Solar Inverter Market
Report ID: SQMIG55E2068
Report ID: SQMIG55E2068
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Report ID:
SQMIG55E2068 |
Region:
Global |
Published Date: February, 2025
Pages:
186
|Tables:
146
|Figures:
70
Global Solar Inverter Market size was valued at USD 14.01 Billion in 2024 and is poised to grow from USD 14.86 Billion in 2025 to USD 23.86 Billion by 2033, growing at a CAGR of 6.1% during the forecast period (2026–2033).
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 - 2026-2033
Global Market Size
USD 13.2 billion
Largest Segment
Utilities
Fastest Growth
Residential
Growth Rate
6.1% CAGR
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Global Solar Inverter Market is segmented by Type, System Type, Phase, Application and region. Based on Type, the market is segmented into Central Inverter, Micro Inverter and String Inverter. Based on System Type, the market is segmented into On-Grid and Off-Grid. Based on Phase, the market is segmented into Single-Phase and Three-Phase. Based on Application, the market is segmented into Residential, Commercial and Utilities. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & 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.
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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.
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Drivers
Decreasing Cost of Solar PV Systems
Supportive Government Policies and Subsidies
Restraints
Complex Grid Integration
Intense Competition and Pricing Pressure
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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
Recent Developments
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 2024 | USD 14.01 Billion |
| Market size value in 2033 | USD 23.86 Billion |
| Growth Rate | 6.1% |
| Base year | 2024 |
| Forecast period | 2026-2033 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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 |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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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