Photovoltaic Off-Grid Inverter Market Size - Global Industry, Share, Analysis, Trends and Forecast 2023 - 2032
The Global Photovoltaic Off-Grid Inverter Market Size accounted for USD 3.4 Billion in 2022 and is projected to achieve a market size of USD 7.1 Billion by 2032 growing at a CAGR of 7.7% from 2023 to 2032.
Photovoltaic Off-Grid Inverter Market Highlights
- Global photovoltaic off-grid inverter market revenue is expected to increase by USD 7.1 Billion by 2032, with a 7.7% CAGR from 2023 to 2032
- North America region led with more than 40% of photovoltaic off-grid inverter market share in 2022
- Asia-Pacific photovoltaic off-grid inverter market growth will record a CAGR of around 8.4% from 2023 to 2032
- By type, the string inverter segment dominated the market with a revenue share of over 60% in 2022
- By Applications, the residential segment is expected to witness the fastest growth in the market, with a CAGR of over 9% from 2023 to 2032
- Increasing demand for renewable energy sources, drives the photovoltaic off-grid inverter market value
A photovoltaic off-grid inverter is a type of inverter that converts the direct current (DC) produced by solar panels into alternating current (AC) that can be used to power appliances and equipment in a standalone or off-grid solar power system. These inverters are designed to work independently of the electricity grid and are commonly used in remote areas where grid power is not available or unreliable.
In recent years, the photovoltaic off-grid inverter market has experienced significant growth due to the increasing demand for renewable energy and the declining costs of solar panels and related components. The adoption of off-grid solar power systems has been driven by several factors, including the need for reliable and sustainable energy in remote areas, the desire for energy independence, and the potential cost savings over the long term. Moreover, the growth of the market is attributed to the increasing adoption of renewable energy sources, rising electricity costs, and favorable government initiatives and policies supporting the use of solar power systems. The Asia-Pacific region is expected to dominate the market due to the increasing demand for energy in developing countries and the availability of low-cost solar power components in the region.
Global Photovoltaic Off-Grid Inverter Market Trends
Market Drivers
- Increasing demand for renewable energy sources
- Growing electricity demand in developing countries
- Declining cost of solar panels and related components
- Government incentives and subsidies for off-grid solar power systems
- Rising energy prices and electricity bills
Market Restraints
- High initial installation costs for off-grid solar power systems
- Limited storage capacity of batteries
Market Opportunities
- Increasing investments in renewable energy by governments and private entities
- Growing demand for off-grid solar power systems in remote areas and developing countries
Photovoltaic Off-Grid Inverter Market Report Coverage
| Market | Photovoltaic Off-Grid Inverter Market |
| Photovoltaic Off-Grid Inverter Market Size 2022 | USD 3.4 Billion |
| Photovoltaic Off-Grid Inverter Market Forecast 2032 | USD 7.1 Billion |
| Photovoltaic Off-Grid Inverter Market CAGR During 2023 - 2032 | 7.7% |
| Photovoltaic Off-Grid Inverter Market Analysis Period | 2020 - 2032 |
| Photovoltaic Off-Grid Inverter Market Base Year | 2022 |
| Photovoltaic Off-Grid Inverter Market Forecast Data | 2023 - 2032 |
| Segments Covered | By Type of Inverter, By Application, And By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | SMA Solar Technology AG, ABB, Schneider Electric, Huawei Technologies Co. Ltd., OutBack Power Technologies, Enphase Energy, Fronius International GmbH, Sungrow Power Supply Co., Ltd., Delta Electronics, Inc., Victron Energy B.V., Xantrex Technology Inc., and Growatt New Energy Technology Co., Ltd. |
| Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis |
The need for sustainable energy and the rise in new government initiatives is paving the growth of the photovoltaic inverter market. Numerous financial schemes and aids like net metering and tariff set up the base for new projects apart from the introduction of innovative renewable energy technologies. A mix of market forces such as net metering, financial incentives, competitive quotations, and bids have driven the global photovoltaic market so far.
The worldwide view of the photovoltaic off-grid inverter is growing by leaps and bounds. There are multiple opportunities in this market. To say a few; the requirement for electricity access, especially in remote areas is drawing major players in this market. Roughly, one billion of the population doesn’t have electrical access yet let alone for safety and security reasons. Additionally, a certain segment of the population prefers to live on mountains and hills, hence, prefer off-grid inverters. This, in turn, has created a huge demand for this market. Some important drawbacks include fluctuating market prices and a lack of customer awareness about freebies and technologies owing to excess demand for off-grid inverters. Nevertheless, stringent government rules and regulations will reduce the monopoly in this market. New technological advancements and government measures to decrease greenhouse gas emissions will further complement the future outlook.
Photovoltaic Off-Grid Inverter Market Segmentation
The global photovoltaic off-grid inverter market segmentation is based on type of inverter, application, and geography.
Photovoltaic Off-Grid Inverter Market By Type of Inverter
- Central Inverters
- String Inverters
- Microinverters
- Hybrid Inverters
In terms of type, the string inverters segment has seen significant growth in the photovoltaic off-grid inverter market in recent years. These inverters are connected to multiple solar panels in series to convert the DC electricity produced by the panels into AC electricity that can be used to power appliances and equipment. String inverters are commonly used in residential, commercial, and industrial applications and offer several advantages such as higher efficiency, cost-effectiveness, and ease of installation. The string inverter segment is expected to witness significant growth over the next few years due to several factors. One of the major drivers of growth in this segment is the increasing demand for solar power systems in residential and commercial applications. String inverters are ideal for smaller solar power systems and are commonly used in residential rooftops and small commercial buildings. Another factor driving the growth of the string inverter segment is the declining cost of solar panels and related components.
Photovoltaic Off-Grid Inverter Market By Application
- Residential
- Commercial
- Industrial
According to the photovoltaic off-grid inverter market forecast, the residential segment is expected to witness significant growth in the coming years. Residential off-grid solar power systems are becoming increasingly popular due to the rising energy costs, the need for energy independence, and the availability of government incentives and subsidies for renewable energy systems. Off-grid solar power systems in residential settings typically use string inverters or microinverters to convert the DC electricity produced by solar panels into AC electricity that can be used to power homes and appliances. One of the key drivers of growth in the residential segment is the decreasing cost of solar panels and related components. As the cost of solar panels continues to decline, the cost of off-grid solar power systems is becoming more affordable for homeowners. Additionally, advancements in battery technology are improving the storage capacity and efficiency of off-grid solar power systems, making them more reliable and practical for residential use. Another factor driving the growth of the residential segment is the increasing awareness and knowledge about the benefits of off-grid solar power systems.
Photovoltaic Off-Grid Inverter Market Regional Outlook
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- India
- Japan
- China
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
The Middle East & Africa
- South Africa
- GCC Countries
- Rest of the Middle East & Africa (ME&A)
Photovoltaic Off-Grid Inverter Market Regional Analysis
Geographically, North America is one of the leading regions in the global photovoltaic off-grid inverter market. The region is dominated by the US, which is the largest market for photovoltaic off-grid inverters in the world. The dominance of North America in the market can be attributed to several factors, including the growing demand for renewable energy, favorable government policies, and the increasing adoption of off-grid solar power systems. One of the major drivers of growth in the North American photovoltaic off-grid inverter market is the increasing demand for renewable energy sources. The region has been focusing on reducing its dependence on fossil fuels and promoting the use of renewable energy sources such as solar and wind power. This has led to a surge in the adoption of off-grid solar power systems, which in turn has boosted the demand for photovoltaic off-grid inverters. Another factor driving the growth of the North American market is the favorable government policies and incentives for the adoption of renewable energy systems.
Photovoltaic Off-Grid Inverter Market Player
Some of the top photovoltaic off-grid inverter market companies offered in the professional report include SMA Solar Technology AG, ABB, Schneider Electric, Huawei Technologies Co. Ltd., OutBack Power Technologies, Enphase Energy, Fronius International GmbH, Sungrow Power Supply Co., Ltd., Delta Electronics, Inc., Victron Energy B.V., Xantrex Technology Inc., and Growatt New Energy Technology Co., Ltd.
Frequently Asked Questions
What was the market size of the global photovoltaic off-grid inverter in 2022?
The market size of photovoltaic off-grid inverter was USD 3.4 Billion in 2022.
What is the CAGR of the global photovoltaic off-grid inverter market from 2023 to 2032?
The CAGR of photovoltaic off-grid inverter is 7.7% during the analysis period of 2023 to 2032.
Which are the key players in the photovoltaic off-grid inverter market?
The key players operating in the global market are including SMA Solar Technology AG, ABB, Schneider Electric, Huawei Technologies Co. Ltd., OutBack Power Technologies, Enphase Energy, Fronius International GmbH, Sungrow Power Supply Co., Ltd., Delta Electronics, Inc., Victron Energy B.V., Xantrex Technology Inc., and Growatt New Energy Technology Co., Ltd.
Which region dominated the global photovoltaic off-grid inverter market share?
North America held the dominating position in photovoltaic off-grid inverter industry during the analysis period of 2023 to 2032.
Which region registered fastest CAGR from 2023 to 2032?
Asia-Pacific region exhibited fastest growing CAGR for market of photovoltaic off-grid inverter during the analysis period of 2023 to 2032.
What are the current trends and dynamics in the global photovoltaic off-grid inverter industry?
The current trends and dynamics in the photovoltaic off-grid inverter include increasing demand for renewable energy sources, growing electricity demand in developing countries, and declining cost of solar panels and related components.
Which type of inverter held the maximum share in 2022?
The string inverters type held the maximum share of the photovoltaic off-grid inverter industry.
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