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Global Solar PV Inverter Market Size, Share, Trends, Growth: By Technology: Central Inverters, String Inverters, Microinverters, Others; By Voltage: < 1,000 V, 1,000 – 1,499 V, > 1,500 V, Others; By Application: Utility Scale, Residential Scale, Small Commercial Scale, Others; Regional Analysis; Competitive Landscape; 2024-2032
Global Solar PV Inverter Market Outlook
The global solar PV inverter market size reached a value of almost USD 8.45 billion in the year 2023. The solar PV inverter industry is further expected to grow at a CAGR of 5% between 2024 and 2032 to reach a value of almost USD 13.13 billion by 2032.
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The global solar PV inverter industry is supported by the Asia Pacific region, which is the leading regional market. The market is increasing due to the rising demand for solar inverters over the last few years. Other factors driving the industry include the need for rural electrification, increasing government support, technological advancements, and rising investments in renewable energy.
Properties and Applications
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 controlling 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.
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The solar PV inverter market is segmented on the basis of technology into:
- Central Inverters
- String Inverters
- Microinverters
- Others
Currently, central inverters represent the most significant segment in the industry.
On the basis of voltage, the industry is divided into:
- < 1,000 V
- 1,000 – 1,499 V
- >1,500 V
- Others
Presently, the < 1000 V solar PV inverter holds the majority of the total market share.
On the basis of application, the industry is categorised into:
- Utility Scale
- Residential Scale
- Small Commercial Scale
- Large Commercial Scale
- Industrial Scale
- Others
Amongst these, the utility scale segment exhibits dominance in the industry.
The report also covers the regional markets of solar PV inverter like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Market Analysis
The global solar PV inverter market is driven by the rising environmental concerns about greenhouse emissions and the vital role of solar and other renewable energy sources to reduce these emissions. The industry is accelerated by the increasing cost of fossil fuels, resulting in the growing adoption of solar power, which is a more economical source. In addition to this, the prices of solar inverters have also dropped in the recent years, making them more affordable to the general population. Thereby resulting in a healthy growth in the installation of solar electric systems across both developed and developing regions over the world, which is further driving the growth of the industry.
Competitive Landscape
The report gives a detailed analysis of the following key players in the global solar PV inverter market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- 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
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Technology |
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| Breakup by Voltage |
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| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Solar PV Inverter Market Analysis
8.1 Key Industry Highlights
8.2 Global Solar PV Inverter Historical Market (2018-2023)
8.3 Global Solar PV Inverter Market Forecast (2024-2032)
8.4 Global Solar PV Inverter Market by Technology
8.4.1 Central Inverters
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 String Inverters
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Microinverters
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Solar PV Inverter Market by Voltage
8.5.1 < 1,000 V
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 1,000 – 1,499 V
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 > 1,500 V
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Others
8.6 Global Solar PV Inverter Market by Application
8.6.1 Utility Scale
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Residential Scale
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Small Commercial Scale
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Large Commercial Scale
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Industrial Scale
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
8.6.6 Others
8.7 Global Solar PV Inverter Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Solar PV Inverter Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Solar PV Inverter Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Solar PV Inverter Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Solar PV Inverter Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Solar PV Inverter Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Price Analysis
17 Manufacturing Process
17.1 Overview
17.2 Detailed Process Flow
17.3 Operation Involved
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Schneider Electric SE
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 Siemens AG
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 Mitsubishi Electric US, Inc.
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 General Electric Company
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 Huawei Technologies Co., Ltd
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 FIMER Group
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 SolarEdge Technologies Inc
18.2.7.1 Company Overview
18.2.7.2 Product Portfolio
18.2.7.3 Demographic Reach and Achievements
18.2.7.4 Certifications
18.2.8 Toshiba International Corporation
18.2.8.1 Company Overview
18.2.8.2 Product Portfolio
18.2.8.3 Demographic Reach and Achievements
18.2.8.4 Certifications
18.2.9 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Solar PV Inverter Market: Key Industry Highlights, 2018 and 2032
2. Global Solar PV Inverter Historical Market: Breakup by Technology (USD Billion), 2018-2023
3. Global Solar PV Inverter Market Forecast: Breakup by Technology (USD Billion), 2024-2032
4. Global Solar PV Inverter Historical Market: Breakup by Voltage (USD Billion), 2018-2023
5. Global Solar PV Inverter Market Forecast: Breakup by Voltage (USD Billion), 2024-2032
6. Global Solar PV Inverter Historical Market: Breakup by Application (USD Billion), 2018-2023
7. Global Solar PV Inverter Market Forecast: Breakup by Application (USD Billion), 2024-2032
8. Global Solar PV Inverter Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Solar PV Inverter Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Solar PV Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Solar PV Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Solar PV Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Solar PV Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Solar PV Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Solar PV Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Solar PV Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Solar PV Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Solar PV Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Solar PV Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Solar PV Inverter Market Structure
Key Questions Answered in the Report
In 2023, the global solar PV inverter market attained a value of nearly USD 8.45 billion.
In the forecast period of 2024-2032, the market is projected to grow at a CAGR of 5%.
By 2032, the market is estimated to reach a value of about USD 13.13 billion by 2032.
The major drivers of the market are the increasing trend of rural electrification, technological advancements and innovations, and surging investments in renewable energy.
The key trends guiding the market 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.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The various technologies of solar PV inverter considered in the market report are 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 inverter are utility scale, residential scale, small commercial scale, large commercial scale, and industrial scale, among others.
The major 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.
Analyst Review
The global solar PV inverter market attained a value of almost USD 8.45 billion in the year 2023 driven by the growing rural electrification and favourable government policies. Aided by the technological advancements in the industry and the reducing costs of solar inverters, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 5%. The market is projected to reach USD 13.13 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its technology, the market can be segmented into central inverters, string inverters, and microinverters, among others, with central inverters accounting for the largest market share in the global market. On the basis of voltage, the <1000 V solar PV inverter sector accounts for the largest share in the market. The utility scale segment accounts for the largest market share among other application segments. The major regional markets for solar PV inverter are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with the Asia Pacific accounting for the largest share of the global market. The key players in the above industry include 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.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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