Single Phase String Inverter Market
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The global single phase string inverter market size was valued at USD 2.3 billion in 2024 and is estimated to grow at a CAGR of 2.5% from 2024 to 2034. Designed for small and medium-sized PV systems, this solar inverter primarily meets the needs of residential and small commercial users. It operates on a single-phase electrical system, which is typical for small residential applications, where the power supply requires only one live wire and a neutral wire.
Rising awareness about energy independence and sustainability will encourage individuals and key players to shift towards solar power systems, driving the product penetration. Growing adoption of solutions offering modular design, allowing users to expand their solar system as energy needs grow will create lucrative opportunities for single phase string inverters.
| Report Attribute | Details |
|---|---|
| Base Year: | 2024 |
| Single Phase String Inverter Market size in 2024: | USD 2.3 Billion |
| Forecast Period: | 2025 - 2034 |
| Forecast Period 2023 - 2032 CAGR: | 2.5 |
| 2023 Value Projection: | USD 3 Billion |
| Historical Data for: | 2021 - 2023 |
| No of Pages: | 102 |
| Tables, Charts & Figures: | 25 |
| Segments Covered: | Connectivity, Application and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Growing government initiatives and environmental campaigns including Investment Tax Credit (ITC), net metering in the U.S. and feed-in tariffs in Europe aimed at reducing carbon emissions and promoting sustainable energy adoption will improve the industry statistics. Furthermore, increasing demand for easily installed and more efficient inverters with smaller sizes and lower complexity will complement the product adoption. Their easy integration with residential grids, especially in regions with well-established single-phase electrical infrastructure will boost its adoption in residential solar power systems.
Rapid urbanization and the growth of residential areas will drive demand for dependable and efficient energy solutions, positively impacting the business scenario. Ongoing technological advancements in PV inverters coupled with rising focus towards simpler design and smaller scale, contributing to lower investments will enhance the product attractiveness.
Based on connectivity, the on grid segment is anticipated to reach USD 2.1 billion by 2034, due to the lack of battery storage. Rising shift towards reducing carbon footprints by decreasing dependence on fossil fuel-based power generation will propel grid tied connectivity penetration. Furthermore, on grid inverters also allow users to feed excess energy generated by solar panels back into the utility grid, providing an opportunity to receive compensation for surplus electricity through net metering, helping offset energy costs thereby improving business outlook.
Based on application, the commercial segment is set to grow at a CAGR 5.4% till 2034 on account of its affordability for small to medium-sized commercial setups and good returns on investment over the long term. Rising demand for highly scalable solutions, allowing commercial installations to start small and expand as energy needs grow will create lucrative opportunities for the product adoption. Furthermore, rising demand for compact designs to overcome space challenges for energy equipment in commercial settings will improve the product growth.
The U.S. single phase string inverter market is anticipated to grow over USD 500 million by 2034. Rising federal tax credits, state rebates, and other financial incentives for solar photovoltaic installations will drive the product adoption. The abundance of sunlight including California alone around 40% of the nation’s solar capacity, will provide a robust market for single phase inverters. Growing conventional grid electricity prices are turning homeowners to alternative energy sources, creating product demand as a compelling choice for those seeking long-term energy independence.
In Europe increasing government initiatives such as feed-in tariffs, renewable energy targets, tax incentives, and subsidies for solar PV installations couped with the region's Green Deal aims for net-zero emissions by 2050 will significantly boost the product demand. These incentives reduce the upfront costs of solar power systems, making them more accessible to the users. Increasing trend toward smart home technology and high compatibility of single phase inverters towards home energy management systems that allow homeowners to monitor and control their energy usage in real-time will spur product adoption.
Key players are capitalizing on the global surge in residential solar adoption by expanding into emerging markets, especially in high-solar-potential regions such as India and Southeast Asia. By tailoring solutions to local market dynamics, these companies are strategically positioning themselves for growth. New players are providing excellent customer service and post-sales support to build brand loyalty and help differentiate products in a competitive market.
Eminent players operating in the Single Phase String Inverter industry are:
Market, By Connectivity
Market, By Application
The above information has been provided for the following regions and countries:
The on grid segment is anticipated to cross 2.1 billion by 2034
Some of the major players in the single-phase string inverter industry include include APsystems, Canadian Solar, Enphase Energy, Fronius International, Huawei Technologies, INVTSolar, NingBo Deye Inverter Technology, Solaredge Technologies, and SUNGROW.
The single-phase string inverter market was valued at USD 2.3 billion in 2024 and is expected to reach around 3 billion by 2034, growing at 2.5% CAGR through 2034.
The U.S. Single phase string inverter market is likely to reach USD 500 million by 2034.