13.7% CAGR from 2024 to 2032, driven by increasing demand for reliable energy sources in remote areas.

The three-phase segment is anticipated to surpass USD 10 billion by 2032, due to its greater power output, which is crucial for commercial and industrial facilities requiring substantial energy to support operations.

The string segment is set to grow at a CAGR of over 13.5% through 2032, attributed to its cost-effectiveness and excellent scalability, making it a preferred choice in commercial and industrial projects.

The Asia Pacific market for commercial & industrial standalone PV inverter is projected to exceed USD 3 billion by 2032, propelled by industrial growth, urban expansion, and the continuous decline in the costs of solar panels and inverters in the region.

Key players in the industry include Chint Power Systems, Growatt, Hitachi Hi-Rel Power Electronics, INVTSolar, LEONICS, SUNGROW, Solplanet, Sankopower, SMA Solar Technology, and Waaree.