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Residential Solar PV Inverter Market Size

Report ID: GMI5167
Published Date: Jun 2024
Report Format: PDF

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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.

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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.

Residential Solar PV Inverter Market Report Attributes
Report Attribute	Details
Base Year:	2023
Residential Solar PV Inverter Market Size in 2023:	USD 6.4 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	30.3%
2032 Value Projection:	USD 73.6 Billion
Historical Data for:	2021 - 2023
No. of Pages:	75
Tables, Charts & Figures:	23
Segments covered:	Product, Phase and Region
Growth Drivers:	Increasing demand for renewable energy Technological advancements Growing energy independence and sustainability
Pitfalls & Challenges:	Increasing demand for renewable energy Technological advancements Growing energy independence and sustainability

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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.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of residential solar PV inverter was crossed USD 6.4 billion in 2023 and is anticipated to grow at 30.3% CAGR through 2032, owing to the growing energy independence and sustainability.

String segment in the residential solar PV inverter market is anticipated to reach over USD 38.5 billion by 2032, attributed to the increasing demand for affordable products without incurring excessive initial expenses and lower maintenance costs.

Asia Pacific residential solar PV inverter market is likely to exceed USD 32.6 billion by 2032, credited to the rising government support in terms of policies including feed-in tariffs and favorable net metering regulations.

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, and Huawei Technologies Co., Ltd. among others.