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 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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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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