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