North America On Grid PV Inverter Market Analysis

North America On Grid PV Inverter Market Analysis

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Based on product, the on grid PV inverter market is segmented into string, micro and central. String is anticipated to grow over USD 4.7 billion by 2032 on account of its cost effectiveness making it a preferred choice for residential and medium sized commercial solar installations. Rising technological advancements to develop modern product offering sophisticated maximum power point tracking (MPPT) algorithms that optimize the energy output from each string of panels and maintain the high overall system efficiency will propel the industry landscape. Additionally, rising integration of enhanced digital monitoring and smart grid capabilities in the device to provide real-time data is set to influence the product adoption.
 

Based on phase, the On Grid PV inverter market is segmented into single phase and three phase. Three phase is set to grow at a CAGR of over 8.5% by 2032 on account of their ability to handle high loads more efficiently, making them ideal for large-scale solar installations typically found in commercial and industrial settings. Their grid stability and compatibility with existing electrical infrastructure in various applications are set to augment the product demand. Rising adoption of solar energy by manufacturing, mining, and data centers to reduce their carbon footprint and operational costs will boost the product demand due to their ability to support high energy loads and ensure uninterrupted power supply.
 

U.S. On grid PV inverter market is anticipated to grow over USD 10 billion by 2032. Supportive government policies and financial incentives such as the Investment Tax Credit (ITC) offering significant tax reductions for solar installations to make it more financially attractive will uplift the product demand. Growing investment towards renewable energy infrastructure in the U.S., driven by both private and public sectors supported by substantial funding from venture capitalists and government grants will foster the industry statistics. Additionally, rising utility-scale solar projects, supported by both federal and state initiatives aimed at reducing greenhouse gas emissions and promoting clean energy are driving the market growth.