On Grid PV Inverter Market Analysis

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.

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.

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.