String PV Inverter Market Analysis

String PV Inverter Market Analysis

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Based on phase, the three phase segment is anticipated to cross over USD 47.6 billion by 2034. Rising demand for inverters offering higher power output, making them well-suited for commercial and industrial applications with larger electricity demands will boost the multi-phase market. Additionally, their grid compatibility with the existing electrical infrastructure, coupled with scalability and flexibility, allowing easy expansion and customization of solar PV systems to meet specific project requirements will improve the business scenario.
 

Based on connectivity, the standalone segment is set to grow at a CAGR of over 7% through 2034. Rising demand for inverters offering off-grid homes, cabins, and remote facilities to generate and store their own electricity from solar energy, reducing dependence on diesel generators and enhancing energy independence will fuel the product demand. Furthermore, increasing demand for reliable backup power solutions for critical infrastructure, emergency shelters, and disaster relief efforts will propel the connectivity adoption.
 

The U.S. string PV inverter market is likely to exceed USD 5.5 billion by 2034. Declining solar PV costs, federal and state incentives including the federal Investment Tax Credit (ITC), which offers a tax credit of up to 26% of the total system cost, has incentivized residential, commercial, and utility-scale solar installations, boosting product demand across the country. Furthermore, growing concerns about energy resilience, environmental sustainability, and climate change mitigation will increase customer interest in solar energy thereby augmenting the product growth.
 

In Asia Pacific, rapid growth in solar PV installations, driven by supportive government policies, declining technology costs, and increasing energy demand will boost the product adoption in the region. Rapid urbanization and industrialization, escalates electricity demand, particularly in densely populated urban areas and industrial zones thereby stimulating the industry landscape. Furthermore, rising financial incentives and policy support from countries such as China, Japan, and India to promote renewable energy deployment and reduce carbon emissions will positively influence the market statistics.