Residential Solar PV Inverter Market Size - By Product (String, Micro), By Phase (Single Phase, Three Phase), Country Outlook & Forecast, 2024 – 2032

Residential Solar PV Inverter Market Size

Residential Solar PV Inverter Market was valued USD 6.4 billion in 2023 and is anticipated to grow at a CAGR of 30.3% from 2024 to 2032. It is an electronic device used in household applications to convert DC electricity generated by solar panels into AC electricity. These inverters are specifically designed for residential solar power systems and ensure that the electricity produced is compatible with the household electrical grid. Additionally, they often include features for monitoring system performance and safety protections.
 

Declining cost of solar panels and associated technology and rising government financial incentives such as tax credits, rebates, and grants to encourage the adoption of solar energy will propel the product adoption. Increasing electricity costs from traditional grid sources is encouraging homeowners to adopt alternative solutions to reduce their monthly utility bills thereby stimulating product demand.
 

Growing awareness of environmental issues and the need for sustainable energy sources is motivating homeowners to reduce their carbon footprint and contribute to environmental conservation, thereby fostering the industry growth. Rising investments in modern inverters, offering improved performance, greater energy yield, and enhanced safety features are set to influence the product penetration.
 

Residential Solar PV Inverter Market Trends

Increasing government policies and regulatory frameworks to boost the adoption of solar systems coupled with rising information campaigns by governments, non-profits, and industry stakeholders to improve awareness about the long-term benefits and potential savings associated with solar power will augment the business landscape. Growing requirement for energy independence and security to reduce their dependence on external energy suppliers and gain greater control over their energy supply is complementing the industry growth.
 

Residential Solar PV Inverter Market Analysis

Based on product, the string segment is anticipated to grow over USD 38.5 billion by 2032. Increasing demand for affordable products without incurring excessive initial expenses and lower maintenance costs is set to drive the market growth. Furthermore, their robustness and durability make them a preferred choice for residential solar installations, where long-term performance and minimal downtime are critical. Rising technological advancements to improve product efficiency and functionality in line with innovations in digital monitoring and smart grid compatibility to allow better system management and integration with home energy systems will impact the industry statistics.
 

Based on phase, the three phase segment is set to grow at a CAGR of over 32% through 2032, on account of its superior energy efficiency which gives higher energy yields and greater cost savings for homeowners. Growing higher energy demands from larger residential properties due to extensive electrical appliances, electric vehicle charging stations, or home-based businesses are augmenting the product adoption. Furthermore, multi-phase products offer improved grid stability and power quality helping to minimize voltage fluctuations and reduce the strain on the electrical grid particularly important in residential areas with high solar penetration, thereby augmenting the product demand.
 

Asia Pacific residential solar PV inverter market is anticipated to reach more than USD 32.6 billion by 2032. The Chinese government ambitious renewable energy targets, along with substantial subsidies and incentives to improve the adoption of solar technology coupled with the presence of well-established manufacturing base for solar components will foster the industry landscape. Furthermore, in Japan, rising government support in terms of policies including feed-in tariffs and favorable net metering regulations is boosting solar installation thereby positivity impacting market scenario.
 

In the U.S. rising federal incentives such as the Investment Tax Credit (ITC) coupled rising implementation of robust renewable energy standards and incentives, including rebates, net metering, and solar-friendly regulations will enhance the business statistics. Expanding research activities and rising innovations such as smart inverters, which enhance grid stability and provide better energy management along with growing homeowners desire for energy independence and environmental consciousness will uplift the product demand.
 

Residential Solar PV Inverter Market Share

Eminent players are continuously investing in research and development to improve the efficiency, reliability, and functionality of their inverters. Key players are forming strategic partnerships and collaborations to help companies expand their market reach, enhance product offerings, and improve customer service. Furthermore, new players are coming up with diversified product portfolios to cater to a wide range of customer needs. Companies are introducing various inverter models to address different market segments, including hybrid inverters, string inverters, and microinverters.
 

Residential Solar PV Inverter Market Companies

Eminent players operating in the residential solar PV inverter industry are:

• Canadian Solar
• Darfon Electronics Corp.
• Delta Electronics, Inc.
• Enphase Energy
• Eaton
• Fimer Group
• Fronius International GmbH
• General Electric
• Ginlong Technologies
• Goldi Solar
• GoodWe
• Hitachi Hi-Rel Power Electronics Private Limited
• Huawei Technologies Co., Ltd.
• Panasonic Corporation
• Schneider Electric
• Siemens
• SMA Solar Technology AG
• Solar Edge Technologies,Inc.
• Sungrow
   

Residential Solar PV Inverter Industry News

• In May 2024, Sungrow, a global leader in inverters and energy storage systems, introduced the SG5.0RS-L, a new residential single-phase PV inverter. The SG5.0RS-L offers high performance in an ultra-lightweight design. Its redesigned lightweight cover enhances corrosion resistance and simplifies installation. Additionally, it includes innovative safety features that provide customers with valuable insights.
   
• In July 2023, Goldi Solar launched its VAMA On-grid range of smart string solar inverters, available in single and multi-phase variants for on-grid applications and designed to meet the needs of both residential and commercial & industrial consumers. VAMA inverters, alongside high-performance HELOC Pro & Plus PV modules, offer efficient solar energy solutions, helping businesses and homeowners contribute to a greener future.
   

This residential solar 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

Market, By Phase

• Single Phase
• Three Phase

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
  • Egypt
  • Nigeria
• Latin America
  • Brazil
  • Mexico
  • Chile