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On Grid PV Inverter Market Trends

Report ID: GMI9575
Published Date: May 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

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.

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.

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.

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.