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Report Overview
The global solar PV inverter market reached a value of almost USD 8.45 Billion in the year 2024. The market is further expected to grow at a CAGR of 5.00% between 2025 and 2034 and to reach a value of almost USD 13.76 Billion by 2034.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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
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.*
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Key Questions Answered in the Report
In 2024, the market attained a value of nearly USD 8.45 Billion.
In the forecast period of 2025-2034, the solar PV inverter market is projected to grow at a CAGR of 5.00%.
By 2034, the market is estimated to reach a value of about USD 13.76 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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