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Standalone PV Inverter Market Trends

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

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Standalone PV Inverter Market Trends

Rising demand for solutions offering energy independence and reducing reliance on unstable grid systems or expensive diesel generators particularly crucial in areas prone to power outages or those affected by natural disasters is driving the product demand. Increasing adoption of off grid devices by industries and businesses to cut operational costs and enhance sustainability credentials is propelling the business statistics.

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.