Global Standalone Pv Inverter Market Overview
As per MRFR analysis, the Standalone Pv Inverter Market Size was estimated at 1.84 (USD Billion) in 2022. The Standalone Pv Inverter Market Industry is expected to grow from 2.02 (USD Billion) in 2023 to 4.6 (USD Billion) by 2032. The Standalone Pv Inverter Market CAGR (growth rate) is expected to be around 9.58% during the forecast period (2024 - 2032).
Key Standalone Pv Inverter Market Trends Highlighted
The driving factors for standalone PV inverter market include the increase in the need for renewable sources of energy and the rise in the use of distributed generation systems. Additionally, favorable policies and government support for the use of solar energy are aiding the market. Some of the prominent market trends include the rising adoption of microinverters, the invention of high-efficiency inverters and the increasing need for energy storage devices. The areas where opportunities for exploration and capture are found include the opportunities in the expansion of the dwelling as well as the commercial sector, the penetration in new markets in developing countries and the incorporation of artificial intelligence and machine learning technologies. Current trends suggest a movement to more decentralized frameworks of energy systems with internal energy systems with the grid, and the implementation of smart inverters with increased control and monitoring functions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Standalone Pv Inverter Market Drivers
Rising Demand for Renewable Energy
The growing concerns about climate change and the depletion of fossil fuels have led to a surge in the demand for renewable energy sources. Standalone PV inverters play a crucial role in harnessing solar energy, making them an essential component of the renewable energy landscape. Governments worldwide are implementing supportive policies and incentives to promote the adoption of solar photovoltaic systems, further driving the growth of the standalone PV inverter market.As the world transitions towards a more sustainable future, the demand for standalone PV inverters is expected to remain strong, contributing to the overall growth of the Standalone Pv Inverter Market Industry.
Technological Advancements and Cost Reductions
Technological advancements have significantly improved the efficiency and reliability of standalone PV inverters. The introduction of innovative technologies, such as Maximum Power Point Tracking (MPPT) algorithms, has optimized energy conversion efficiency, maximizing the power output of solar panels. Additionally, advancements in power electronics have led to the development of more compact and lightweight inverters, making them easier to install and maintain.Furthermore, economies of scale and increased production volumes have resulted in cost reductions, making standalone PV inverters more accessible and cost-effective for consumers and businesses alike, thereby contributing to the growth of the Standalone Pv Inverter Market Industry.
Growing Adoption in Remote and Off-Grid Areas
Standalone PV inverters offer a reliable and cost-effective solution for providing electricity in remote and off-grid areas where access to the traditional power grid is limited or unavailable. These inverters enable the utilization of solar energy to power homes, businesses, and essential services, improving the quality of life and economic opportunities in these regions. The increasing demand for electricity in remote areas, coupled with the decentralized nature of standalone PV systems, is driving the growth of the Standalone Pv Inverter Market Industry.
Standalone Pv Inverter Market Segment Insights
Standalone Pv Inverter Market Product Type Insights
The Standalone Pv Inverter Market is segmented by product type into string inverters, central inverters, micro inverters, and hybrid inverters. Among these, string inverters are expected to dominate the market, with the Standalone Pv Inverter Market revenue share of about 55% in 2024. The growth of the string inverter segment can be attributed to its low cost, high efficiency, and ease of installation. Central inverters are expected to witness a moderate growth rate during the forecast period due to their higher cost and complex installation process.Micro inverters and hybrid inverters are expected to grow at a faster pace due to their increasing adoption in residential and commercial applications. The Standalone Pv Inverter Market segmentation data indicates that micro inverters are gaining popularity due to their ability to maximize energy production and minimize system downtime. Hybrid inverters, which combine the functionality of a solar inverter and a battery charger, are also gaining traction due to their ability to provide backup power during grid outages. The Standalone Pv Inverter Market statistics show that the demand for hybrid inverters is expected to increase significantly in the coming years due to the growing adoption of renewable energy sources and the need for reliable backup power solutions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Standalone Pv Inverter Market Power Rating Insights
The Standalone Pv Inverter Market is segmented by power rating into Below 10 kW, 10-100 kW, 100-500 kW, and Above 500 kW. The 10-100 kW segment is expected to dominate the market in the coming years, owing to the increasing demand for small-scale solar PV systems. The Below 10 kW segment is also expected to witness significant growth due to the rising popularity of rooftop solar systems. The 100-500 kW segment is expected to grow at a steady pace, driven by the increasing demand for solar PV systems in commercial and industrial applications.The Above 500 kW segment is expected to witness moderate growth due to the high cost of large-scale solar PV systems.
Standalone Pv Inverter Market End-User Insights
The Standalone Pv Inverter Market segmentation based on end-user comprises residential, commercial, industrial, and utility. The residential segment is expected to account for the largest revenue share in 2023, owing to the increasing adoption of solar PV systems for residential applications. Moreover, government incentives and favorable policies are driving the growth of the residential segment. The commercial segment is also expected to witness significant growth, driven by the growing demand for solar PV systems in commercial buildings. The industrial segment is expected to grow at a steady pace due to the increasing adoption of solar PV systems in industrial facilities.The utility segment is expected to witness moderate growth as utilities are increasingly investing in solar PV projects to meet renewable energy targets.
Standalone Pv Inverter Market Application Insights
The Standalone Pv Inverter Market is segmented by Application into Grid-Connected, Off-Grid, and Battery Storage. In 2023, the Grid-Connected segment held the largest market share, accounting for 58.2% of the global market revenue. The Off-Grid segment is expected to grow at a CAGR of 9.8% from 2023 to 2032, while the Battery Storage segment is projected to grow at a CAGR of 10.2% during the same period. The growth of the Off-Grid segment is attributed to the increasing demand for portable and reliable power sources in remote areas, while the Battery Storage segment is expected to benefit from the growing adoption of renewable energy systems and the need for energy storage solutions.
Standalone Pv Inverter Market Technology Insights
Transformerless inverters are expected to dominate the Standalone PV Inverter market in 2024, accounting for over 60% of the revenue. These inverters are smaller, lighter, and more efficient than transformer-based inverters, making them ideal for small-scale residential and commercial applications. They also have a lower cost per watt than transformer-based inverters, which is expected to drive their adoption in emerging markets. Transformer-based inverters are expected to account for the remaining share of the market in 2024. These inverters are larger and heavier than transformerless inverters, but they offer higher efficiency and reliability.They are typically used in larger-scale commercial and industrial applications where higher power output and reliability are required.
Standalone Pv Inverter Market Regional Insights
The Standalone Pv Inverter Market is segmented by region into North America, Europe, APAC, South America, and MEA. The APAC region is expected to lead the market in 2023, with a market size of 1.02 billion USD, and is projected to reach 2.36 billion USD by 2032, exhibiting a CAGR of 9.58%. The growth of the APAC standalone PV inverter market is attributed to the increasing adoption of solar photovoltaic systems in countries such as China, India, and Japan. Additionally, government initiatives and policies aimed at promoting renewable energy sources are further driving the demand for standalone PV inverters in the region.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Standalone Pv Inverter Market Key Players And Competitive Insights
Major players in the Standalone Pv Inverter Market industry are constantly engaging in research and development activities to improve the efficiency and performance of their products. Leading Standalone Pv Inverter Market players are also investing in collaborations and partnerships to expand their market reach and gain a competitive edge. The Standalone Pv Inverter Market development is driven by increasing demand for renewable energy sources, government incentives, and technological advancements. The competitive landscape is expected to remain intense in the coming years, with key players focusing on innovation, cost optimization, and strategic partnerships to gain market share.Huawei is a leading Standalone Pv Inverter Market player with a strong global presence. The company offers a wide range of Standalone Pv Inverter Market products, including string inverters, central inverters, and hybrid inverters. Huawei's Standalone Pv Inverter Market products are known for their high efficiency, reliability, and cost-effectiveness. The company also provides comprehensive technical support and services to its customers.
Another major Standalone Pv Inverter Market player is Sungrow Power Supply Co., Ltd. The company is headquartered in China and has a global presence. Sungrow offers a wide range of Standalone Pv Inverter Market products, including string inverters, central inverters, and hybrid inverters. The company's Standalone Pv Inverter Market products are known for their high efficiency, reliability, and cost-effectiveness. Sungrow also provides comprehensive technical support and services to its customers. Sungrow has a strong presence in the Asia-Pacific region and is expanding its presence in other regions, such as Europe and North America.
Key Companies in the Standalone Pv Inverter Market Include
- Solis
- Danfoss
- Yaskawa Electric Corporation
- Fronius International
- Schneider Electric
- Huawei
- Hyundai Electric Energy Systems
- GoodWe
- Ingeteam
- ABB
- SMA Solar Technology
- Delta Electronics
- LG Electronics
- KACO
- Sungrow Power Supply
Standalone Pv Inverter Market Industry Developments
The Standalone Pv Inverter Market is projected to grow from USD 2.02 billion in 2023 to USD 4.6 billion by 2032, at a CAGR of 9.58%. This growth is attributed to the increasing demand for renewable energy sources, government initiatives to promote solar energy adoption, and technological advancements in PV inverters.Recent developments in the market include the launch of new products by major players such as Schneider Electric and ABB, as well as strategic partnerships and acquisitions to strengthen market position. Key market players are focusing on innovation and product development to cater to the growing demand for efficient and reliable standalone PV inverters.
Standalone Pv Inverter Market Segmentation Insights
- Standalone Pv Inverter Market Product Type Outlook
- String Inverters
- Central Inverters
- Micro Inverters
- Hybrid Inverters
- Standalone Pv Inverter Market Power Rating Outlook
- Below 10 kW
- 10-100 kW
- 100-500 kW
- Above 500 kW
- Standalone Pv Inverter Market End-User Outlook
- Residential
- Commercial
- Industrial
- Utility
- Standalone Pv Inverter Market Application Outlook
- Grid-Connected
- Off-Grid
- Battery Storage
- Standalone Pv Inverter Market Technology Outlook
- Transformerless Inverters
- Transformer-Based Inverters
| Report Attribute/Metric |
Details |
| Market Size 2022 |
1.84(USD Billion) |
| Market Size 2023 |
2.02(USD Billion) |
| Market Size 2032 |
4.6(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
9.58% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Solis, Danfoss, Yaskawa Electric Corporation, Fronius International, Schneider Electric, Huawei, Hyundai Electric Energy Systems, GoodWe, Ingeteam, ABB, SMA Solar Technology, Delta Electronics, LG Electronics, KACO, Sungrow Power Supply |
| Segments Covered |
Product Type, Power Rating, End-User, Application, Technology, Regional |
| Key Market Opportunities |
Decentralized energy systems Offgrid applications Growing demand for renewable energy Integration of IoT and AI Emergence of microgrids. |
| Key Market Dynamics |
Growing energy demands government incentives, technological advancements, increasing use of renewable energy, rising environmental concerns |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Standalone Pv Inverter Market is expected to reach USD 4.6 Billion by 2032, exhibiting a CAGR of 9.58% during the forecast period 2024-2032.
Asia Pacific is expected to dominate the Standalone Pv Inverter Market, accounting for the largest revenue share during the forecast period.
The growing adoption of distributed energy resources, increasing demand for renewable energy, and government incentives are driving the growth of the Standalone Pv Inverter Market.
The residential and commercial applications are expected to contribute significantly to the growth of the Standalone Pv Inverter Market.
Some of the key competitors in the Standalone Pv Inverter Market include Schneider Electric, SMA Solar Technology, ABB, and SolarEdge Technologies.
The Standalone Pv Inverter Market is expected to grow at a CAGR of 9.58% during the forecast period 2024-2032.
The major trends shaping the Standalone Pv Inverter Market include the increasing adoption of digital technologies, the growing demand for energy storage systems, and the emergence of new market players.
The challenges faced by the Standalone Pv Inverter Market include the high cost of PV systems, the lack of skilled labor, and the regulatory barriers.
The opportunities for growth in the Standalone Pv Inverter Market include the rising demand for clean energy, the increasing investment in renewable energy projects, and the development of new technologies.
The key factors to consider when selecting a Standalone Pv Inverter include the power rating, the efficiency, the warranty, and the price.
