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The solar PV inverter market attained a value of USD 8.87 Billion in 2025. The industry is expected to grow at a CAGR of 5.00% during the forecast period of 2026-2035. By 2035, the market is expected to reach USD 14.45 Billion.
The rapid global shift towards renewable energy sources is one of the key solar PV inverter market trends. According to SolarPower Europe, the global solar installations recorded nearly 600 GW in 2024, exhibiting a 33% rise from 2023. Governments and corporations are committing to reduce carbon emissions, leading to increased solar installations. As solar panels become more affordable and efficient, the demand for reliable inverters to convert DC power to AC power is rising. This growth is prominent in emerging markets and developing countries where energy infrastructure is expanding, fuelling the need for cost-effective solar solutions.
Large-scale solar farms are growing rapidly worldwide to meet energy demand and sustainability goals. These projects require high-capacity, reliable inverters capable of handling significant power outputs and integrating with grid infrastructure. Utility-scale inverters focus on durability, scalability, and advanced grid support features to cater to the sustainability demands. In September 2024, GE Vernova launched a 6 MVA, 2000V DC utility-scale inverter, piloted in North America, to cut solar energy costs and speed up renewable energy adoption and decarbonization. The rise in government-backed renewable energy auctions and private investments in utility solar farms is also fuelling the solar PV inverter industry growth.
2025
Base Year
2019-2025
Historical Period
2026-2035
Forecast Period
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 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 was founded in 1847 and is headquartered in Munich, Germany. It operates in several key business areas, including automation and digitalisation in manufacturing industries, intelligent infrastructure for buildings and distributed energy systems, rail transport solutions, and digital healthcare services.
Mitsubishi Electric US, Inc. was founded in 1921 and is headquartered in California, United States. The company and its affiliates engage in semiconductor devices, automotive electrical components, elevators and escalators, cooling and heating products, industrial automation, display walls, digital printers, satellite systems, video displays, power equipment, and railway systems.
General Electric Company was founded in 1892 and is headquartered in Massachusetts, United States. The company has a diverse portfolio of products and services, ranging from aircraft engines to healthcare systems, power generation, and financial services.
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.
Solar PV Inverter Market Report Snapshots
*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 2025, the market reached an approximate value of USD 8.87 Billion.
The market is projected to grow at a CAGR of 5.00% between 2026 and 2035.
By 2035, the market is estimated to reach a value of about USD 14.45 Billion.
Key strategies driving the market include technological advancements, increasing solar installations, supportive government policies, grid modernization, focus on energy storage integration, and rising demand for clean energy. Strategic partnerships, cost reduction efforts, and expansion into emerging markets also contribute to sustained market growth.
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.
The key players in the market report 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.
Central inverters are dominating the market as they are primarily used in large-scale solar power plants and commercial installations.
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