Single Phase PV Inverter Market Analysis

Single Phase PV Inverter Market Analysis

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Based on connectivity, the market is segmented into on grid and standalone. The on grid segment is set to surpass USD 4.1 billion by 2032, on account of its energy security and stability. Rising demand for connectivity offering balanced supply and demand, reducing strain on centralized power plants, and improving the overall reliability is set to augment the business landscape. Growing development of smart grids to enhance communication and coordination between distributed energy resources and the central grid, optimizing energy flow and improving grid management will drive the industry scenario.
 

Based on application, the single phase PV inverter market is segmented into residential and commercial & industrial. The residential segment is poised to expand at a CAGR of over 5.8% through 2032. Rising demand for cost saving solutions allowing homeowners to generate their electricity, and reducing their dependency on grid-supplied power is propelling the product adoption. Furthermore, increasing investments in improving the home value by deploying solar systems to lower operating costs and environmental benefits will lead to market growth.
 

Europe single phase PV inverter market is anticipated to cross USD 2.8 billion by 2032. Rising initiatives such as feed-in tariffs, renewable energy targets, tax incentives, and subsidies for solar PV installations are bolstering the product demand. Ambitious energy transition and climate goals, such as the European Green Deal and the goal to achieve climate neutrality by 2050 in line with rising investment in developing advanced technology will propel the product penetration.
 

In the U.S. rising federal tax credits, state rebates, and incentives for solar PV installations coupled with growing events such as power outages, extreme weather events, and grid instability will strengthen the business landscape. Furthermore, declining solar PV systems cost and rising ambitious renewable energy and carbon reduction goals to combat climate change will complement the business growth.