Photovoltaic (PV) Inverters

Global Photovoltaic (PV) Inverters Market to Reach US$19.8 Billion by 2030

The global market for Photovoltaic (PV) Inverters estimated at US$12.1 Billion in the year 2024, is expected to reach US$19.8 Billion by 2030, growing at a CAGR of 8.4% over the analysis period 2024-2030. Central Inverter, one of the segments analyzed in the report, is expected to record a 9.0% CAGR and reach US$9.9 Billion by the end of the analysis period. Growth in the String Inverter segment is estimated at 7.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$3.1 Billion While China is Forecast to Grow at 12.4% CAGR

The Photovoltaic (PV) Inverters market in the U.S. is estimated at US$3.1 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$5.0 Billion by the year 2030 trailing a CAGR of 12.4% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 4.2% and 7.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.2% CAGR.

Photovoltaic (PV) Inverters- Key Trends and Drivers Summarized

Photovoltaic (PV) inverters play a critical role in the solar energy sector, converting direct current (DC) electricity generated by solar panels into alternating current (AC) electricity that can be used by homes, businesses, and industries. This conversion is essential for integrating solar power into the existing electrical grid. PV inverters also regulate voltage and frequency, ensuring that the electricity supplied is stable and reliable. Beyond their basic function, PV inverters are now being used in innovative applications such as photovoltaic water pump systems, which are particularly beneficial for irrigation and agricultural activities. These systems use solar panels to generate electricity, which is then converted by inverters to power water pumps, providing a reliable water supply even in off-grid or remote areas.

The efficiency and reliability of PV inverters are crucial for the overall performance of solar energy systems. High-quality inverters maximize the energy output from solar panels and minimize energy waste, contributing to cost savings and a lower carbon footprint. Furthermore, PV inverters enhance energy resilience and independence, especially when used in off-grid operations. This is particularly important for remote areas that lack access to the electrical grid, where PV inverters paired with photovoltaic water pump systems can significantly improve water accessibility and agricultural productivity. The durability and reliability of inverters are emphasized through rigorous testing and certification processes to ensure they meet global and local standards, such as those set by the International Electrotechnical Commission (IEC) and other regulatory bodies.

Several key factors are driving the growth of the PV inverter market. The integration of PV inverters with smart grid technology enhances their functionality and compatibility with modern energy systems. Advances in inverter technology have led to improved efficiency and performance, making them more attractive to residential and commercial users. The trend towards residential solar installations and the increasing adoption of PV inverters in commercial, industrial, and agricultural sectors are boosting demand. Environmental awareness and the preference for energy independence are also significant drivers, as consumers seek green energy solutions and off-grid systems. Additionally, the rise in electric vehicle ownership is creating demand for integrated PV inverter solutions for home EV charging. Government incentives and subsidies, mandatory renewable energy targets, and the development of modular and scalable designs are further promoting the adoption of PV inverters. Innovations in installation and maintenance, compatibility with battery storage systems, and the incorporation of smart energy management systems are enhancing their accessibility and efficiency. The use of microinverters and power optimizers, which offer module-level power optimization, is also becoming more popular, contributing to the overall growth of the PV inverter market.

SCOPE OF STUDY:

The report analyzes the Photovoltaic (PV) Inverters market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Product Type (Central Inverter, String Inverter, Micro Inverter); Connection Type (On-Grid, Off-Grid); Power Class (Three-Phase, Single-Phase); End-Use (Utilities, Residential, Other End-Uses)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 52 Featured) -

• ABB Ltd.
• Elettronica Santerno S.p.A
• Enphase Energy Inc.
• Fronius International GmbH
• Ingeteam Corporacion, S.A.
• KACO new energy GmbH
• Sineng
• SMA Solar Technology AG
• Sungrow Power Supply
• TMEIC

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

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