Single Phase PV Inverter Market Size By Connectivity (Standalone, On Grid), Application (Residential, Commercial & Industrial), 2024 – 2032

Single Phase PV Inverter Market Size By Connectivity (Standalone, On Grid), Application (Residential, Commercial & Industrial), 2024 – 2032

Single Phase PV Inverter Market size will record 5.5% CAGR from 2024-2032, driven by growing emphasis on energy efficiency and sustainability along with broader plans to reduce energy consumption and minimize carbon footprints.

Manufacturers are largely focusing on improving the durability and reliability of single-phase PV inverters via better materials, advanced cooling systems, and robust designs to ensure long-term performance. To cite an instance, in April 2023, smart energy storage solutions provider SAJ introduced its new series of household battery inverters for residential PV applications. The surging educational efforts and marketing campaigns for informing potential customers about the advantages of solar power and inverter technology will drive the market growth.

The single phase PV inverter industry is segmented into connectivity, application and region.

By connectivity, the industry value from the standalone segment will register lucrative growth between 2024 and 2032, driven by their cost-effectiveness, ease of installation, and alignment with the strong demand for residential and small commercial solar solutions. In areas with aging grid infrastructure, standalone single-phase PV inverters are favored as they provide localized solar power solutions to reduce strain on the grid and support energy reliability for smaller-scale applications.

In terms of application, the single phase PV inverter market size from the commercial & industrial segment will record significant expansion up to 2032. These inverters are suitable for businesses with lower energy consumption, such as small offices, retail stores, and small workshops. For industrial or commercial operations located in remote or off-grid areas, single-phase PV inverters are employed to provide a reliable source of solar power. These systems are also useful for powering equipment and operations where extending the grid is not practical.

North America single phase PV inverter industry share will witness substantial CAGR through 2032, backed by the growing trend of residential solar installations, driven by the decreasing costs of solar panels and incentives. Single-phase PV inverters are particularly popular across the region in residential systems due to their suitability for smaller scale installations. The rising number of programs at federal, state, and local levels to support residential solar adoption and make it more financially attractive for homeowners will also fuel the regional product demand.