Photovoltaic (PV) Inverters - Global Strategic Business Report

The global market for Photovoltaic (PV) Inverters was estimated at US$12.1 Billion in 2024 and is projected to reach US$19.8 Billion by 2030, growing at a CAGR of 8.4% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. The report includes the most recent global tariff developments and how they impact the Photovoltaic (PV) Inverters market.

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.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Central Inverter segment, which is expected to reach US$9.9 Billion by 2030 with a CAGR of a 9.0%. The String Inverter segment is also set to grow at 7.1% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, estimated at $3.1 Billion in 2024, and China, forecasted to grow at an impressive 12.4% CAGR to reach $5.0 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Photovoltaic (PV) Inverters Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Photovoltaic (PV) Inverters Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Photovoltaic (PV) Inverters Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of players such as ABB Ltd., Elettronica Santerno S.p.A, Enphase Energy Inc., Fronius International GmbH, Ingeteam Corporacion, S.A. and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Some of the 52 companies featured in this Photovoltaic (PV) Inverters market report include:

• 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

This edition integrates the latest global trade and economic shifts as of June 2025 into comprehensive market analysis. Key updates include:

• Tariff and Trade Impact: Insights into global tariff negotiations across 180+ countries, with analysis of supply chain turbulence, sourcing disruptions, and geographic realignment. Special focus on 2025 as a pivotal year for trade tensions, including updated perspectives on the Trump-era tariffs.
• Adjusted Forecasts and Analytics: Revised global and regional market forecasts through 2030, incorporating tariff effects, economic uncertainty, and structural changes in globalization. Includes segmentation by product, technology, type, material, distribution channel, application, and end-use, with historical analysis since 2015.
• Strategic Market Dynamics: Evaluation of revised market prospects, regional outlooks, and key economic indicators such as population and urbanization trends.
• Innovation & Technology Trends: Latest developments in product and process innovation, emerging technologies, and key industry drivers shaping the competitive landscape.
• Competitive Intelligence: Updated global market share estimates for 2025, competitive positioning of major players (Strong/Active/Niche/Trivial), and refined focus on leading global brands and core players.
• Expert Insight & Commentary: Strategic analysis from economists, trade experts, and domain specialists to contextualize market shifts and identify emerging opportunities.
• Complimentary Update: Buyers receive a free July 2025 update with finalized tariff impacts, new trade agreement effects, revised projections, and expanded country-level coverage.