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U.S. PV Inverter Market to grow at a double digit CAGR till 2026

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According to the Graphical Research new growth forecast report titled “U.S. PV Inverter Market Size By Power Class (Single Phase, Three Phase), By Nominal Output Power (≤ 300 W, 300 - 3,000 W, 3,000 - 33,000 W, 33,000 - 110,000 W, > 110,000 W), By Nominal Output Voltage (≤ 230 V, 230 - 400 V, 400 - 600 V, > 600 V), By Product (Micro, String, Central), By Connectivity (Stand-alone, On-grid), By Application (Residential, Commercial, Industrial, Utility), Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026”, Set to Boost during 2020-2026.

The U.S. PV Inverter market is anticipated to grow on account of adoption of renewable energy resources together with the rising electricity consumption. Ongoing installation of solar PV systems across the economy in combination with favorable government policies including subsidies and tax rebates toward installation of solar photovoltaic inverter units will propel the industry scenario. Ongoing technological enhancements to provide cost efficient, easy to install and cloud-based solutions will further fuel the business landscape.

Single phase PV inverter market will witness substantial growth on account of increasing operational capacity across residential and commercial establishment. In addition, positive government initiatives including feed-in tariff, investment and net metering schemes will positively influence the industry landscape. Ongoing technological advancements along with rising consumer and regulatory proximity toward deployment of effective inverter units will augment the U.S. PV Inverter market outlook.

≤  300 W PV inverter units is anticipated to witness growth on account of increasing electricity demand along with rising infrastructural investment across residential sector. Favorable government mandates toward adoption of low-power solar PV units will propel the installation for advanced PV inverter technologies. Moreover, growing initiatives to ensure energy efficiency along with rising demand for safe, secure and continuous electricity supply will simulate the U.S. PV Inverter market landscape.

String PV inverter will observe significant upsurge owing to its increasing widespread applicability across industrial and large-scale establishments. Facilitating electricity back-up solution and auxiliary line support together with high operational flexibility of these units will foster the product demand. Furthermore, ongoing refurbishment of industrial structures will positively sway the industry landscape.

PV inverter market across stand-alone units will observe an upsurge on account of growing demand for electricity favored by increasing solar photovoltaic installation in areas with restricted grid access and maximum insulation. In addition, rapid expansion of sustainable energy networks coupled with adoption of high-end technologies for distribution generation will foster the business landscape.

Residential PV inverter market will grow on account of rising focus toward integration of renewable power projects across the micro grid networks. In addition, restructuring and refurbishment of conventional energy networks favored by adoption of smart technologies including IoT based solutions will augment product demand.

Major manufacturers operating across U.S. PV inverter market are Schneider Electric, General Electric, Siemens, Enphase Energy, SMA Solar Technology, Panasonic, Huawei, Delta Group and Emerson Electric and amongst others.