This Solar Inverter report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
The solar inverter market size has grown rapidly in recent years. It will grow from $16.63 billion in 2024 to $18.52 billion in 2025 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to increased adoption of solar photovoltaic (pv) systems, growth in focus on energy independence and sustainability, solar cost reduction, grid integration, energy independence.
The solar inverter market size is expected to see rapid growth in the next few years. It will grow to $28.23 billion in 2029 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to energy storage integration, global climate commitments, electrification initiatives, smart grid development, increasing solar power projects. Major trends in the forecast period include smart inverters, hybrid solar inverters, advanced mppt algorithms, ai and predictive maintenance, bifacial solar panels.
The rapid advancement in the renewable energy sector is significantly fueling the growth of the solar inverter market. The swift expansion of solar power in recent years has revitalized global initiatives aimed at reducing greenhouse gas emissions and combating the adverse effects of climate change. Solar inverters play a crucial role in this renewable energy growth. For example, in June 2023, the Energy Information Administration, a US-based government agency, reported that renewable energy consumption in the United States rose from 12.1 quadrillion British thermal units (quads) in 2021 to 13.2 quads in 2022. Consequently, the ongoing development in the renewable energy sector is expected to drive further growth in 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.
Major companies in the global solar inverter market are focusing on developing innovative technologies, such as the 6 MVA 2000 Vdc inverter, to enhance efficiency, lower costs, and improve scalability in utility-scale solar energy systems. The 6 MVA 2000 Vdc inverter is a utility-scale solar solution designed to improve efficiency and cut costs by converting direct current (DC) power from solar panels into alternating current (AC) power for grid integration. For example, in September 2024, GE Vernova Inc., a US-based energy equipment company formerly known as GE Power and GE Renewable Energy, launched the FLEXINVERTER 2000 VDC. This inverter operates at 2000 volts direct current (Vdc), an upgrade from the previous standard of 1500 Vdc, facilitating more efficient energy conversion and reducing installation costs.
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 2024. 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.
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 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.
This product will be delivered within 3-5 business days.
The solar inverter market size has grown rapidly in recent years. It will grow from $16.63 billion in 2024 to $18.52 billion in 2025 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to increased adoption of solar photovoltaic (pv) systems, growth in focus on energy independence and sustainability, solar cost reduction, grid integration, energy independence.
The solar inverter market size is expected to see rapid growth in the next few years. It will grow to $28.23 billion in 2029 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to energy storage integration, global climate commitments, electrification initiatives, smart grid development, increasing solar power projects. Major trends in the forecast period include smart inverters, hybrid solar inverters, advanced mppt algorithms, ai and predictive maintenance, bifacial solar panels.
The rapid advancement in the renewable energy sector is significantly fueling the growth of the solar inverter market. The swift expansion of solar power in recent years has revitalized global initiatives aimed at reducing greenhouse gas emissions and combating the adverse effects of climate change. Solar inverters play a crucial role in this renewable energy growth. For example, in June 2023, the Energy Information Administration, a US-based government agency, reported that renewable energy consumption in the United States rose from 12.1 quadrillion British thermal units (quads) in 2021 to 13.2 quads in 2022. Consequently, the ongoing development in the renewable energy sector is expected to drive further growth in 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.
Major companies in the global solar inverter market are focusing on developing innovative technologies, such as the 6 MVA 2000 Vdc inverter, to enhance efficiency, lower costs, and improve scalability in utility-scale solar energy systems. The 6 MVA 2000 Vdc inverter is a utility-scale solar solution designed to improve efficiency and cut costs by converting direct current (DC) power from solar panels into alternating current (AC) power for grid integration. For example, in September 2024, GE Vernova Inc., a US-based energy equipment company formerly known as GE Power and GE Renewable Energy, launched the FLEXINVERTER 2000 VDC. This inverter operates at 2000 volts direct current (Vdc), an upgrade from the previous standard of 1500 Vdc, facilitating more efficient energy conversion and reducing installation costs.
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 2024. 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.
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 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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Solar Inverter Market Characteristics3. Solar Inverter Market Trends and Strategies4. Solar Inverter Market - Macro Economic Scenario Including the Impact of Interest Rates, Inflation, Geopolitics, and the Recovery from COVID-19 on the Market32. Global Solar Inverter Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the Solar Inverter Market34. Recent Developments in the Solar Inverter Market
5. Global Solar Inverter Growth Analysis and Strategic Analysis Framework
6. Solar Inverter Market Segmentation
7. Solar Inverter Market Regional and Country Analysis
8. Asia-Pacific Solar Inverter Market
9. China Solar Inverter Market
10. India Solar Inverter Market
11. Japan Solar Inverter Market
12. Australia Solar Inverter Market
13. Indonesia Solar Inverter Market
14. South Korea Solar Inverter Market
15. Western Europe Solar Inverter Market
16. UK Solar Inverter Market
17. Germany Solar Inverter Market
18. France Solar Inverter Market
19. Italy Solar Inverter Market
20. Spain Solar Inverter Market
21. Eastern Europe Solar Inverter Market
22. Russia Solar Inverter Market
23. North America Solar Inverter Market
24. USA Solar Inverter Market
25. Canada Solar Inverter Market
26. South America Solar Inverter Market
27. Brazil Solar Inverter Market
28. Middle East Solar Inverter Market
29. Africa Solar Inverter Market
30. Solar Inverter Market Competitive Landscape and Company Profiles
31. Solar Inverter Market Other Major and Innovative Companies
35. Solar Inverter Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Solar Inverter Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on solar inverter market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for solar inverter? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The solar inverter market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) by Type: Central Inverter; Micro Inverter; String Inverter2) by System-Type: on-Grid; Off-Grid
3) by End-Use: Residential; Commercial; Utilities
Subsegments:
1) by Central Inverter: Utility-Scale Central Inverters; Containerized Central Inverters; Transformer-Based Central Inverters2) by Micro Inverter: Standard Micro Inverters; Enclosed Micro Inverters; Integrated Micro Inverters
3) by String Inverter: Single-Phase String Inverters; Three-Phase String Inverters; Hybrid String Inverters
Key Companies Mentioned: Asea Brown Boveri; Sma Solar Technology AG; Canadian Solar; Solaredge Technologies Inc; Delta Electronics Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
Some of the major companies featured in this Solar Inverter market report 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.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | February 2025 |
| Forecast Period | 2025 - 2029 |
| Estimated Market Value ( USD | $ 18.52 Billion |
| Forecasted Market Value ( USD | $ 28.23 Billion |
| Compound Annual Growth Rate | 11.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 34 |
