Solar PV Inverter Global Market Report 2024

The solar PV inverter market size has grown strongly in recent years. It will grow from $9.37 billion in 2023 to $10.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth observed in the historic period can be attributed to several factors, including rapid development in the renewable energy sector, the ease of installation of solar inverters, emerging government subsidies supporting renewable energy initiatives, the global push towards cleaner and more sustainable energy sources, and the declining costs of solar PV inverters. These factors collectively contributed to the growth of the solar inverter market during the historic period.

The solar PV inverter market size is expected to see strong growth in the next few years. It will grow to $13.01 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. In the forecast period, the growth in the solar PV inverter market can be attributed to factors such as increasing investments and ambitious solar energy targets, a rising trend in the usage of solar inverters in commercial and industrial projects, growing global energy demand, an increased overall demand for solar power, and a rise in the need for reliable and continuous power supply. Major trends expected in the forecast period include the increased adoption of microinverters and string inverters, a growing demand for high-power inverters, the development of smart inverters, advancements in new inverter technologies, and continuous product innovation and adaptation of the latest technologies in solar PV inverters.

The anticipated rapid development in the renewable energy sector is poised to drive the growth of the solar PV inverter market. Renewable energy, derived from naturally replenishing resources such as sunlight, wind, rain, tides, and geothermal heat, is gaining prominence due to its sustainability and environmentally friendly attributes. This shift represents a crucial alternative to fossil fuels, contributing to reduced greenhouse gas emissions and decreased reliance on finite resources. Solar PV inverters play a vital role in harnessing renewable energy by converting the direct current (DC) electricity generated by photovoltaic panels into alternating current (AC) electricity, facilitating its integration into grid or home electrical systems. As of December 2022, the International Energy Agency projects a significant global shift in electricity generation from coal and natural gas towards renewables. By 2027, solar PV is expected to surpass coal, becoming the world's largest power capacity and exceeding natural gas in 2026. The rise in renewable energy adoption serves as a key driver behind the growth of the solar PV inverter market.

Major companies in the solar PV inverter market are actively innovating by introducing new products such as Solsmart to enhance their market profitability. Solsmart, an on-grid PV inverter, boasts an impressive 98.4% efficiency and advanced safety features such as an integrated DC switch. Suitable for both rooftop and traditional solar panels, this product was launched by V-Guard Industries Ltd., a consumer electronics company based in India, in June 2022. Offering a comprehensive 10-year warranty, Solsmart features innovative capabilities such as real-time solar analytics, maintenance reminders, and a battery gravity builder, all accessible through a mobile app. Engineered for durability, it provides protection against short circuits, overloading, and surges, available in both single- and three-phase models.

In October 2023, Hitachi Ltd., a Japan-based manufacturer of construction, telecom, and power system products, acquired EKS Energy for an undisclosed amount. This acquisition aligns with Hitachi Energy's objective to enhance its offerings in renewables and battery energy storage. By integrating EKS Energy's expertise in power electronics and energy management with Hitachi's capabilities in system integration, automation, and software, the collaboration aims to strengthen Hitachi Energy's position in the evolving renewable energy landscape. EKS Energy, based in the UK, is recognized for its manufacturing of power electronic devices.

Major companies operating in the solar pv inverter market report are Huawei Technologies Co. Ltd., Hitachi Limited, Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Toshiba Corporation, Eaton Corporation, TBEA Sunoasis Co. Ltd., Emerson Electric Co., Omron Corporation, Sungrow Power Supply Co. Ltd., SolarEdge Technologies Inc., Enphase Energy Inc., SunPower Corporation, SMA Solar Technology AG, Fronius International GmbH, Kstar New Energy Co. Ltd., AEG Power Solutions B.V., KACO new energy GmbH, Fimer SpA, Sineng Electric Co. Ltd., Altenergy Power System Inc., Delta Energy Systems Inc.

Asia-Pacific was the largest region in the solar PV inverter market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the solar pv inverter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the solar pv inverter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A solar PV (photovoltaic) inverter plays a crucial role in converting the variable DC (direct current) output generated by solar panels into a stable AC (alternating current) form. This conversion enables the utilization of solar energy in both commercial grid setups and independent off-grid applications. As a critical component in a solar energy system, the inverter facilitates the use of electricity generated by solar panels to power electrical devices and systems in homes and businesses. Additionally, the inverter optimizes energy harvest by adjusting the electrical characteristics to match those of the grid or load.

The primary types of solar PV inverters are central inverters, string inverters, and microinverters. Central inverters are large-scale inverters designed to aggregate electricity from multiple solar panels for conversion from DC to AC. These inverters are commonly employed in utility-scale solar installations. Central inverters are available in different connection types, including on-grid and off-grid configurations. They find applications in various settings, including residential, commercial, industrial, and utility-scale solar projects.

The solar PV inverters market research report is one of a series of new reports that provides solar PV inverters market statistics, including solar PV inverters industry global market size, regional shares, competitors with a solar PV inverters market share, detailed solar PV inverters market segments, market trends, and opportunities, and any further data you may need to thrive in the solar PV inverters industry. This solar PV inverters 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 PV inverter market consists of sales of solar panels, solar batteries, monitoring systems, hybrid inverters, and battery-based 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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