Solar Inverter Global Market Report 2024

A solar inverter is a device designed to convert the energy generated by solar panels into usable electricity for residential or commercial use. It plays a crucial role in the solar power system by transforming the variable direct current (DC) power produced by solar panels into alternating 120V/240V current (AC) that can be utilized to power homes or offices.

The primary types of solar inverters are central inverters, micro-inverters, and string inverters. Central solar inverters are suitable for systems requiring large capacities, often in the hundreds of kilowatts or even megawatts. These inverters, resembling significant metal cabinets, are not intended for domestic use but are commonly employed in commercial applications for large-scale installations or utility-scale solar farms. Solar inverter systems are categorized as on-grid and off-grid based on their connection to the power grid.Solar inverters find applications in various end-uses, including residential, commercial, and utility-scale installations.

The solar inverter market research report is one of a series of new reports that provides solar inverter market statistics, including solar inverter industry, global solar inverter market size, regional shares, competitors with a solar inverter market share, detailed solar inverter market segments, market trends and opportunities, and any further data you may need to thrive in the solar inverter industry. This solar inverter market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The solar inverter market size has grown rapidly in recent years. It will grow from $15.08 billion in 2023 to $16.91 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%.
The growth observed during the historical period can be attributed to several factors, including the increased adoption of solar photovoltaic (PV) systems, a heightened focus on energy independence and sustainability, the reduction in solar costs, advancements in grid integration, and a growing emphasis on achieving energy independence.

The solar inverter market size is expected to see rapid growth in the next few years. It will grow to $26.06 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The anticipated growth in the forecast period can be attributed to factors such as the integration of energy storage, global commitments to addressing climate change, initiatives for electrification, the development of smart grids, and the increasing number of solar power projects. Major trends expected in the forecast period include the adoption of smart inverters, hybrid solar inverters, advanced Maximum Power Point Tracking (MPPT) algorithms, the use of artificial intelligence (AI) for predictive maintenance, and the utilization of bifacial solar panels.

The significant growth in the renewable energy sector is a driving force behind the expansion of the solar inverter market. The rapid development of solar power, a key player in global efforts to reduce greenhouse gas emissions and address climate change, has propelled the solar inverter market. As per the International Energy Agency, global renewable electricity capacity is anticipated to surge by over 60% from 2020 levels to exceed 4,800 gigawatts (GW) by 2026, equaling the combined capacity of fossil fuels and nuclear power. Solar photovoltaic (PV) remains a vital contributor, with a projected 17% increase in capacity additions in 2021, reaching nearly 160 GW. Thus, the swift progress in the renewable energy sector is expected to boost the solar inverter market.

The projected increase in demand for clean energy is set to drive the growth of the solar inverter market in the forthcoming years. Clean energy, derived from renewable sources with minimal environmental impact, is characterized by its absence of greenhouse gas emissions. Solar inverters play a crucial role in this sector by converting direct current (DC) electricity from solar panels into alternating current (AC) suitable for powering various applications. According to the International Renewable Energy Agency (IRENA), global renewable energy capacity experienced a 10% increase in 2022, contributing to the overall rise in the demand for clean energy. Hence, the escalating demand for clean energy is a significant driver of the solar inverter market.

A key trend gaining momentum in the solar inverter market is technological advancement. Leading players in the market are dedicated to developing innovative technological solutions to enhance their market standing. For example, in March 2021, Fronius, an Austrian solar inverter manufacturer, introduced the Primo GEN24 Plus hybrid inverter for residential use, featuring a backup power socket called PV Point. This innovative feature provides backup power without a battery, enabling the operation of essential household items during power outages.

Major companies in the solar inverter market are concentrating on introducing innovative products to meet consumer needs. The introduction of three-phase 330kW inverters is one such example. In September 2023, SolarEdge Technologies, Inc., an Israel-based solar inverter company, launched a high-power, three-phase SolarEdge 330kW Inverter and H1300 Power Optimizer for various applications, including community solar and ground-mount utility PV. The SolarEdge 330kW Inverter offers advantages such as Module Level Power Electronics (MLPE), enhanced return on investment, flexible design, advanced safety features, and module-level monitoring.

In October 2023, Hitachi Energy Ltd., a Switzerland-based corporation, acquired eks Energy, a UK-based firm specializing in power electronic devices like solar inverters. This strategic acquisition enhances Hitachi Energy's position as a technology provider to the renewables and Battery Energy Storage Systems (BESS) markets by integrating eks Energy's power electronics and advanced control capabilities with Hitachi Energy's automation, software, and system integration products.

Major companies operating in the solar inverter market include Asea Brown Boveri, Sma Solar Technology AG, Canadian Solar, Solaredge Technologies Inc., Delta Electronics Inc., Solectria Renewables LLC, Omron Corporation, Hitachi Hi-rel Power Electronics Private Limited, Power Electronics S.L, Schneider Electric, SunPower Corporation, imer S.p.A, Tabuchi Electric Co. Ltd., General Electric Company, Enphase Energy Inc., Advanced Energy Industries Inc., Chint Power Systems Co. Ltd., Eaton Corporation PLC, Ginlong Technologies Co. Ltd., GoodWe Power Supply Technology Co. Ltd., Huawei Technologies Co. Ltd., Ingeteam S.A., KACO new energy GmbH, Mitsubishi Electric Corporation, Sungrow Power Supply Co. Ltd., Tebian Electric Apparatus Co. Ltd., Toshiba Corporation, Trina Solar Limited, Wuxi Suntech Power Co. Ltd., Yaskawa Electric Corporation, Yingli Green Energy Holding Company Limited, Zeversolar, Zhejiang Chint Electrics Co. Ltd.

Asia-Pacific was the largest region in the solar inverter market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solar inverter market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the Solar Inverter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The solar inverter market consists of sales of microinverters, string inverters, central inverters, and other solar inverters. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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