Standalone Three Phase PV Inverter Market - By Product, By Application, By Nominal Output Power, By Nominal Output Voltage & Forecast, 2024 – 2032

Standalone Three Phase PV Inverter Market Size

The global standalone three phase PV inverter market size was valued at USD 3.7 billion in 2023 and is estimated to grow at a CAGR of 13.5% from 2024 to 2032. It is a critical component in photovoltaic (PV) systems, particularly for commercial and industrial applications. These inverters convert the direct current generated by solar panels into alternating current which can be used by the grid or consumed on-site.
 

Rising demand for inverters that can handle large power loads, typically ranging from several kilowatts to megawatts, allowing efficient power management generated from solar arrays, particularly in commercial settings where energy demands are substantial will influence the business statistics. Furthermore, growing investments in multi-phase PV systems to reduce cost over time, enabling businesses to generate their electricity, thus reducing dependency on grid power and lowering energy bills will foster the product penetration.
 

Growing focus toward energy storage solutions that offer seamless integration with battery systems, will allow users to store excess energy generated during the day for use during peak hours or outages which will complement the product demand. Furthermore, increasing government support in terms of incentives and policies to promote the adoption of renewable energy technologies will drive the industry outlook.
 

Standalone Three Phase PV Inverter Market Trends

Ongoing technological advancements including smart features such as remote monitoring and control to make standalone systems more user-friendly and efficient will complement the product penetration. Shifting focus towards the adoption of renewable energy sources to enhance their corporate social responsibility (CSR) profiles and meet the expectations of environmentally conscious consumers will bolster the business scenario.
 

Standalone Three Phase PV Inverter Market Analysis

Based on product, the market is segmented into string, and micro. String is anticipated to grow over USD 3 Billion by 2032 owing to their affordability, making them an attractive option for commercial and industrial installations. Shifting focus on developing advanced products equipped with Maximum Power Point Tracking (MPPT) technology, which optimize the energy harvested from solar panels, especially crucial in installations where shading or varying orientations affect individual panels, leading to market growth. Furthermore, their simpler-to-install property compared to larger centralized systems will additionally drive the business scenario.
 

Based on application, the market is segmented into commercial & industrial and residential. Commercial & industrial is set to grow at a CAGR of over 13.5% till 2032 owing to increased energy demand for the industry as a result of expanding operations along with the need for reliable power supply. Decreasing costs of solar technology including PV modules and inverters coupled with growing government incentives and subsidies to promote renewable energy adoption will foster the product adoption. Furthermore, standalone system enables businesses to achieve a degree of energy independence, especially in areas with unreliable grid infrastructure, will support the C&I sector to mitigate the risks associated with power outages and fluctuating energy prices, ensure uninterrupted operations, will lead to market growth.
 

Asia Pacific standalone three phase PV inverter market is anticipated to grow over USD 3 Billion by 2032. Rising industrial growth and urbanization drives the energy demand, thereby boosting the product adoption as a reliable solution to meet the energy needs of expanding commercial and industrial sectors, allowing businesses to capitalize on solar energy to power their operations. Growing focus on enhancing their energy security owing to reliance on imported fossil fuels will boost the product adoption. Rising awareness regarding environmental sustainability and climate change will drive the businesses to adopt greener energy solutions, driving the market growth.
 

In the U.S. rising electricity prices, will prompt businesses to explore cost effective energy solutions, impacting the business outlook. Increasing innovation in inverter technology, including improved efficiency and smart features such as remote monitoring and diagnostics to enhance the appeal of standalone PV inverters will uplift the product penetration.
 

Standalone Three Phase PV Inverter Market Share

Eminent players are adopting competitive pricing strategies without compromising on quality. This may involve optimizing manufacturing processes to reduce costs and offering financing solutions, such as leasing options or power purchase agreements (PPAs), to make solar investments more accessible for businesses. Furthermore, companies are enhancing customer experience through improved service and support. This includes offering training programs for installers, providing robust after-sales support, and developing user-friendly monitoring and control interfaces.
 

Standalone Three Phase PV Inverter Market Companies

Eminent players operating in the standalone three phase PV inverter industry are:

• Eastman Solar
• Growatt
• Hitachi Hi-Rel Power Electronics
• Kirloskar Solar
• INVTSolar
• LEONICS
• SMA Solar Technology
• SUNGROW
• Sankopower
• Waaree
   

Standalone Three Phase PV Inverter Industry News:

• In October 2024, Livguard has launched its new Hybrid Series and Off-Grid Series inverters, featuring transformer-less technology for enhanced efficiency, reliability, and compactness. These inverters are compatible with both lead-acid and lithium batteries and include built-in Wi-Fi for easy performance monitoring via smartphones. Their UPS function ensures uninterrupted power supply for computers and household appliances.
   
• In October 2024, Growatt has unveiled its latest SPF 6000 ES Plus inverter, tailored for residential off-grid PV storage needs. Aimed at regions grappling with regular power outages or restricted grid access, this new model enhances the features of its forerunner, the SPF 3000-5000 ES. The product launch aims to target off grid areas and improve company footprint across untouched regions.
   

Standalone Three 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 Billion & 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
• > 110 kW

Market, By Nominal Output Voltage

• ≤ 230 V
• 230 - 400 V
• 400 - 600 V
• > 600 V

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