Solar PV Inverter Market Size and Outlook 2031

Report Description

Forecast Period	2027-2031
Market Size (2025)	USD 17.75 Billion
CAGR (2026-2031)	12.51%
Fastest Growing Segment	Central Inverters
Largest Market	Asia Pacific
Market Size (2031)	USD 36.00 Billion

Market Overview

The Global Solar PV Inverter Market will grow from USD 17.75 Billion in 2025 to USD 36.00 Billion by 2031 at a 12.51% CAGR. Solar PV inverters are critical balance-of-system components that convert the direct current output from photovoltaic modules into utility-frequency alternating current for grid integration or local consumption. The global market is primarily propelled by stringent government mandates aiming for decarbonization and the superior cost-competitiveness of solar energy against fossil fuel generation. These fundamental drivers ensure sustained demand for power conversion units irrespective of temporary technological shifts. According to the China Photovoltaic Industry Association, in 2024, new photovoltaic installations in China reached 181 gigawatts during the first ten months, directly reflecting the massive volume of inverter deployment required to support this capacity.

However, the sector faces a significant impediment regarding grid infrastructure limitations. Aging electrical grids often lack the flexibility to accommodate the high variability of renewable energy, leading to congestion and curtailment issues that delay project commissioning. This technical bottleneck forces utilities to impose strict interconnection standards and hinders the pace of new inverter installations as developers struggle to secure grid access for large-scale solar farms.

Key Market Drivers

Rising global demand for renewable power generation stands as the primary catalyst for the solar PV inverter market. As nations transition away from carbon-intensive energy sources, the accelerated deployment of photovoltaic systems directly necessitates a parallel increase in inverter procurement to manage energy conversion and grid synchronization. This surge is not limited to utility-scale projects but includes distributed generation, requiring diverse inverter solutions ranging from central to string and micro-inverters. The magnitude of this expansion is evident in recent installation figures which highlight the sheer volume of hardware required. According to SolarPower Europe, June 2024, in the 'Global Market Outlook for Solar Power 2024-2028', global solar installations experienced a dramatic surge, growing by 87 percent year-on-year to reach 447 gigawatts in 2023. This explosive growth trajectory compels manufacturers to scale production capacities rapidly to meet the technical specifications of varied installation environments.

Supportive government policies and fiscal incentives further solidify market stability by reducing the financial barriers associated with solar adoption. Strategic frameworks such as tax credits, feed-in tariffs, and capital subsidies incentivize both residential adopters and large-scale developers to invest in photovoltaic infrastructure, thereby securing long-term order pipelines for inverter suppliers. These mechanisms are crucial for mobilizing the capital required for infrastructure upgrades and technology deployment. According to the International Energy Agency, June 2024, in the 'World Energy Investment 2024' report, investment in solar PV is projected to grow to USD 500 billion in 2024, surpassing the combined investment in all other electricity generation technologies. This financial influx drives innovation in inverter efficiency and grid-forming capabilities. Additionally, specific regional markets continue to show resilience due to these supportive structures. According to the Solar Energy Industries Association, in 2024, the United States solar market installed 9.4 gigawatts of direct current capacity during the second quarter, underscoring the sustained momentum provided by favorable regulatory environments.

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Key Market Challenges

Grid infrastructure limitations present a substantial barrier to the expansion of the global solar PV inverter market. As renewable energy generation increases, aging electrical networks often struggle to manage the variable power output associated with solar photovoltaic systems. This lack of grid flexibility results in technical congestion, forcing utility operators to curtail power generation or deny connection requests to maintain system stability. Consequently, inverter manufacturers face reduced shipment volumes because solar project developers cannot commission new sites without secured grid access.

This bottleneck creates a significant backlog of projects that directly delays the procurement and installation of power conversion units. According to the Solar Energy Industries Association, in 2024, the total solar generating capacity awaiting grid interconnection in the United States exceeded 1,000 gigawatts. This accumulation of stalled projects indicates that a large volume of inverter orders is effectively paused due to infrastructure constraints. These interconnection delays extend project timelines and increase capital risks, which dampens investor confidence and slows the overall momentum of inverter deployment in key regional markets.

Key Market Trends

The Rising Adoption of Hybrid Inverters with Integrated Energy Storage is reshaping the market as manufacturers pivot from simple power conversion to holistic energy management systems. These advanced units facilitate direct battery connection, enabling seamless self-consumption and critical backup power without the complexity of additional hardware coupling. This technological convergence is significantly driven by the end-user need to maximize solar utilization rates and manage time-of-use tariffs effectively, moving beyond mere grid connectivity. The scale of this transition is evident in the surging volumes of storage hardware deployed by leading inverter manufacturers. According to Sungrow Power Supply Co., Ltd., April 2025, in the '2024 Annual Report', the company's global shipping volume of energy storage systems reached 28 gigawatt-hours in 2024, demonstrating the substantial and growing demand for integrated storage solutions alongside standard inverter deployments.

Concurrently, the Displacement of Central Inverters by High-Capacity String Inverters in Utility Projects represents a fundamental structural shift in large-scale solar architecture. Developers are increasingly favoring high-power string inverters over traditional central inverters due to their superior maximum power point tracking granularity, which minimizes mismatch losses and enhances overall plant yield across uneven terrain. Furthermore, the modular nature of string inverters simplifies operations and maintenance, as faulty units can be swapped individually without shutting down the entire array, thereby reducing the levelized cost of energy. This trend has rapidly established string technology as the new standard for utility-scale assets. According to Saur Energy, August 2025, in the article 'Technical Progress and Application Status of String Inverters', string inverters accounted for roughly 80 percent of global shipments by 2024, far surpassing the market share of centralized units.

Segmental Insights

Based on comprehensive market research, the Central Inverters segment is identified as the fastest-growing category within the Global Solar PV Inverter Market. This accelerated growth is primarily driven by the global surge in utility-scale solar power projects and the expansion of renewable energy infrastructure in emerging economies. Central inverters are increasingly utilized in these large-scale applications due to their capacity to efficiently handle high power voltages and ensure grid stability. Furthermore, favorable government mandates and investment in green energy grids are reinforcing the demand for these durable, high-capacity systems for industrial and utility-level power generation.

Regional Insights

Asia Pacific maintains a dominant position in the global solar PV inverter market, primarily due to extensive solar capacity additions in China and India. This growth is underpinned by supportive regulatory frameworks, including renewable energy mandates established by China’s National Energy Administration to reduce carbon emissions. Increasing energy requirements from rapid urbanization further drive the installation of utility-scale solar projects to ensure grid stability. The presence of established local manufacturing hubs also allows for cost-effective production and distribution, ensuring a consistent supply of inverters to meet the rising regional demand.

Recent Developments

In September 2025, Ginlong (Solis) Technologies announced the launch of two new hybrid inverter solutions for the North American market, including a residential low-voltage model and a commercial hybrid unit with capacities up to 60 kW. The residential offering was engineered for whole-home backup with an integrated 200 A passthrough and automatic bypass, ensuring uninterrupted power during grid failures. The commercial inverter featured support for generator connections and parallel operation of multiple units. Executives stated that these products aimed to provide customers with greater energy independence and flexibility, addressing the growing demand for resilience in solar-plus-storage installations.
In May 2025, GoodWe launched the ET G2 series hybrid inverter, expanding its residential portfolio with a high-voltage three-phase solution available in power outputs ranging from 6 kW to 15 kW. Designed to enhance energy independence for modern households, the inverter was engineered to work seamlessly with scalable energy storage systems. Key features included an inbuilt smart meter, UPS-level backup mode for power outages, and smart operation modes to maximize self-consumption. The product offered high current input capabilities per string and allowed for significant oversizing of the photovoltaic array, catering to diverse rooftop configurations and energy needs.
In September 2024, Sungrow introduced a comprehensive portfolio of solar, energy storage, and green hydrogen solutions at the RE+ exhibition in Anaheim, California. The launch featured the SG4400UD-MV-US, a 4.4 MW modular inverter that combines central and string inverter benefits, and the SG350HX-US, a 1500 V string inverter designed for efficiency. The modular unit was noted for its cooling capabilities and compliance with recent utility grid codes, offering design flexibility with one maximum power point tracker per unit. The company also showcased a liquid-cooled energy storage system aimed at utility-scale applications, emphasizing reliability and safety.
In April 2024, Huawei Digital Power launched the SUN2000-150K-MG0 inverter for the commercial and industrial market during the World Future Energy Summit in Abu Dhabi. The company described the new solution as possessing an ultra-high efficiency of 98.8 percent and active safety features, marking a significant advancement for the region's solar sector. The inverter was positioned as a core component of photovoltaic plants, determining power generation efficiency and safety while accounting for a small fraction of the initial investment. Executives highlighted the product's alignment with regional sustainability goals, emphasizing its role in enabling businesses to achieve low-carbon operations through advanced digital technologies.

Key Market Players

Siemens Energy
Fimer Group
SMA Solar Technology AG
Delta Electronics, Inc
SunPower Corporation
Omron Corporation
Eaton Corporation plc
Emerson Electric Co.
Power Electronics S.L.
Hitachi Hi-Rel Power Electronics Private Limited

By Inverter Type	By Application	By Region
Central Inverters String Inverters and Micro Inverters	Residential Commercial and Industrial (C&I) and Utility-scale	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Solar PV Inverter Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Solar PV Inverter Market, By Inverter Type:

Central Inverters
String Inverters
and Micro Inverters

Solar PV Inverter Market, By Application:

Residential
Commercial and Industrial (C&I)
and Utility-scale

Solar PV Inverter Market, By Region:

North America

United States
Canada
Mexico

Europe

France
United Kingdom
Italy
Germany
Spain

Asia Pacific

China
India
Japan
Australia
South Korea

South America

Brazil
Argentina
Colombia

Middle East & Africa

South Africa
Saudi Arabia
UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Solar PV Inverter Market.

Available Customizations:

Global Solar PV Inverter Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Solar PV Inverter Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market

3.2. Overview of Key Market Segmentations

3.3. Overview of Key Market Players

3.4. Overview of Key Regions/Countries

3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Solar PV Inverter Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Inverter Type (Central Inverters, String Inverters, and Micro Inverters)

5.2.2. By Application (Residential, Commercial and Industrial (C&I), and Utility-scale)

5.2.3. By Region

5.2.4. By Company (2025)

5.3. Market Map

6. North America Solar PV Inverter Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Inverter Type

6.2.2. By Application

6.2.3. By Country

6.3. North America: Country Analysis

6.3.1. United States Solar PV Inverter Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Inverter Type

6.3.1.2.2. By Application

6.3.2. Canada Solar PV Inverter Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Inverter Type

6.3.2.2.2. By Application

6.3.3. Mexico Solar PV Inverter Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Inverter Type

6.3.3.2.2. By Application

7. Europe Solar PV Inverter Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Inverter Type

7.2.2. By Application

7.2.3. By Country

7.3. Europe: Country Analysis

7.3.1. Germany Solar PV Inverter Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Inverter Type

7.3.1.2.2. By Application

7.3.2. France Solar PV Inverter Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Inverter Type

7.3.2.2.2. By Application

7.3.3. United Kingdom Solar PV Inverter Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Inverter Type

7.3.3.2.2. By Application

7.3.4. Italy Solar PV Inverter Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Inverter Type

7.3.4.2.2. By Application

7.3.5. Spain Solar PV Inverter Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Inverter Type

7.3.5.2.2. By Application

8. Asia Pacific Solar PV Inverter Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Inverter Type

8.2.2. By Application

8.2.3. By Country

8.3. Asia Pacific: Country Analysis

8.3.1. China Solar PV Inverter Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Inverter Type

8.3.1.2.2. By Application

8.3.2. India Solar PV Inverter Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Inverter Type

8.3.2.2.2. By Application

8.3.3. Japan Solar PV Inverter Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Inverter Type

8.3.3.2.2. By Application

8.3.4. South Korea Solar PV Inverter Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Inverter Type

8.3.4.2.2. By Application

8.3.5. Australia Solar PV Inverter Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Inverter Type

8.3.5.2.2. By Application

9. Middle East & Africa Solar PV Inverter Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Inverter Type

9.2.2. By Application

9.2.3. By Country

9.3. Middle East & Africa: Country Analysis

9.3.1. Saudi Arabia Solar PV Inverter Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Inverter Type

9.3.1.2.2. By Application

9.3.2. UAE Solar PV Inverter Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Inverter Type

9.3.2.2.2. By Application

9.3.3. South Africa Solar PV Inverter Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Inverter Type

9.3.3.2.2. By Application

10. South America Solar PV Inverter Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Inverter Type

10.2.2. By Application

10.2.3. By Country

10.3. South America: Country Analysis

10.3.1. Brazil Solar PV Inverter Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Inverter Type

10.3.1.2.2. By Application

10.3.2. Colombia Solar PV Inverter Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Inverter Type

10.3.2.2.2. By Application

10.3.3. Argentina Solar PV Inverter Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Inverter Type

10.3.3.2.2. By Application

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)

12.2. Product Launches (If Any)

12.3. Recent Developments

13. Global Solar PV Inverter Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry

14.2. Potential of New Entrants

14.3. Power of Suppliers

14.4. Power of Customers

14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. Siemens Energy

15.1.1. Business Overview

15.1.2. Products & Services

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. SWOT Analysis

15.2. Fimer Group

15.3. SMA Solar Technology AG

15.4. Delta Electronics, Inc

15.5. SunPower Corporation

15.6. Omron Corporation

15.7. Eaton Corporation plc

15.8. Emerson Electric Co.

15.9. Power Electronics S.L.

15.10. Hitachi Hi-Rel Power Electronics Private Limited

16. Strategic Recommendations

17. About Us & Disclaimer

Report Description

Table of content

Figures and Tables

Frequently asked questions

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