North America On Grid PV Inverter Market - By Product (String, Micro, Central), By Phase (Single Phase, Three Phase), By Application (Residential, Commercial & Industrial, Utility), By Nominal Output Power, By Nominal Output Voltage & Forecast, 2024 – 203

North America On Grid PV Inverter Market - By Product (String, Micro, Central), By Phase (Single Phase, Three Phase), By Application (Residential, Commercial & Industrial, Utility), By Nominal Output Power, By Nominal Output Voltage & Forecast, 2024 – 2032

North America On Grid PV Inverter Market will register over 8% CAGR between 2024 and 2032, ushered by strengthening government incentives and policies. According to U.S. Solar Energy Industries Association (SEIA) reports in June 2024, federal and state incentives have resulted in a cumulative installed capacity of over 125 GW in the U.S. solar market in 2023.

Federal and state governments are offering tax credits, subsidies, and rebates, making solar energy systems more financially attractive. These incentives curb the initial investment costs and accelerate the adoption of on-grid PV systems in North America. By lowering the financial barriers, these policies foster a quicker transition to renewable energy and stimulate market growth.

North America on grid PV inverter market is segmented based on product, phase, application, nominal output power, nominal output voltage, and region.

The micro segment will record a remarkable CAGR from 2024 to 2032, driven by increasing energy consumption and the need for efficient energy management at smaller scales. As more residential and commercial properties seek to integrate renewable energy sources, there is a growing requirement for high-performance solutions that can optimize energy use. Advancements in smart grid technology and the rise in distributed energy resources are amplifying the demand for micro on-grid PV inverters that cater to specific, localized energy needs.

The single-phase segment will acquire a considerable market share by 2032, owing to the increasing adoption of solar energy in residential and small commercial settings. Single-phase systems are suitable for smaller-scale applications where simplicity and cost-effectiveness are vital. As more homeowners and small businesses seek to harness solar power, the preference for single-phase inverters, which offer adequate performance and lower installation costs, is spurring. The proliferation of energy-efficient appliances and home automation technologies supports the trend toward single-phase PV systems.

Canada on grid PV inverter market will witness a promising CAGR during the forecast period, because of a heightened focus on reducing GHG emissions and achieving carbon neutrality. The commitment of the Canada government to environmental sustainability, coupled with its investments in renewable energy infrastructure, is favoring product adoption. The increasing availability of provincial incentives and rebates for solar energy projects is making on-grid PV systems more accessible to Canadian homeowners and businesses. As energy prices rise and the push for energy independence intensifies, the regional market will show impressive growth trends.