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Single Phase PV Inverter Market Size

Report ID: GMI9940
Published Date: Jun 2024
Report Format: PDF

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Single Phase PV Inverter Market Size

Single Phase PV Inverter Market size was valued at USD 4.5 billion in 2023 and is anticipated to grow at a CAGR of 5.5% between 2024 and 2032. It is an electrical device that converts the DC electricity generated by a solar photovoltaic system into alternating current AC electricity suitable for use in residential or small commercial electrical grids. These devices provide essential functions such as maximum power point tracking to optimize energy harvest, grid synchronization, and various safety features to ensure the reliable and efficient operation of the solar PV system.

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Shifting focus by governments and environmental organizations to reduce carbon emissions and increase use of sustainable energy is set to influence the product demand. Growing advancements in PV inverter technology including maximum power point tracking (MPPT), which optimizes the energy harvest from solar panels, remote monitoring capabilities, and improve safety features such as anti-islanding protection will lead to market growth.

Single Phase PV Inverter Market Report Attributes
Report Attribute	Details
Base Year:	2023
Single Phase PV Inverter Market Size in 2023:	USD 4.5 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	5.5%
2032 Value Projection:	USD 7.4 Billion
Historical Data for:	2021 to 2023
No. of Pages:	100
Tables, Charts & Figures:	25
Segments covered:	Connectivity, Application and Region
Growth Drivers:	Rising demand for renewable energy Increasing technological advancements Growing energy independence and sustainability
Pitfalls & Challenges:	High initial costs

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Increasing energy independence and sustainability awareness drives businesses to invest in solar power systems, thereby stimulating the product adoption to generate electricity, reducing reliance on traditional energy sources and utility companies. Expanding solar installation in residential applications in line with rising environmental consciousness and the need to combat climate change will shift focus on solar power, thereby augmenting the industry growth.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market size of single phase PV inverter reached USD 4.5 billion in 2023 and is set to witness 5.5% CAGR between 2024 and 2032, due to the rising demand for renewable energy and increasing technological advancements.

The residential segment in the single phase PV inverter industry is poised to grow at 5.8% CAGR through 2032, owing to the rising demand for cost saving solutions allowing homeowners to generate their electricity and increasing investments in improving the home value.

Europe market is anticipated to reach USD 2.8 Billion by 2032, attributed to the rising initiatives such as feed-in tariffs, renewable energy targets, tax incentives, and subsidies for solar PV installations are bolstering the product demand.

APsystems, Chint Power Systems, Enphase Energy, Eaton, Fronius International GmbH, GOODWE, Huawei Technologies Co., Ltd, INVTSolar, and NingBo Deye Inverter Technology Co.Ltd, among others.