Standalone Single Phase PV Inverter Market
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The global standalone single phase PV inverter market size market was valued at USD 437.5 million in 2023 and is estimated to grow at a CAGR of 12% from 2024 to 2032. It is a device that converts DC power generated by solar panels into AC power, providing power for residential or small-scale commercial settings. In times of reduced solar generation, these inverters provide a steady power supply by integrating with battery storage systems and operating independently of the electrical grid. The systems are commonly used in residential properties, small commercial buildings, and remote locations.
Increasing demand for energy independence from the user, allowing them to generate electricity without relying on the grid will improve the product adoption. Growing requirements in remote or rural areas where the grid access is limited or non-existent, will continue to drive industry statistics. Additionally, reducing prices of PV panels and inverters combined with potential savings on electricity bills, will create lucrative opportunities for market growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Standalone Single Phase PV Inverter Market size in 2023: | USD 437.5 Million |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2023 - 2032 CAGR: | 12 |
| 2023 Value Projection: | USD 1.24 Billion |
| Historical Data for: | 2021 - 2023 |
| No of Pages: | 110 |
| Tables, Charts & Figures: | 20 |
| Segments Covered: | Product, Nominal Output Power, Application and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Growing awareness of environmental issues along with growing need to reduce carbon footprint will augment the inverters adoption to produce clean energy and contribute to sustainability goals. In addition, ongoing investments in developing advanced technology, including improved efficiency and reliability, to make the product more appealing will complement the business landscape.
Rising government subsidies, incentives and tax credits to promote solar energy adoption and reduce initial investment required for purchasing and installing PV inverters will uplift the business landscape. Rising demand for off-grid energy solutions due to the increasing number of applications in rural electrification, remote workspaces, and disaster recovery scenarios will further influence the business statistics.
The residential segment is anticipated to cross USD 900 million by 2032, on account of growing awareness of environmental issues, prompting homeowners to seek sustainable energy solutions and contribute to global efforts to combat climate change. Increasing accessibility and affordability of energy storage options, such as batteries, will support the uptake of the device. Furthermore, growing emphasis on off-grid living and self-sufficient energy solutions is driving market growth, particularly in regions experiencing grid reliability issues and energy security concerns. This trend is prominent in areas vulnerable to natural disasters or those facing infrastructure limitations.
The standalone single phase PV inverter market from string segment is set to grow at a CAGR of more than 12% through 2032, owing to its lower upfront cost compared to other inverter types, make it appealing for residential users looking to maximize their return on investment. Increasing demand for products that are simple to install and require less space than systems with multiple microinverters, particularly advantageous for residential applications, where space may be limited will complement the industry landscape.
Asia Pacific standalone single phase PV inverter market is anticipated to hit USD 300 million by 2032. Rising inclination of homeowners towards solar solutions to reduce their carbon footprint and reliance on fossil fuels will improve product proliferation. Growing energy demand from countries including China and India is augmenting the requirement of solar technologies, creating lucrative opportunities for product adoption. Increasing government support including India’s National Solar Mission coupled with the presence of key players in the region will uplift the business scenario.
In the U.S. increasing natural disasters and power outage will encourage the homeowners to seek energy independence, reducing reliance on the grid and enhancing energy security, driving the product adoption. In addition, concerns about climate change and the effects of conventional fuels on the environment will drive homes to seek for cleaner energy sources.
Major players are investing heavily in research and development to improve the efficiency and functionality of their standalone PV inverters. Furthermore, major players are actively looking into new geographic markets, especially in areas with a high solar potential to increase their reach by strengthening their distribution networks and forming local alliances. Additionally, companies are implementing eco-friendly manufacturing practices and obtaining sustainability certifications to appeal to environmentally conscious consumers, particularly in regions with green energy policies.
Eminent players operating in the Standalone Single Phase PV Inverter industry are:
Market, By Product
Market, By Nominal Output Power
Market, By Application
The above information has been provided for the following regions and countries:
Key players in the industry include Eastman Solar, Growatt, Guangdong Prostar New Energy Technology, INVTSolar, Kirloskar Solar, Milesolar, SMA Solar Technology, Statcon Powtech, Solis Inverter, Sunway Solar, Shenzhen Huangjintai Electronics, and Tanfon Solar.
The Asia Pacific market for standalone single-phase PV inverter is anticipated to exceed USD 300 million by 2032, led by the rising inclination of homeowners towards solar solutions and increasing government support for solar technologies.
String inverters are set to grow at a CAGR of more than 12% through 2032, led by their lower upfront costs and ease of installation, making them appealing for residential users.
The residential segment is anticipated to exceed USD 900 million by 2032, due to growing environmental awareness and the increasing availability and affordability of energy storage solutions.
The global market for standalone single-phase PV inverter was reached USD 437.5 million in 2023 and is estimated to grow at a 12% CAGR from 2024 to 2032, driven by the increasing adoption of solar energy for residential and small commercial applications.