On Grid PV Inverter Market

On grid PV Inverter Market Size

On grid PV Inverter Market was valued USD 25.7 billion in 2023 and is anticipated to grow at a CAGR of 10.4% from 2024 to 2032. It is a device used in solar energy systems to convert DC electricity from solar panels into AC electricity for the electrical grid. These inverters synchronize the output with the grid's voltage, frequency, and phase, enabling seamless integration of solar power into the existing infrastructure.

Rising governments and organizations ambitious targets for renewable energy adoption to combat climate change are influencing the product adoption. Ongoing introduction of supportive policies and incentives including net metering to encourage the adoption of solar power will positively influence the industry growth. Growing awareness of environmental issues and increasing companies adoption of solar power to combat the issues and reduce their carbon footprint will enhance the product demand.

Increasing advancements in PV technology to make the product efficient, reliable, and cost-effective including features such as advanced grid support functions, and enhanced energy management capabilities will augment the business scenario. Additionally, declining cost of solar panels and related components to make the renewable power systems more affordable is set to stimulate the product demand.

On Grid PV Inverter Market Trends

Rising cost of electricity from traditional sources is prompting consumers and businesses to seek alternative solutions thereby building opportunities for product adoption. Shifting focus towards energy security has accelerated the product demand owing to its ability to generate electricity locally, thereby enhancing energy security and reduce dependence on external sources. Moreover, the rise of smart grid infrastructure and IoT technologies enables real-time monitoring and control of solar energy systems thereby enhancing the efficiency and reliability on the product.

On Grid PV Inverter Market Analysis

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Based on product, the string segment is set to reach USD 35.6 billion by 2032 on account of its cost effectiveness compared to alternative products making it a preferred choice for residential and small to medium sized commercial solar installations. Its flexibility in system design and installation coupled with easy scalability, enables users to expand their solar PV systems without major overhauls are additional factors propelling the product penetration.

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Based on phase, the three phase on grid PV inverter market is poised to grow at a CAGR of over 11% through 2032, owing to its ability to handle larger loads more efficiently in high power applications. Rising technological advancements in multi-phase products including remote monitoring, smart grid compatibility, and improved maximum power point tracking (MPPT) to increase the reliability, efficiency, and ease of management of PV systems will drive the industry statistics.

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Asia Pacific on grid PV inverter market is projected to surpass USD 22.8 billion by 2032. Growing regional energy needs owing to expanding urban centers and industrial zones will drive investments in renewable energy to ensure a stable and sustainable energy supply thereby uplifting the product demand. Supportive government policies and incentives including China’s National Energy Administration (NEA) and India’s Jawaharlal Nehru National Solar Mission aim to significantly increase solar power generation, which will propel the market statistics.

In the U.S. rising companies commitment to integrate large scale solar installations into their energy strategies to reduce their carbon footprints is anticipated to influence the product demand in the forecast period. Growing residential sector focus on reducing their electricity bills and increasing energy independence will build a positive influence on the business growth.

On Grid PV Inverter Market Share

Eminent players are focusing on integrating IoT and AI technologies into their inverters to enable remote monitoring and diagnostics capabilities to gain a competitive edge, and capture market share. Leading players are heavily investing in research and development and product innovation including smart inverters with advanced grid-support functionalities, and enhanced maximum power point tracking (MPPT) algorithms to improve brand reputation and expand market position.

On Grid PV Inverter Market Companies

Eminent players operating in the on grid PV inverter industry are:

• Canadian Solar
• Darfon Electronics Corp.
• Delta Electronics, Inc.
• Eaton
• Enphase Energy, Inc
• Fimer Group
• GoodWe
• Schneider Electric
• Servotech Power Systems
• SMA Solar Technology AG
• Sungrow Power Supply Co., Ltd.
• Solis Inverters
• SolarEdge Technologies, Inc.
• Statcon Energia
• UTL Solar
• V-Guard Industries Ltd
  

On Grid PV Inverter Industry News

• In May 2024, Statcon Energiaa has launched a 3 kW single-phase grid-tie solar inverter suitable for residential and small office applications. The inverter holds advanced features such as MPPT for enhanced solar generation, remote monitoring with WiFi, and robust anti-islanding protection, ensuring efficient and safe operation. With this product launch, the company aims to expand its customer base and presence in the Indian PV inverter market.
  
• In March 2024, GoodWe India announces a strategic partnership with Antyodaya Ujas. As the Authorized Distributor, Antyodaya Ujas will promote and distribute GoodWe's solar inverters and energy storage solutions across West Bengal and Pan-India. This partnership unites the expertise of both companies, dedicated to accelerating the adoption of clean and sustainable energy solutions in India.
  

This on grid 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
• Central

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

Market, By Application

• Residential
• Commercial & Industrial
• Utility

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