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String PV Inverter Market Trends

Report ID: GMI12824
Published Date: Dec 2024
Report Format: PDF

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String PV Inverter Market Trends

Rising demand for inverters with hybrid functionality, capable of managing both solar PV and battery storage for residential and commercial applications will stimulate the product penetration. Furthermore, increasing awareness of environmental sustainability, coupled with declining panel costs, uplifts homeowners' investments in rooftop solar systems will create opportunities for product adoption.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The global market for string PV inverter was reached USD 19 billion in 2024 and is projected to grow at a 9.8% CAGR from 2025 to 2034, driven by increasing demand for renewable energy and supportive government policies.

The three-phase segment is expected to exceed USD 47.6 billion by 2034, as it caters to higher power output needs, making it ideal for commercial and industrial applications.

The standalone segment is anticipated to grow at a CAGR of over 7% through 2034, fueled by rising demand for off-grid energy solutions and reliable backup power systems.

The U.S. string PV inverter market is set to surpass USD 5.5 billion by 2034, supported by declining solar PV costs, federal incentives like the ITC, and growing concerns about energy resilience and sustainability.

Key players in the industry include Canadian Solar, Delta Electronics, GoodWe, Growatt New Energy, Huawei Technologies, Ingeteam Power Technology, SMA Solar Technology, Sungrow, Siemens, Solis Inverter, SolarEdge Technologies, and Sineng Electric.