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Standalone Three Phase PV Inverter Market Trends

Report ID: GMI11991
Published Date: Oct 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The global market size for standalone three-phase PV inverter was valued at USD 3.7 billion in 2023 and is projected to reach USD 12.5 billion by 2032, driven by a CAGR of 13.5% from 2024 to 2032.

String inverters are expected to surpass USD 3 billion by 2032, due to their affordability and ease of installation.

The Asia Pacific market is anticipated to exceed USD 3 billion by 2032, driven by rising industrial growth and urbanization.

Major players in the industry include Eastman Solar, Growatt, Hitachi Hi-Rel Power Electronics, Kirloskar Solar, INVTSolar, LEONICS, SMA Solar Technology, and SUNGROW.