Solar Inverters/PV Inverters Market [By Type (String Inverter, Micro Inverter and Central Inverter); By Deployment (Off-Grid and On-Grid); By End-User (Commercial, Industrial and Utility); By Regions]: Market Size & Forecast, 2024 – 2032

Solar Inverters/PV Inverters Market [By Type (String Inverter, Micro Inverter and Central Inverter); By Deployment (Off-Grid and On-Grid); By End-User (Commercial, Industrial and Utility); By Regions]: Market Size & Forecast, 2024 – 2032

Global solar inverters / PV inverters market is expected to grow from USD 12.06 billion in 2023 to USD 51.49 billion by 2032, at a CAGR of 17.5% during the forecast period, according to a study published by Polaris Market Research.

The energy demand globally is snowballing progressively over the last few decades with new methods of energy sources are continually discovered to meet the energy demand of the future. Natural and conventional energy sources such as coal is continually depleting thus renewable sources are explores constantly. Solar energy is one form of renewable energy source where sunlight is converted into electricity. Solar inverters are basically used along with solar or photovoltaic cells to convert direct current (DC) into alternative current (AC). The inverter industry has been going under a concentrated phase of procedural innovation. For project developers, investors as well as regulators, inverters form an integral part. Solar power to support utility grids has gained traction owing to rising demand for power. However, not much solar power plants are placed into grids owing to higher cost associated in setting up of solar power systems as compared to coal, wind and nuclear power generation systems. For installing solar power generation systems into a utility grid, solid state inverters are considered to be the benchmark.

Inverter technologies is constantly going under technological upgradations thus promising better grid support and sophisticated system optimization, the market is expected to reach its zenith during the forecast period. Solar inverters are generally selected on the basis of array size and AC grid inter-tie. Countless modifications regarding design such as grid-tie inverters, stand alone inverters and backup inverters are designed upon their application. The residential and commercial construction activities are recovering globally, this end-user segment is expected to hold vital considerations for the growth of the solar inverters market share.

The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Global Solar Inverters Market, 2018-2026. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada. Europe is divided into Germany, UK, Italy, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.

Competitive Landscape and Key Vendors

The global solar inverters market is a concentrated market with the presence of limited multinationals and national players. Asia Pacific market generated the highest demand in 2017. This was primarily due to the increasing demand renewable energy sources in China as well as growing number of photovoltaic solar plants in the country. Additionally, depleting natural energy sources as well as deteriorating air quality has forced the government to take actions and curb emission of harmful gasses. Apart from China, Japan and South Korea, Indian which is rapidly becoming a major consumer of solar inverters in the region is also expected to generate substantial demand. European nations such as Germany, France, UK and Italy are anticipated to be some of the leading nations to generate substantial demand by 2026 in the region. North America is yet another potential industry in terms of production as well as consumption of solar inverters.

Some of leading industry participants include Huawei, Sungrow Power Supply, SMA Solar Technology AG, ABB Ltd., Sineng, TBEA, TMEIC, Schneider Electric, SolarEdge Technologies, Power Electronics, KACO New Energy Inc., Fronius, Wuxi Sineng, SunPower Corporation, Delta Electronics, Inc., Hitachi Hi-Rel Power Electronics Pvt. Ltd. and Siemens AG among others.

Market Segment Outlook

Type

- Micro Inverter

- String Inverter

- Central Inverter

Deployment Type

- Off-Grid

- On-Grid

End-User Type

- Industrial

- Commercial

- Utility

Region

- North America

- U.S.

- Canada

- Europe

- Germany

- UK

- France

- Asia-Pacific

- China

- India

- Japan

- Latin America

- Brazil

- Mexico

- Middle East and Africa