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Utility On Grid PV Inverter Market Trends

Report ID: GMI12540
Published Date: Dec 2024
Report Format: PDF

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Utility On Grid PV Inverter Market Trends

Increasing cost of electricity from conventional sources is driving consumers and businesses to explore alternative energy solutions, creating significant opportunities for the product adoption. Growing emphasis on energy security will further fuel demand for these products, as they enable localized electricity generation, reducing reliance on external energy sources. Additionally, rising advancement of smart grid infrastructure and IoT technologies to allow real-time monitoring and management of solar energy systems, improving their overall efficiency and reliability will foster the product penetration.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The global market for utility on-grid PV inverter was reached USD 18.5 billion in 2024 and is estimated to grow at a CAGR of 7.7% from 2025 to 2034, driven by increasing demand for renewable energy.

The central segment is anticipated to exceed USD 26.5 billion by 2034, due to their high power handling capacity, making them suitable for utility-scale solar projects.

The < 1500 V segment is set to grow at a CAGR of over 7.5% through 2032, led by increased efficiency and reduced electrical losses over long distances.

The U.S. utility on-grid PV inverter market is likely to exceed USD 6 billion by 2034, supported by government policies such as the Investment Tax Credit (ITC) and renewable energy standards.

Key players in the industry include Canadian Solar, Delta Electronics, Eaton, Enphase Energy, Fimer Group, GoodWe, Schneider Electric, SMA Solar Technology, Sungrow Power Supply, Solis Inverters, SolarEdge Technologies, and V-Guard Industries.