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Global Solar Inverter Market Price 2025, Forecast To 2034

27 Feb, 2025

What Has Been The Historical And Current Growth Of The Solar Inverter Market?

The solar inverter market has seen considerable growth due to a variety of factors.
• The size of the solar inverter market has escalated quickly in the past few years. It is projected to expand from $16.63 billion in 2024 to $18.52 billion in 2025, boasting a compound annual growth rate (CAGR) of 11.3%.
The notable increase in the previous period is attributable to the augmented implementation of solar photovoltaic (pv) systems, a rising emphasis on energy freedom and ecological sustainability, reduction in solar expense, grid incorporation, and energy self-sufficiency.

What Is The Forecast For The Solar Inverter Market By 2029?

The solar inverter market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, a swift expansion is anticipated in the solar inverter market, reaching an estimated value of $28.23 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 11.1%.
The predicted growth during this period can be ascribed to elements such as the integration of energy storage, worldwide climate pledges, electrification drives, development of smart grids and a rise in solar power projects. Emerging trends for the forecasted period comprise smart inverters, hybrid solar inverters, advanced MPPT algorithms, AI and predictive maintenance, and bifacial solar panels.

Which Drivers Are Accelerating Growth In The Solar Inverter Market?

The solar inverter market is experiencing significant growth due to the fast-paced advancements in the renewable energy sector. The swift expansion of solar power in recent years has rejuvenated global initiatives to bring down greenhouse gas emissions and alleviate the effects of climate change. Solar inverters are fundamental to this growth in renewable energy. The Energy Information Administration, a government agency in the U.S., reported that in June 2023, consumption of renewable energy elevated from 12.1 quads in 2021 to 13.2 quads in 2022 in the United States. Hence, the rapid progression in the renewable energy industry is anticipated to reinforce the growth of the solar inverter market.

What Are The Core Segments Of The Global Solar Inverter Market?

The solar inverter market covered in this report is segmented –
1) By Type: Central Inverter, Micro Inverter, String Inverter
2) By System-Type: On-Grid, Off-Grid
3) By End-Use: Residential, Commercial, Utilities Subsegments:
1) By Central Inverter: Utility-Scale Central Inverters, Containerized Central Inverters, Transformer-Based Central Inverters
2) By Micro Inverter: Standard Micro Inverters, Enclosed Micro Inverters, Integrated Micro Inverters
3) By String Inverter: Single-Phase String Inverters, Three-Phase String Inverters, Hybrid String Inverters

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Which Emerging Trends Are Reshaping The Solar Inverter Market Size?

Top firms controlling the global solar inverter market are prioritizing the development of cutting-edge technologies such as the 6 MVA 2000 Vdc inverter. This is a strategic move aimed at amplifying efficiency, slashing expenses, and boosting scalability in utility-scale solar energy arrangements. The 6 MVA 2000 Vdc inverter is an innovative utility-scale solar solution that aims to elevate efficiency and diminish costs. It does this by transforming DC voltage from solar panels into AC voltage for integration into the grid. For example, in September 2024, GE Vernova Inc., a company based in the USA, previously known as GE Power and GE Renewable Energy, and a producer of energy equipment, launched the FLEXINVERTER 2000 VDC. This inverter works at 2000 volts direct current (Vdc), a step up from the former standard 1500 Vdc, resulting in enhanced energy conversion efficiency and lower installation fees.

Who Are the Key Players in the Solar Inverter Market?

Major companies operating in the solar inverter market include:
• Asea Brown Boveri
• Sma Solar Technology AG
• Canadian Solar
• Solaredge Technologies Inc
• Delta Electronics Inc.
• Solectria Renewables LLC
• Omron Corporation
• Hitachi Hi-rel Power Electronics Private Limited
• Power Electronics S.L
• Schneider Electric
• SunPower Corporation
• imer S.p.A
• Tabuchi Electric Co. Ltd
• General Electric Company
• Enphase Energy Inc.
• Advanced Energy Industries Inc.
• Chint Power Systems Co. Ltd.
• Eaton Corporation plc
• Ginlong Technologies Co. Ltd.
• GoodWe Power Supply Technology Co. Ltd.
• Huawei Technologies Co. Ltd.
• Ingeteam S.A.
• KACO new energy GmbH
• Mitsubishi Electric Corporation
• Sungrow Power Supply Co. Ltd.
• Tebian Electric Apparatus Co. Ltd.
• Toshiba Corporation
• Trina Solar Limited
• Wuxi Suntech Power Co. Ltd.
• Yaskawa Electric Corporation
• Yingli Green Energy Holding Company Limited
• Zeversolar
• Zhejiang Chint Electrics Co. Ltd.

What are the Regional Insights into the Solar Inverter Market?

Asia-Pacific was the largest region in the solar inverter market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solar inverter market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.