Standalone Single Phase PV Inverter Market Size - By Product (String, Micro), Application (Residential, Commercial & Industrial), Nominal Output Power, Regional Outlook & Forecast, 2024 – 2032

Standalone Single Phase PV Inverter Market Size

The global standalone single phase PV inverter 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 specifically designed to convert direct current electricity generated by photovoltaic (PV) solar panels into alternating current electricity suitable for use in residential and small commercial applications. These inverters operate independently from the utility grid, enabling users to harness solar energy for self-consumption or battery charging without reliance on external power sources.
 

Increasing demand for energy independence from the user, allowing them to generate electricity without relying on the grid will improve the product adoption. Growing requirement in remote or rural areas where the grid access is limited or non-existent, will continue to drive the industry statistics. Additionally, decreasing prices of photovoltaic panels and inverters combined with potential savings on electricity bills, will create lucrative opportunities for the market growth.
 

Growing awareness of environmental issues along with growing need to reduce carbon footprint will augment the off-grid inverters adoption to produce clean energy and contribute to sustainability goals. In addition, ongoing technological advancements in inverter technology, including improved efficiency and reliability, to make the product more appealing will complement the business landscape.
 

Standalone Single Phase PV Inverter Market Trends

Ongoing government incentives, subsidies, 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 owing to the increasing number of applications in rural electrification, remote workspaces, and disaster recovery scenarios will further influence the business statistics.
 

Standalone Single Phase PV Inverter Market Analysis

Based on application, the residential segment is anticipated to cross over USD 900 million by 2032, owing to growing awareness of environmental issues, prompting homeowners to seek sustainable energy solutions and contribute to global efforts to combat climate change. Growing availability and affordability of energy storage solutions, comprising batteries will complement the product adoption. Furthermore, rising focus on off grid living and self-sufficient energy solutions coupled with improving concerns over grid reliability and energy security, particularly in areas prone to natural disasters or infrastructural challenges will foster the product penetration.
 

Based on product, the standalone single phase PV inverter market is segmented into string, and micro. Among these the 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 predicted 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, growing concerns over climate change along with the environmental impact of fossil fuels will prompt the homeowners to seek cleaner energy alternatives.
 

Standalone Single Phase PV Inverter Market Share

Eminent players are investing in research and development to enhance the efficiency and functionality of their standalone PV inverters. Key players are actively exploring new geographical markets, particularly in regions with high solar potential, such as Asia Pacific, North America, and Europe to expand their reach by establishing local partnerships and enhancing their distribution networks. Additionally, they are adjusting their product offerings to meet regional regulatory standards and consumer preferences, ensuring better market penetration.
 

Standalone Single Phase PV Inverter Market Companies

Eminent players operating in the Standalone Single Phase PV Inverter industry are:

• Eastman Solar
• Growatt
• Guangdong Prostar New Energy Technology
• INVTSolar
• Kirloskar Solar
• Milesolar
• SMA Solar Technology
• Statcon Powtech
• Solis Inverter
• Sunway Solar
• Shenzhen Huangjintai Electronics
• Tanfon Solar
   

Standalone Single Phase PV Inverter Industry News

• In October 2024, Livguard, part of the esteemed SAR Group, has unveiled its new high-frequency solar inverters including the Hybrid Series and Off-Grid Series, which utilize transformer-less technology for enhanced efficiency, reliability, and a more compact design. This further highlights the company commitment to innovation in the renewable energy sector by introducing advanced solar inverter technologies.
   
• In April 2024, Shenzhen Huangjintai Electronics launched a factory specializing in single-phase hybrid solar inverters. These are build upon traditional solar inverters by integrating a built-in charge controller. They further combine the functions of a solar inverter and a charge controller, enabling it to operate both off-grid and grid-connected systems. Additionally, this will highlight the company's innovation and commitment to advancing solar technology.
   

This standalone single phase PV inverter market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “(USD Million & MW)” from 2021 to 2032, for the following segments:

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Market, By Product

• String
• Micro

Market, By Nominal Output Power

• ≤ 0.5 kW
• 0.5 - 3 kW
• 3 - 33 kW
• 33 - 110 kW

Market, By Application

• Residential
• Commercial & Industrial

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • Italy
  • Poland
  • Netherlands
  • Austria
  • UK
  • France
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Israel
  • Saudi Arabia
  • UAE
  • South Africa
• Latin America
  • Brazil
  • Mexico
  • Chile