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Standalone Single Phase PV Inverter Market Trends

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

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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.

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.