Solar Inverter Market Size, Share, and Growth Analysis

Solar Inverter Market 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

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Solar Inverter Market Insights

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).

Rising emphasis on sustainability and growing adoption of solar energy systems are forecasted to boost the sales of solar inverters going forward. Declining costs of solar energy solutions and systems owing to advancements in technologies are also expected to benefit the global solar inverter market growth in the future. The launch of multiple new supportive government policies and subsidies to promote the adoption of solar energy solutions are also forecasted to create new opportunities for solar inverter suppliers over the coming years. High demand for off-grid solar solutions in remote and rural areas are also estimated to promote the adoption of solar inverter in the long run. Rising investments in the R&D of novel solar and inverter technologies are also slated to expand the business scope for market players across the study period. On the contrary, dependency on solar irradiation, complexity in grid integration, intense market competition, and high initial investments are some major constraints that companies should keep an eye on through 2032 and beyond.

Market snapshot - (2025-2032)

Global Market Size

USD 11.12 Billion

Largest Segment

Utilities

Fastest Growth

Residential

Growth Rate

8.1% CAGR

Global Solar Inverter Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Solar Inverter Market Segments Analysis

The global solar inverter market is segmented by product type, connection type, phase, power output, end use, and region. Based on product type, the market is segmented into central inverters, string inverters, micro inverters, and others. Based on phase, the market is segmented into single phase and three phase. In terms of connection type, the market is segmented into on-grid and off-grid. In terms of power output, the market is segmented into ≤ 0.5 kW, 0.5 - 3 kW, 3 - 33 kW, 33 - 110 kW, and 110 kW. Based on end use, the market is segmented into residential, commercial, utilities, and industrial. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & and Africa.

Analysis by Product Type

Central inverters are slated to account for a dominant global solar inverter market share. Growing use of solar energy in commercial, industrial, and utility applications is expected to help this segment bring in the most revenue. High cost-effectiveness and scalability of central solar inverters are also projected to bolster the dominance of this segment in the long run. Simple design and easy maintenance are also added perks of central inverters that help promote their adoption across multiple industry verticals. The limited application scope for large scale solar installations is hindering this segment from attaining total dominance in the long run.

On the other hand, the demand for string inverters is slated to rise at a noteworthy pace over the coming years. High suitability of string solar inverters for a wide variety of applications and growing adoption of solar systems in residential settings are helping generate new business scope via this segment. High reliability, lower initial costs, and easy installation are the benefits of string solar inverters promoting their sales. The availability of remote monitoring capabilities in string inverters is also expected to bolster their demand among tech-savvy end users going forward. Extensive availability of different types of string inverters is also slated to help bring in more revenue for companies through 2032.

Analysis by End Use

The utilities segment is slated to account for a major share in the global solar inverter industry across the study period. Rising emphasis on providing and generating renewable energy in the utility industry to promote sustainability and reduce emissions are driving the adoption of solar inverters in this segment. Rapidly increasing demand for energy around the world and efforts to maintain grid stability are also slated to promote the sales of solar inverters in utility use cases. The rising number of solar installations being integrated into grids and the need for scalable solar solutions are further cementing the dominance of this segment.

Meanwhile, the demand for solar inverters in residential end use is slated to rise at an impressive CAGR going forward. The launch of multiple new incentives and supportive policies for the adoption of solar energy solutions among residential users is helping boost solar inverter adoption in this segment. Growing consumer awareness regarding sustainability around the world and increasing affordability of solar energy are also expected to uplift the sales of solar inverters via this segment. Countries such as Australia, India, and China are estimated to be prime markets for solar inverter suppliers targeting residential users going forward.

Global Solar Inverter Market By End Use

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Solar Inverter Market Regional Insights

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.

North America is expected to emerge as the second-largest share of the global solar inverter industry in the future. Growing adoption of solar energy across commercial and residential sectors, increasing demand for renewable energy solutions, and launch of supportive initiatives for solar energy systems are helping this region emerge as an opportune one. Rising realization of economic and environmental benefits associated with use of solar energy systems among consumers in this region is also expected to boost sales of solar inverters in this region. The United States and Canada are slated to be the leading markets for solar inverter companies vying for market share and sales in this region.

Global Solar Inverter Market By Geography
  • Largest
  • Fastest

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Solar Inverter Market Dynamics

Drivers

Decreasing Cost of Solar PV Systems

  • 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.

Supportive Government Policies and Subsidies

  • Governments around the world are launching new support programs and policies that encourage the adoption of solar inverter systems. Tax credits, subsidies, and feed-in tariffs are slated to make solar energy adoption more lucrative for end users thereby also promoting the demand for solar inverters since they remain an essential component of a solar energy system.

Restraints

Complex Grid Integration

  • Incorporating solar inverters and integrating solar inverters into existing energy grids is a technically challenging task as the age of traditional power grids increases on a global level. Compatibility issues and the need for advanced grid management solutions add to the complexity of integration making it a key restraint across the global solar inverter market forecast.

Intense Competition and Pricing Pressure

  • Despite being an extensive market with a wide variety of customers, the global solar inverter industry is quite saturated and highly competitive. The increasing number of domestic and international solar inverter companies supplying products at low or competitive prices to boost market presence are expected to reduce profits for some companies and impede the overall solar inverter sales going forward.

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Solar Inverter Market Competitive Landscape

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.

Top Player’s Company Profiles

  • 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.

Recent Developments

  • 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

Solar Inverter Key Market Trends

Solar Inverter Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

As per our analysis, high demand for renewable energy and growing availability of subsidies and incentives for solar energy adoption from governments are slated to be key prospects driving the demand for solar inverters. On the contrary, intense competition, pricing pressure, and complexity in grid integration are slated to slow down the demand for solar inverters across the forecast period. Availability of supportive government initiatives and incentives for solar energy adoption and presence of leading inverter suppliers is helping Asia Pacific dominate the global industry as per this solar inverter market analysis. Development of smart inverters and targeting emerging markets can help solar inverter providers maximize their business scope in the future.

Report Metric Details
Market size value in 2023 USD 11.12 Billion
Market size value in 2032 USD 88.94 Billion
Growth Rate 8.1%
Base year 2024
Forecast period (2025-2032)
Forecast Unit (Value) USD Billion
Segments covered
  • Product Type
    • Central Inverters, String Inverters, Micro Inverters, and Others
  • End Use
    • Residential, Commercial, Industrial, and Utilities
  • Connection Type
    • On-grid, and Off-grid
  • Phase
    • Single phase, and Three phase
  • Power Output
    • ≤ 0.5 kW, 0.5 - 3 kW, 3 - 33 kW, 33 - 110 kW, and 110 kW
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • 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.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Solar Inverter Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Solar Inverter Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Solar Inverter Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Solar Inverter Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Solar Inverter Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Solar Inverter Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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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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Report ID: SQMIG55E2058

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