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Commercial & Industrial Standalone PV Inverter Market Trends

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

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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.

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.