PV Inverter Market Size By Product (String, Micro, Central), By Phase (Single Phase, Three Phase), By Connectivity (Standalone, On-grid), By Nominal Output Power, Phase, Application & Forecast, 2023 - 2032

PV Inverter Market Size By Product (String, Micro, Central), By Phase (Single Phase, Three Phase), By Connectivity (Standalone, On-grid), By Nominal Output Power, Phase, Application & Forecast, 2023 - 2032

PV Inverter Market size is projected to expand at 11.4% CAGR from 2023 to 2032 attributed to the ongoing advancements in energy storage technologies for facilitating seamless integration. With the evolution of efficient battery storage solutions, the intermittency challenges associated with solar power generation have mitigated, further fostering grid stability and resilience. The optimization of load management and peak shaving capabilities through integrated storage solutions is bolstering the appeal of PV systems in both residential and commercial sectors.

Furthermore, numerous market players are continuously introducing advanced PV inverters to match the increasing demand for high-performance, reliable, and cost-effective solar power solutions, further propelling the industry growth. For instance, in September 2022, Chinese inverter manufacturer Solinteg introduced a new single-phase hybrid inverter range for residential applications to deliver increased performance, ease of installation, and long-term stability.

The overall PV inverter industry is segmented in terms of product, phase, connectivity, nominal output power, nominal output voltage, application, and region.

Based on product, the market value from the micro segment is expected to gain significant traction between 2023 and 2032, attributed to the rising demand for small-scale solar power solutions. The increasing emphasis on decentralized energy generation and the growing popularity of rooftop solar installations is driving the adoption of micro-PV inverters. Additionally, the surging requirements of compact size, scalability, and enhanced energy production capabilities to cater to the evolving energy needs of small-scale solar applications will contribute to the segment growth.

In terms of application, the PV inverter industry from the commercial & industrial segment generated considerable revenue in 2022 and is foreseen to exhibit notable CAGR from 2023-2032. With businesses increasingly prioritizing cost savings, energy efficiency, and sustainability, the demand for high-capacity and grid-tied PV inverters has significantly surged. The integration of advanced technologies, such as smart grid capabilities and maximum power point tracking is also enhancing the operational performance and reliability of PV inverters.

Europe PV inverter industry is set to record robust growth from 2023-2032. The rising demand for residential and commercial solar photovoltaic systems coupled with the growing awareness of clean energy benefits has positioned Europe as a key hub for PV inverter deployment and innovation. To cite an instance, in June 2023, LG Energy Solution, a prominent worldwide manufacturer of sophisticated lithium-ion batteries, announced its plans to introduce a new hybrid inverter system to address the varied demands of European families.