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Standalone PV Inverter Market Share

Report ID: GMI9688
Published Date: May 2024
Report Format: PDF

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Standalone PV Inverter Market Share

Standalone PV Inverter Company Market Share

Eminent players are focusing on offering a broad range of products tailored to various applications including high-capacity inverters for industrial use, compact solutions for residential applications, and robust inverters designed for challenging environments and meet the evolving needs of the market. Companies are collaborating with other companies, including solar panel manufacturers, energy storage providers, and installation firms, helping key players to create integrated solar solutions. Furthermore, key players are establishing local manufacturing units, distribution networks, and service centers to help in better market penetration and customer service.

Standalone PV Inverter Market Companies

Eminent players operating in the standalone PV inverter industry are:

APsystems
Chint Power Systems
Eaton
Hitachi Hi-Rel Power Electronics Pvt. Ltd
INVTSolar
KACO new energy GmbH
NingBo Deye Inverter Technology Co.Ltd
OutBack Power Technologies
Power Electronics
Servotech Power Systems
SMA Solar Technology AG
SUNGROW
UTL Solar
Yaskawa Solectria Solar

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market size of standalone PV inverter reached USD 4.1 billion in 2023 and is set to witness 13.3% CAGR between 2024 and 2032, due to the increasing demand from industrial and commercial sectors and rising emergency and backup power needs.

The string segment is expected to reach USD 12.2 million by 2032, owing to its cost effectiveness compared to other inverter types and high efficiency rates.

Europe market is projected to cross USD 7.5 million by 2032, attributed to rising solar energy adoption, increasing support from government and rising European union's ambitious climate targets.

APsystems, Chint Power Systems, Eaton, Hitachi Hi-Rel Power Electronics Pvt. Ltd, INVTSolar, KACO new energy GmbH, NingBo Deye Inverter Technology Co.Ltd, OutBack Power Technologies, Power Electronics, and Servotech Power Systems, among others.