Global Solar Inverter Market

Solar Inverter Market Size, Share, Growth Analysis, By Product Type (Central Inverters, String Inverters), By End Use (Utilities, Residential), By Phase (Single Phase, Three Phase), By Region -Industry Forecast 2025-2032

Report ID: SQMIG55E2058 | Region: Global | Published Date: February, 2025
Pages: 186 | Tables: 146 | Figures: 70

Solar Inverter Market News

  • In October 2024, Livguard, a renowned supplier of energy solutions announced the launch of a new range of high frequency solar inverters. The new solar inverters feature transformer-less technology and are designed to deliver higher efficiency as compared to other products available in the market.
  • In September 2024, GE Vernova Inc., a leading energy equipment manufacturer based in the United States announced the launch of a new utility-scale solar inverter in North America. The new FLEXINVERTER 2000 Vdc operates on 6 MVA, 2000-volt direct current and has a pilot installation expected to be operational in the first quarter of 2025.
  • In October 2024, Solplanet, a leading company from China known for its inverter expertise announced the launch of a new solar inverter in India. The three-phase 350 kW solar inverter (model ASW350K-HT) is designed for large-scale PV installation featuring six independent MPPT inputs and capable of connecting five PV strings per MPPT input
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FAQs

Global Solar Inverter Market size was valued at USD 11.12 Billion in 2023 and is poised to grow from USD 12.1 Billion in 2024 to USD 88.94 Billion by 2032, growing at a CAGR of 8.1% during the forecast period (2025-2032).

Solar inverter companies should focus on taking advantage of supportive government policies and incentives to maximize profitability. Targeting countries with high emphasis on sustainability and growing energy requirements can help boost sales of solar inverters. Simplification of grid integration process of solar inverters is also a key aspect that companies should focus on as per this global solar inverter market forecast. 'Omron Corporation', 'ABB Ltd', 'Fimer Group', 'Mitsubishi Electric Corporation', 'Siemens AG', 'Eaton', 'Schneider Electric SE', 'SMA Solar Technology AG', 'Delta Electronics Inc.', 'SunPower', 'Hitachi Hi-Rel Power Electronics Pvt. Ltd', 'Power Electronics S.L.'

High investments in R&D of novel solar technology have led to increased affordability of solar PV systems around the world, which in turn is expected to favor the global solar inverter market outlook in the future. Growing use of solar PV systems across commercial, residential, and utility applications is slated to bolster the sales of solar inverters in the long run.

Demand for Smart Inverters: Solar inverter companies are expected to invest in the research and development of solar inverters equipped and integrated with smart technologies. These smart inverters are gaining popularity among consumers owing to their features such as remote monitoring, real-time data analytics, and fault detection. Focusing on this solar inverter market trend can help companies stand out from the competition and boost their sales potential as well.

Asia Pacific is slated to emerge as the dominant market for solar inverter suppliers on a global level over the coming years. Launch of supportive government initiatives, presence of leading solar inverter suppliers, and increasing investments solar technology development are cementing the high share of this region. China, India, Japan, and Australia are anticipated to present new business scope for solar inverter providers through 2032 and beyond. Issues with grid stability and rising energy demand from growing population are also forecasted to bolster the demand for solar inverters in this region in the long run.

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Global Solar Inverter Market

Report ID: SQMIG55E2058

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