The solar PV inverter market attained a value of USD 8.45 Billion in 2024. The industry is expected to grow at a CAGR of 5.00% during the forecast period of 2025-2034. By 2034, the market is expected to reach USD 13.76 Billion.
The rapid global shift towards renewable energy sources is one of the key solar PV inverter market trends. According to SolarPower Europe, the global solar installations recorded nearly 600 GW in 2024, exhibiting a 33% rise from 2023. Governments and corporations are committing to reduce carbon emissions, leading to increased solar installations. As solar panels become more affordable and efficient, the demand for reliable inverters to convert DC power to AC power is rising. This growth is prominent in emerging markets and developing countries where energy infrastructure is expanding, fuelling the need for cost-effective solar solutions.
Large-scale solar farms are growing rapidly worldwide to meet energy demand and sustainability goals. These projects require high-capacity, reliable inverters capable of handling significant power outputs and integrating with grid infrastructure. Utility-scale inverters focus on durability, scalability, and advanced grid support features to cater to the sustainability demands. In September 2024, GE Vernova launched a 6 MVA, 2000V DC utility-scale inverter, piloted in North America, to cut solar energy costs and speed up renewable energy adoption and decarbonization. The rise in government-backed renewable energy auctions and private investments in utility solar farms is also fuelling the solar PV inverter industry growth.
Microinverters are growing rapidly in the solar PV inverter industry, especially in residential and small commercial installations that prioritize panel-level optimization and monitoring. Unlike central or string inverters, microinverters are installed on each individual solar panel, converting DC to AC right at the source. This reduces the impact of shading, panel mismatch, or dirt on the overall system’s performance. Brands have popularized microinverters due to their enhanced safety, improved energy harvest, and easier system expansion. Microinverters further appeal to customers seeking maximum efficiency and detailed panel-level analytics.
The > 1,500 V segment is a swiftly growing category of the solar PV inverter industry, mainly in utility-scale solar power plants. Higher voltage systems offer improved efficiency by minimizing losses and reducing conductor size and cost for large solar arrays. In July 2024, TBEA launched its new 1,500 V TS360KTL‑HV‑C1 string inverter to deliver 99.02% efficiency, six MPPT channels, up to 65 A input, 115 A short-circuit current, optimizing utility-scale PV performance. Advanced central inverters and next-generation utility-scale projects further leverage this segment to maximize output and reduce overall system costs.
The industrial-scale segment is growing rapidly as factories and manufacturing units turn to solar for stable, low-cost energy. These systems typically demand rugged inverters that support high loads and resist dust and temperature fluctuations. Inverters, such as Growatt’s MAX series or SMA’s Sunny Tripower are commonly used. These setups can be rooftop or ground-mounted and range from 100 kW to several megawatts, especially when paired with battery storage. In high-energy-use industries, such as textiles and food processing, solar plus inverter systems further drastically cut peak demand charges and reduce dependency on the grid.
North America, while technologically advanced, is accelerating the solar PV inverter market development. Several companies are driving innovations and partnerships in the microinverter and smart inverter space, especially for residential rooftop solar. In February 2024, Canada-based SPARQ Systems partnered with JioThings, a subsidiary of Reliance Industries, to manufacture and distribute PV microinverters in India. Utility-scale projects in Texas and California also rely on high-voltage central and string inverters from global players, further boosting the regional product uptake.
Strategic partnerships, mergers, and acquisitions help companies broaden their product portfolios, enter new regions, and gain access to advanced technologies. Cost optimization through improved manufacturing processes and economies of scale allows firms to remain competitive while meeting the growing demand for affordable renewable energy solutions. Furthermore, a strong focus on R&D ensures ongoing product development aligned with evolving grid standards and energy storage integration. Customer-centric approaches are also key to building long-term relationships and brand loyalty in a rapidly evolving energy landscape.
Mitsubishi Electric US, Inc.
Mitsubishi Electric US, Inc., founded in 1973, operates from Cypress, and specializes in advanced electronics and energy systems. Notable achievements include high-efficiency photovoltaic inverters and smart grid technologies. This American company’s innovations focus on sustainable energy, smart building solutions, and environmentally responsible products aligned with global carbon reduction goals.
Other players in the solar PV inverter market are Huawei Technologies Co., Ltd, FIMER Group, SolarEdge Technologies Inc, and Toshiba International Corporation, among others.
The rapid global shift towards renewable energy sources is one of the key solar PV inverter market trends. According to SolarPower Europe, the global solar installations recorded nearly 600 GW in 2024, exhibiting a 33% rise from 2023. Governments and corporations are committing to reduce carbon emissions, leading to increased solar installations. As solar panels become more affordable and efficient, the demand for reliable inverters to convert DC power to AC power is rising. This growth is prominent in emerging markets and developing countries where energy infrastructure is expanding, fuelling the need for cost-effective solar solutions.
Large-scale solar farms are growing rapidly worldwide to meet energy demand and sustainability goals. These projects require high-capacity, reliable inverters capable of handling significant power outputs and integrating with grid infrastructure. Utility-scale inverters focus on durability, scalability, and advanced grid support features to cater to the sustainability demands. In September 2024, GE Vernova launched a 6 MVA, 2000V DC utility-scale inverter, piloted in North America, to cut solar energy costs and speed up renewable energy adoption and decarbonization. The rise in government-backed renewable energy auctions and private investments in utility solar farms is also fuelling the solar PV inverter industry growth.
Key Trends and Developments
April 2025
Sunora unveiled its entrance into the solar inverter market at RenewX 2025 by introducing the SUN 10HL G4, a robust 15 kW three phased grid tied inverter featuring up to 1,000 V DC input, MPPT (maximum power point tracking) range of 200-850 V, and IP66 protection. This marked the company’s strategic diversification beyond modules into hybrid inverter solutions.August 2024
Enphase partnered with Indian solar provider SolarSquare to integrate its microinverters into SolarSquare’s rooftop installations. The collaboration enabled high-efficiency, IP67-rated systems with real-time monitoring via Enphase’s cloud platform. With this, customers are benefitting from fast, eight-hour installations, industry-leading warranties, and better energy yield in diverse rooftop and shading conditions.April 2024
IB Solar partnered with INVT Solar to launch a dedicated sales and service centre at its Noida facility in India. This alliance enhanced IB Solar’s product range with INVT’s advanced inverter technology, while providing customers with local technical support, maintenance, and repairs by trained professionals for boosting service quality and regional presence.August 2023
RECOM introduced a versatile new inverter series for residential, commercial, and industrial sectors. The Helios and Apollo models deliver up to 98% efficiency and IP66 protection. Three phase Atlas, Poseidon, and Zeus units reach 99% efficiency, while hybrid Orion/Titan systems support smart storage, zero export control, and 10 year warranty.Technological Advancements
Innovation in inverter technology is shaping the solar PV inverter market growth. Modern solar PV inverters are becoming more efficient, compact, and intelligent by integrating maximum power point tracking, grid support functions, and enhanced monitoring. In January 2025, Solis introduced its Solarator hybrid inverter series with MPPT capability, UPS-level switching, generator-grid compatibility, and advanced fault diagnostics for residential and commercial applications in India. These advancements improve system performance, reduce downtime, and allow better integration with smart grids and energy management systems, thus appealing to both residential and commercial users.Environmental Sustainability and Carbon Reduction Goals
Corporate and governmental carbon neutrality targets drive demand for clean energy solutions. Solar PV systems, supported by efficient inverters, are key to achieving these goals. Companies increasingly invest in renewable energy to meet sustainability commitments. Inverters that support higher energy yields and seamless grid integration contribute to reducing carbon footprints. In September 2024, Midea launched a 0.5 PK inverter air conditioner that optimizes energy consumption, delivering efficient cooling with reduced electricity usage and lower monthly utility bills. Such instances are further positioning solar PV as a core technology in decarbonization efforts.Rising Government Incentives and Policies
Supportive regulatory frameworks and incentives, such as tax credits, subsidies, and feed-in tariffs, are accelerating the solar PV inverter deployment. Many countries have implemented policies to promote clean energy, including mandates for renewable energy targets. These policies also include favourable conditions for solar inverter installation, such as streamlined permitting and net metering. In February 2024, India introduced its ambitious ₹75,000 cr rooftop solar subsidy scheme to offer central financial assistance covering up to 60% for systems ≤ 2 kW and 40% for 2-3 kW. Government backing lowers financial barriers and encourages developers and homeowners to invest in solar infrastructure, boosting the market.Growth in Residential Solar Installations
Residential solar markets are expanding due to increased consumer awareness, falling costs, and energy independence desires. Homeowners prefer inverters that offer easy installation, high efficiency, and compatibility with energy storage systems. In May 2025, POM Systems & Services launched hybrid inverters for residential solar use, available in 5 kW, 3 kW, and 10 kW power ratings. The rising trend of rooftop solar, combined with government incentives and net metering policies, also boosts inverter demand. Moreover, residential users opt for smart inverters to provide real-time energy monitoring and integrate with home automation systems.Digitalization and IoT Integration
The integration of digital technologies and Internet of Things (IoT) to enhance performance monitoring and predictive maintenance is boosting the solar PV inverter industry value. In April 2025, India’s Maxvolt launched a Smart Lithium Inverter series, supporting both lithium and lead-acid batteries, to deliver pure sine wave output and include smart charge/discharge functions, Wi Fi/Bluetooth connectivity, and app-based remote monitoring. This connectivity improves operational efficiency and system optimization, attracting commercial and utility customers who require detailed analytics and control, making digitalization a crucial trend shaping the future of the inverter market.Solar PV Inverter Industry Segmentation
The report titled “Solar PV Inverter Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:Market Breakup by Technology
- Central Inverters
- String Inverters
- Microinverters
- Others
Market Breakup by Voltage
- < 1,000 V
- 1,000 - 1,499 V
- > 1,500 V
- Others
Market Breakup by Application
- Utility Scale
- Residential Scale
- Small Commercial Scale
- Large Commercial Scale
- Industrial Scale
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Solar PV Inverter Market Share
String Inverters & Microinverters to Gain Traction
String inverters represent a significant segment of the solar PV inverter market, widely adopted for residential and small commercial solar installations. Their modular design offers flexibility, easier installation, and maintenance benefits. In May 2025, GoodWe launched its GT Series string inverter, offering models ranging from 100kW to 125kW, tailored for commercial and industrial applications. Residential solar setups by leading companies paired with string inverters also offers homeowners scalable and efficient energy conversion. String inverters further balance cost and performance well, gaining popularity in markets emphasizing distributed energy resources.Microinverters are growing rapidly in the solar PV inverter industry, especially in residential and small commercial installations that prioritize panel-level optimization and monitoring. Unlike central or string inverters, microinverters are installed on each individual solar panel, converting DC to AC right at the source. This reduces the impact of shading, panel mismatch, or dirt on the overall system’s performance. Brands have popularized microinverters due to their enhanced safety, improved energy harvest, and easier system expansion. Microinverters further appeal to customers seeking maximum efficiency and detailed panel-level analytics.
1,000 - 1,499 V & > 1,500 V Solar PV Inverters to Record Popularity
The 1,000 - 1,499 V segment holds a substantial share of the solar PV inverter market. This voltage range is primarily used in medium to large commercial and industrial solar projects where higher voltage allows for reduced current, lowering losses and cabling costs. Many central and string inverters for commercial-scale plants, such as those deployed in warehouses or factories, operate in this range. Projects developed by major companies use inverters in this voltage range to optimize performance and cost-efficiency without the complexity of ultra-high voltage systems.The > 1,500 V segment is a swiftly growing category of the solar PV inverter industry, mainly in utility-scale solar power plants. Higher voltage systems offer improved efficiency by minimizing losses and reducing conductor size and cost for large solar arrays. In July 2024, TBEA launched its new 1,500 V TS360KTL‑HV‑C1 string inverter to deliver 99.02% efficiency, six MPPT channels, up to 65 A input, 115 A short-circuit current, optimizing utility-scale PV performance. Advanced central inverters and next-generation utility-scale projects further leverage this segment to maximize output and reduce overall system costs.
Large Commercial Scale & Industrial Scale Solar PV Inverters to Witness Demand
Large commercial solar systems serve office buildings, shopping centres, and large institutions with rooftop or ground-mounted installations, adding to the solar PV inverter market share. Inverters used here offer multiple MPPTs, high efficiency, and remote monitoring. With financial incentives and ESG compliance pressure, many corporations are investing heavily in large commercial solar. In October 2024, Solplanet’s ASW350K HT 350 kW inverter was launched in India to deliver 99.01 % efficiency, six MPPTs, 75 A input for empowering large-scale PV projects, further keeping this segment significant.The industrial-scale segment is growing rapidly as factories and manufacturing units turn to solar for stable, low-cost energy. These systems typically demand rugged inverters that support high loads and resist dust and temperature fluctuations. Inverters, such as Growatt’s MAX series or SMA’s Sunny Tripower are commonly used. These setups can be rooftop or ground-mounted and range from 100 kW to several megawatts, especially when paired with battery storage. In high-energy-use industries, such as textiles and food processing, solar plus inverter systems further drastically cut peak demand charges and reduce dependency on the grid.
Solar PV Inverter Market Regional Analysis
Europe & North America to Record Solar PV Inverter Deployment
Europe holds a large share of the solar PV inverter market, underpinned by strong environmental regulations, aggressive carbon-neutral targets, and a mature solar infrastructure. Germany, Spain, and Italy lead adoption, with a focus on high-efficiency residential and commercial installations. The region favours string inverters and smart inverters with grid support features due to evolving energy standards. Additionally, energy storage integration and retrofitting of older systems have created new demand in the continent. Europe’s emphasis on distributed generation continues to drive growth in medium and small-scale solar deployments.North America, while technologically advanced, is accelerating the solar PV inverter market development. Several companies are driving innovations and partnerships in the microinverter and smart inverter space, especially for residential rooftop solar. In February 2024, Canada-based SPARQ Systems partnered with JioThings, a subsidiary of Reliance Industries, to manufacture and distribute PV microinverters in India. Utility-scale projects in Texas and California also rely on high-voltage central and string inverters from global players, further boosting the regional product uptake.
Competitive Landscape
Key players in the solar PV inverter market are employing strategic approaches to strengthen their market position and drive growth. With technological innovation, firms are focusing on the development of smart and hybrid inverters that enable grid stability, remote monitoring, and better energy management. Companies are also integrating advanced software solutions and artificial intelligence to enhance inverter efficiency and performance. Expansion into emerging markets is another common strategy, driven by the rising demand for clean energy and supportive government policies.Strategic partnerships, mergers, and acquisitions help companies broaden their product portfolios, enter new regions, and gain access to advanced technologies. Cost optimization through improved manufacturing processes and economies of scale allows firms to remain competitive while meeting the growing demand for affordable renewable energy solutions. Furthermore, a strong focus on R&D ensures ongoing product development aligned with evolving grid standards and energy storage integration. Customer-centric approaches are also key to building long-term relationships and brand loyalty in a rapidly evolving energy landscape.
Schneider Electric SE
Founded in 1836, Schneider Electric SE is headquartered in Rueil-Malmaison, France. The company is known for pioneering energy management and automation solutions with innovations including EcoStruxure™, a platform enhancing efficiency and sustainability. Schneider is recognized globally for advancing digital transformation across industries via smart grid and renewable energy technologies.Siemens AG
Siemens AG, established in 1847 and headquartered in Munich, Germany is renowned for industrial automation and as well as infrastructure, and leads in grid solutions and renewable integration. Siemens' SINAMICS and SICAM platforms have modernized power systems, while its investment in AI and IoT technologies supports energy efficiency and digitalized infrastructure development.Mitsubishi Electric US, Inc.
Mitsubishi Electric US, Inc., founded in 1973, operates from Cypress, and specializes in advanced electronics and energy systems. Notable achievements include high-efficiency photovoltaic inverters and smart grid technologies. This American company’s innovations focus on sustainable energy, smart building solutions, and environmentally responsible products aligned with global carbon reduction goals.
General Electric Company
General Electric Company (GE), established in 1892 and headquartered in Boston, the United States. GE has been instrumental in power generation and grid modernization via its breakthroughs in digital energy platforms, such as GE Digital and Predix. The company continues driving innovation in renewables, including wind, solar, and hybrid energy solutions.Other players in the solar PV inverter market are Huawei Technologies Co., Ltd, FIMER Group, SolarEdge Technologies Inc, and Toshiba International Corporation, among others.
Key Features of the Solar PV Inverter Market Report
- In-depth quantitative analysis of market size, share, and forecast till 2034
- Comprehensive assessment of key market drivers, challenges, and growth opportunities
- Detailed segmentation by technology, voltage, application, and region
- Competitive landscape profiling major players and market strategies
- Latest trends and innovations shaping the solar PV inverter industry
- Regional analysis highlighting high-growth markets and future investment prospects
- Trusted source for accurate, data-driven industry insights and forecasts
- Expert analysis tailored to support strategic business decision-making
- Proven track record in delivering market intelligence across sectors
- Timely updates on key industry shifts and emerging market dynamics
Table of Contents
1 Executive Summary
2 Market Overview and Stakeholder Insights
3 Economic Summary
4 Country Risk Profiles
5 Global Solar PV Inverter Market Analysis
6 North America Solar PV Inverter Market Analysis
7 Europe Solar PV Inverter Market Analysis
8 Asia-Pacific Solar PV Inverter Market Analysis
9 Latin America Solar PV Inverter Market Analysis
10 Middle East and Africa Solar PV Inverter Market Analysis
11 Market Dynamics
14 Manufacturing Process
15 Competitive Landscape
Companies Mentioned
The key companies featured in this Solar PV Inverter market report include:- Schneider Electric SE
- Siemens AG
- Mitsubishi Electric US, Inc.
- General Electric Company
- Huawei Technologies Co., Ltd
- FIMER Group
- SolarEdge Technologies Inc
- Toshiba International Corporation
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 176 |
| Published | August 2025 |
| Forecast Period | 2025 - 2034 |
| Estimated Market Value ( USD | $ 8.45 Billion |
| Forecasted Market Value ( USD | $ 13.76 Billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
