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Standalone PV Inverter Market Size

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

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Standalone PV Inverter Market Size

Standalone PV Inverter Market size was valued at USD 4.1 billion in 2023 and is anticipated to grow at a CAGR of 13.3% between 2024 and 2032. These are devices used in solar power systems to convert the DC electricity generated by photovoltaic (PV) panels into AC electricity. Unlike grid-tied inverters, standalone PV inverters are designed for use in systems that are not connected to the electrical grid. They are typically used in remote locations, residential homes, or commercial facilities that rely entirely on solar power and battery storage for their electricity needs.

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Increasing need for reliable power in remote and rural areas is set to augment the product growth to ensure consistent electricity supply. Rising innovations to improve efficiency, reliability, and affordability of the product offering enhanced features such as advanced monitoring systems, better battery management, and higher conversion efficiencies will foster the product penetration.

Standalone PV Inverter Market Report Attributes
Report Attribute	Details
Base Year:	2023
Standalone PV Inverter Market Size in 2023:	USD 4.1 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	13.3%
2032 Value Projection:	USD 13.8 Billion
Historical Data for:	2021 to 2023
No. of Pages:	80
Tables, Charts & Figures:	25
Segments covered:	Product, Phase, Nominal Output Power, Nominal Output Voltage, Application and Region
Growth Drivers:	Increasing demand from industrial and commercial sectors Rising emergency and backup power needs Rising technological advancements
Pitfalls & Challenges:	High initial costs Technological complexity

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Rising renewable energy promotion by government through subsidies, favorable policies and incentives to reduce carbon emissions and promote sustainable energy sources are stimulating the industry growth. Furthermore, reducing cost of solar panels and associated components extends the market reach to lower-income households and small businesses thereby positively influencing the product adoption.

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.