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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.
How big the on grid PV inverter market?
The market size of on grid PV inverter was reached USD 25.7 billion in 2023 and is expected to register 10.4% CAGR from 2024 to 2032, owing to the governments and organizations having ambitious targets for renewable energy adoption to combat climate change worldwide.
Why is the demand for on grid string PV inverter growing?
On grid PV inverter industry from the string segment and is projected to exceed USD 35.6 billion by 2032 due to its cost effectiveness compared to alternative products making it a preferred choice for residential and small to medium sized commercial solar installations.
What is the size of the Asia Pacific on grid PV inverter market?
Asia Pacific on grid PV inverter industry is estimated to cross USD 22.8 billion by 2032 due to growing regional energy needs owing to expanding urban centers and industrial zones, driving investments in renewable energy.
Who are the key leaders in the on grid PV inverter industry?
Eaton, GoodWe, Schneider Electric, Servotech Power Systems, SMA Solar Technology AG, Sungrow Power Supply Co., Ltd., Solis Inverters, SolarEdge Technologies, Inc., Statcon Energia, UTL Solar, and V-Guard Industries Ltd, are some of the major on grid PV inverter companies worldwide.