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Report Overview

The global solar PV inverter market reached a value of almost USD 8.45 Billion in the year 2024. The market is further expected to grow at a CAGR of 5.00% between 2025 and 2034 and to reach a value of almost USD 13.76 Billion by 2034.

2024

Base Year

2018-2024

Historical Year

2025-2034

Forecast Year

Compound Annual Growth Rate

Value in USD Billion

5%

2025-2034


Solar PV Inverter Market Outlook

*this image is indicative*

Global Solar PV Inverter Market Report Summary Description Value
Base Year USD Billion 2024
Historical Period USD Billion 2018-2024
Forecast Period USD Billion 2025-2034
Market Size 2024 USD Billion 8.45
Market Size 2034 USD Billion 13.76
CAGR 2018-2024 Percentage XX%
CAGR 2025-2034 Percentage 5.00%
CAGR 2025-2034 - Market by Region Asia Pacific 5.8%
CAGR 2025-2034 - Market by Country India 6.6%
CAGR 2025-2034 - Market by Country China 5.5%
CAGR 2025-2034 - Market by Technology String Inverters 5.7%
CAGR 2025-2034 - Market by Application Utility Scale 5.9%
Market Share by Country 2024 Germany 4.5%

Solar PV Inverter Market Growth

A solar inverter is one of the key elements of a solar electric power plant. It is considered as the brain of the system. Its basic function includes the conversion of direct current (DC) from solar panels into alternating current (AC), which can then be supplied to the power grids or houses for operating various appliances. Other features of these inverters include managing temperature, optimising power, and monitoring all parameters, yields, and operational data of the power plant. Presently, solar PV inverters majorly find applications in the utilities and industrial sectors.

Rising solar PV adoption, driven by improving cost competitiveness and energy transition policies, has been a significant factor for driving solar PV inverter market development. Additionally, the growth of solar PV installations has been fuelled by favourable government policies and technological innovations, such as advancements in smart inverter capabilities and integration with storage, EVs, and distributed energy resources.

Key Trends and Developments

Solar PV Inverter Market Trends

Moreover, the U.S. government's Investment Tax Credit (ITC) provides a 30% tax credit for solar-plus-storage systems, incentivising the adoption of hybrid inverters. This trend is expected to have a substantial impact on the market, as it expands the applications of solar energy beyond just power generation. The solar PV inverter market outlook is further being shaped by the rising environmental concerns about greenhouse emissions and the increasing cost of fossil fuels, which has resulted in the growing adoption of economical solar power and hence, solar inverters. In addition to this, the prices of solar inverters have also dropped in the recent years, making them more affordable for consumers.

Furthermore, the increasing adoption of solar energy globally, particularly in regions like China, Europe, and India, has contributed to the market's expansion. The market is expected to sustain strong growth over the next five years as in 2030, the demand for solar PV is projected to be nearly 650 GW, which can be met by the anticipated global solar PV manufacturing capacity of approximately 1,000 GW by 2024.

Global Solar PV Inverter Market By Application

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Solar PV Inverter Industry Segmentation

The EMR’s report titled “Solar PV Inverter Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by Technology:

  • Central Inverters
  • String Inverters
  • Microinverters
  • Others

Market Breakup by Voltage:

  • < 1,000 V
  • 1,000 – 1,499 V
  • > 1,500 V
  • Others

Market Breakup by Application:

  • Utility Scale
  • Residential Scale
  • Small Commercial Scale
  • Large Commercial Scale
  • Industrial Scale
  • Others

Market Breakup by Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Solar PV Inverter Market Share

The inverters having < 1,000 V are high in demand due to the growing adoption of rooftop solar systems in residents

The < 1,000 V segment is the most widely used voltage range for solar PV inverters, particularly in residential and small commercial applications. These inverters are designed to handle lower voltages and are known for their efficiency, reliability, and ease of installation. The < 1,000 V segment accounts for the largest market share due to the growing adoption of rooftop solar systems and the increasing popularity of microinverters and string inverters.

The 1,000 – 1,499 V segment is primarily used in large-scale commercial and utility-scale solar projects. These inverters are designed to handle higher voltages and are known for their high efficiency and reduced installation costs. As per solar PV inverter market analysis, the 1,000 – 1,499 V segment is expected to witness significant growth in the coming years due to the increasing deployment of large-scale solar projects and the need for more efficient inverter solutions.

The > 1,500 V segment is the fastest-growing voltage range for solar PV inverters. These inverters are designed to handle even higher voltages and are primarily used in utility-scale solar projects. This segment offers several advantages, including improved efficiency and reduced transmission losses. However, the adoption of > 1,500 V inverters is still relatively low compared to the other voltage ranges due to the higher costs and the need for specialised installation and maintenance.

Utility scale segment holds a significant market share due to rising demand for renewable energy

Utility scale solar power plants are designed to generate electricity on a large scale, typically ranging from 1 MW to 100 MW. The segment is the fastest-growing segment in the solar PV inverter market due to the increasing demand for renewable energy and the need for large-scale power generation.

Residential solar power systems are designed for individual homes and typically range from 2 kW to 10 kW. These systems are often connected to the grid and provide power to the home. The segment’s growth is driven by the growing adoption of solar energy by residential sectors.

The large commercial scale segment is another significant segment in the solar PV inverter market report. Large commercial solar power systems are designed for large businesses and typically range from 50 kW to 500 kW. The segment’s share is growing due to the increasing adoption of solar energy in commercial spaces and the need for energy independence.

Leading Manufacturers in the Solar PV Inverter Market

Market players are focused on innovating smart inverter capabilities and integrating inverters with storage systems, EVs, and distributed energy resources to open new opportunities.

Schneider Electric SE

Schneider Electric SE was founded in 1836 and is headquartered in Rueil-Malmaison, France. The company offers automation and control products, low voltage products and systems, solar and energy storage solutions, medium voltage distribution and grid automation, and critical power, cooling, and racks.

Siemens AG

Siemens AG was founded in 1847 and is headquartered in Munich, Germany. It operates in several key b...

Mitsubishi Electric US, Inc.

Mitsubishi Electric US, Inc. was founded in 1921 and is headquartered in California, United States. ...

General Electric Company

General Electric Company was founded in 1892 and is headquartered in Massachusetts, United States. T...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other key players in the global solar PV inverter market include Huawei Technologies Co., Ltd, FIMER Group, SolarEdge Technologies Inc, and Toshiba International Corporation, among others.

CAGR 2025-2034 - Market by Country
India 6.6%
China 5.5%
USA 4.4%
Germany 4.1%
France 3.9%
Canada XX%
UK XX%
Italy XX%
Japan 3.4%
Australia XX%
Saudi Arabia XX%
Brazil XX%
Mexico XX%

Solar PV Inverter Market Analysis by Region

Asia Pacific is the fastest-growing region, driven by the need for energy independence

Asia Pacific is expected to account for the largest solar PV inverter market share, driven by the growing demand for renewable energy and the need for energy independence. The region is home to many developing countries, including China and India, where there is considerable growth in solar photovoltaic (PV) installations. Japan and Australia are other major solar PV installations markets in the region. The region is also the global centre for the manufacture of solar energy systems, with Japan, China, and Taiwan being the major manufacturers and home to some of the top global solar PV supplier companies.

North America solar PV inverter market is also expected to grow at a fast pace during the forecast period as the United States is a significant market for various types of PV inverters. The region’s growth is further driven by favourable government incentives, increasing awareness of clean energy, and declining solar panel costs.

Solar PV Inverter Market Report Snapshots

Solar PV Inverter Market Size

Solar PV Inverter Market Growth

Solar PV Inverter Market Trends

Solar PV Inverter Market Share

Solar PV Inverter Manufacturers

Solar PV Inverter Market Regional Analysis

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2024, the market attained a value of nearly USD 8.45 Billion.

In the forecast period of 2025-2034, the solar PV inverter market is projected to grow at a CAGR of 5.00%.

By 2034, the market is estimated to reach a value of about USD 13.76 Billion.

The major drivers of the market include the increasing demand for renewable energy, trend of rural electrification, technological advancements and innovations, and surging investments in renewable energy.

Key trends aiding market expansion include the shift from fossil fuel-based energy, the growing cost-effectiveness of solar inverters, and the introduction of favourable government initiatives aimed at boosting the installation of solar electric systems.

Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Based on technology, the market is divided into central inverters, string inverters, and microinverters, among others.

The major voltage segments considered in the market report include < 1,000 V, 1,000 – 1,499 V, and > 1,500 V, among others.

The significant applications of solar PV inverters are utility scale, residential scale, small commercial scale, large commercial scale, and industrial scale, among others.

Key players in the market are Schneider Electric SE, Siemens AG, Mitsubishi Electric US, Inc., General Electric Company, Huawei Technologies Co., Ltd, FIMER Group, SolarEdge Technologies Inc, and Toshiba International Corporation, among others.

Report Summary

Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.

Key Highlights of the Report

Please note that the figures mentioned in the description serve as estimates and may vary from the actual figures presented in the final report.

REPORT FEATURES DETAILS
Base Year 2024
Historical Period 2018-2024
Forecast Period 2025-2034
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Technology
  • Voltage
  • Application
  • Region
Breakup by Technology
  • Central Inverters
  • String Inverters
  • Microinverters
  • Others
Breakup by Voltage
  • < 1,000 V
  • 1,000 – 1,499 V
  • > 1,500 V
  • Others
Breakup by Application
  • Utility Scale
  • Residential Scale
  • Small Commercial Scale
  • Large Commercial Scale
  • Industrial Scale
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Schneider Electric SE
  • Siemens AG
  • Mitsubishi Electric US, Inc.
  • General Electric Company
  • Huawei Technologies Co., Ltd
  • FIMER Group
  • SolarEdge Technologies Inc
  • Toshiba International Corporation
  • Others
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