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The global solar PV inverter market reached a value of almost USD 8.45 billion in the year 2023. The market is further expected to grow at a CAGR of 5% between 2024 and 2032 and to reach a value of almost USD 13.13 billion by 2032.
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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.
Emergence of grid-forming inverters, rising popularity of hybrid inverters, and advancements in manufacturing technologies are key trends propelling the solar PV inverter market growth
May 2024
SMA Solar Technology reported significant growth in large-scale inverter sales, with a nearly 85% increase from USD 132.9 million in Q1 2023 to USD 245.8 million in Q1 2024. This revenue growth has positively impacted the market’s value.
May 2024
Sungrow, a global leader in PV inverters and energy storage systems, was honoured with the "Top Solar Company Award 2023" by Sunwiz. This prestigious recognition highlights Sungrow's outstanding performance and commitment to the solar industry in Australia.
May 2024
Daewoo has released hybrid battery-inverters for residential PV systems, featuring LiFePO4 batteries. These new inverters combine the functions of a traditional inverter and a battery storage system, enhancing energy efficiency and reliability.
May 2024
Ingeteam has signed a contract with Grenergy to supply 70 INGECON SUN 3Power C Series photovoltaic solar power inverters for a large-scale solar power plant project in the Tabernas Desert. This showcases the growing demand for solar energy and the importance of high-quality inverters in ensuring project’s success.
June 2021
Delta introduced the M125HV Gen2 Solar PV String Inverter for large ground-mounted solar power plants. This three-phase, 140 kVA inverter boasts high efficiency, quiet operation, and a wide range of features suitable for utility-scale PV projects. It also offers enhanced performance and reduced energy loss.
Emergence of grid-forming inverters and smart monitoring
One key trend fuelling the solar PV inverter market expansion is the emergence of grid-forming inverters due to the increasing need for efficient grid management and rising integration of renewable energy sources. SMA Solar Technology AG's Sunny Central UP inverters are a notable example of grid-forming inverters.
Solar-storage integration and hybrid inverters
Hybrid inverters that combine solar PV and energy storage are becoming increasingly popular, especially for residential and commercial applications. These systems enable customers to store excess solar generation and provide backup power during grid outages.
Rising raw material production capacity
The market has been impacted by supply chain disruptions and rising commodity and shipping costs, but increasing polysilicon production capacity is expected to stabilise PV module prices. Longi Solar, a leading polysilicon manufacturer increased its production capacity to 300,000 metric tons in 2023.
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.
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The EMR’s report titled “Solar PV Inverter Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Technology
Market Breakup by Voltage
Market Breakup by Application
Market Breakup by Region
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.
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.
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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.
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 |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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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. |
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.
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
In 2023, the market attained a value of nearly USD 8.45 billion.
In the forecast period of 2024-2032, the solar PV inverter 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.
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.
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