Home > Energy & Power > Electrical Equipment > Solar Parts and Components > Standalone Single Phase PV Inverter Market

Standalone Single Phase PV Inverter Market Size

Report ID: GMI12055
Published Date: Oct 2024
Report Format: PDF

Download Free Sample

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.

To get key market trends

Download Free Sample

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.

Standalone Single Phase PV Inverter Market Report Attributes
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 2024 - 2032 CAGR:	12%
2032 Value Projection:	USD 1.24 Billion
Historical Data for:	2021 - 2023
No. of Pages:	60
Tables, Charts & Figures:	20
Segments covered:	Product, Nominal Output Power, Application and Region
Growth Drivers:	Rising demand for energy independence Ongoing technological advancements Increasing requirement for off grid energy solutions
Pitfalls & Challenges:	High initial costs

Learn more about the key segments shaping this market

Download Free Sample

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.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

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.

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.

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 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.

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.