North America On Grid PV Inverter Market Size

North America On Grid PV Inverter Market Size

North America on Grid PV Inverter Market was valued USD 4.9 billion in 2023 and is anticipated to grow at a CAGR of 8% between 2024 and 2032. It is a device used to convert the DC electricity produced by solar panels into AC electricity, which is compatible with the public electricity grid. These inverters synchronize with the grid's voltage and frequency, enabling the seamless integration of solar power into the existing electricity network. They are essential for residential, commercial, and utility-scale solar installations connected to the grid.

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Rising technological innovations to develop modern grid tied inverters offering more efficient, reliable, and versatile, featuring advanced capabilities such as smart grid integration, real-time monitoring, and enhanced safety features like arc-fault detection will propel the product penetration. Declining solar panels and related components costs coupled with supportive incentives such as tax credits, rebates, and subsidies provided by governments and utilities to encourage solar power adoption will stimulate the market statistics.
 

Growing awareness of environmental issues and the urgent need to reduce carbon footprints are compelling both individuals and organizations to switch to renewable energy sources thereby boosting the product demand, as a clean and sustainable energy option. Furthermore, supportive regulatory measures such as renewable energy mandates, feed-in tariffs, and grid integration standards will create a favorable environment for the product adoption.