Global Solar Inverters/PV Inverters Market size and share is currently valued at USD 14.37 billion in 2024 and is anticipated to generate an estimated revenue of USD 24.63 billion by 2034, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 5.5% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2025 – 2034
Market Overview:
The solar inverter market has gained significant traction as solar energy adoption continues to rise globally. Solar inverters, also known as photovoltaic (PV) inverters, play a crucial role in converting the direct current (DC) generated by solar panels into alternating current (AC) for use in residential, commercial, and utility-scale applications.
With the increasing shift toward renewable energy, governments and industries worldwide are investing in solar energy infrastructure, driving demand for high-efficiency solar inverters. The market is witnessing technological advancements, including smart inverters, hybrid inverters, and grid-tied systems, which enhance energy conversion efficiency and grid stability.
Market Growth Drivers:
Several factors are fueling the expansion of the solar inverter market:
- Rising Adoption of Solar Energy
The global transition to clean energy and efforts to reduce dependence on fossil fuels have led to increased investment in solar power projects, thereby boosting demand for efficient solar inverters. - Government Policies and Incentives
Supportive policies such as tax credits, subsidies, feed-in tariffs (FiTs), and net metering programs are encouraging solar energy adoption, creating a favorable environment for the solar inverter market. - Advancements in Solar Inverter Technology
Continuous innovations, such as smart inverters, hybrid inverters, and AI-integrated monitoring systems, are improving inverter efficiency, reliability, and grid interaction, making solar energy systems more effective and accessible. - Increasing Deployment of Utility-Scale Solar Projects
Large-scale solar farms require high-capacity solar inverters to efficiently convert and manage energy. The growing number of utility-scale projects is significantly driving the demand for advanced solar inverters. - Rising Demand for Energy Storage Integration
The increasing adoption of battery storage solutions in solar energy systems is driving demand for hybrid inverters that can efficiently manage both solar power generation and energy storage.
Major Key Players:
- Huawei
- Sungrow Power Supply
- SMA Solar Technology AG
- ABB Ltd.
- Sineng
- TBEA
- TMEIC
- Schneider Electric
- SolarEdge Technologies
- Power Electronics
- KACO New Energy Inc.
- Fronius
𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐓𝐡𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞:
https://www.polarismarketresearch.com/industry-analysis/solar-inverter-pv-inverter-market
Recent Developments in the Solar Inverters/PV Inverters Industry:
- June 2024 – SMA Solar Technology AG Wins Smarter E Award 2024
SMA Solar Technology AG, a leading German inverter manufacturer, received the prestigious Smarter E Award 2024 for its Sunny Central FLEX platform solution. Recognized at Europe’s largest solar trade fair in Munich, this innovation supports PV, battery, and hydrogen applications, highlighting SMA’s commitment to advancing renewable energy solutions. - February 2024 – SMA Solar Technology AG Partners with ENGIE
SMA Solar Technology AG announced a strategic partnership with ENGIE, a prominent energy company. The collaboration aims to accelerate the deployment of distributed solar and storage solutions across Europe, reinforcing the region’s transition toward sustainable energy infrastructure. - April 2022 – SMA Solar Technology AG Introduces New Rooftop Inverters
SMA Solar Technology AG launched a new series of four inverters with power capacities of 12kW, 15kW, 20kW, and 25kW. These inverters are specifically designed for rooftop photovoltaic systems with a maximum capacity of up to 135kW, enhancing efficiency and scalability for commercial and residential solar installations. - January 2023 – Schneider Electric Acquires IGE+X AO
Schneider Electric SE strengthened its presence in the distributed energy sector through the acquisition of IGE+X AO, a Russian company specializing in energy storage solutions. This strategic move aims to enhance Schneider Electric’s capabilities in integrating energy storage with solar inverter technologies, supporting the growth of decentralized power systems.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:
The research study includes segmental analysis that divides the market into distinct groups or segments based on common characteristics. With market segmentation, businesses can identify specific customer groups that are more likely to be interested in specific products or services. Also, it enables these businesses to focus their marketing efforts and resources more efficiently, leading to higher conversion rates and improved return on investment. Furthermore, segmentation analysis helps companies develop personalized products or services, which can result in increased customer loyalty and improved customer satisfaction.
Solar Inverters/PV Inverters Market, Type Outlook (Revenue – USD Billion, 2020-2034)
- Central Inverters
- Microinverters
- String Inverters
Solar Inverters/PV Inverters Market, Deployment Outlook (Revenue – USD Billion, 2020-2034)
- On-Grid
- Off-Grid
Solar Inverters/PV Inverters Market, End Users Outlook (Revenue – USD Billion, 2020-2034)
- Utilities
- Commercial
- Industrial
The Solar Inverters/Pv Inverters Market is set for continued growth as global energy demand shifts toward sustainable solutions. Ongoing advancements in inverter technology, coupled with the rise of smart grids and energy storage integration, will further enhance market potential.
𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:
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