Global Solar Inverter market overview 2024, Forecast To 2033

The solar inverter market has undergone rapid growth, increasing from $15.08 billion in 2023 to $16.91 billion in 2024, reflecting a compound annual growth rate (CAGR) of 12.1% during the historical period. This growth is attributed to the increased adoption of solar photovoltaic (PV) systems, a growing focus on energy independence and sustainability, solar cost reduction, grid integration, and the pursuit of energy independence. Looking ahead to 2028, the market is expected to see rapid growth, reaching $26.06 billion at a CAGR of 11.4%. Factors contributing to this forecasted growth include the integration of energy storage, global climate commitments, electrification initiatives, smart grid development, and the increasing implementation of solar power projects. Major trends in this forecasted period include the adoption of smart inverters, hybrid solar inverters, advanced MPPT algorithms, AI and predictive maintenance, and the use of bifacial solar panels.