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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Solar PV Inverter Market Growth
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.
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 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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