Residential Solar PV Inverter Global Market Report 2024

The residential solar PV inverter market size has grown strongly in recent years. It will grow from $4.59 billion in 2023 to $5 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The expansion observed in the historic period can be attributed to several factors, including trends in electricity prices, global economic conditions, initiatives aimed at consumer education, and market liberalization and increased competition.

The residential solar PV inverter market size is expected to see strong growth in the next few years. It will grow to $6.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. Anticipated growth in the forecast period can be attributed to escalating concerns regarding energy independence, integration of energy storage solutions, increasing consumer awareness and education regarding solar power, and the integration of solar systems with smart home technologies. Major trends expected in the forecast period include advancements in technology, particularly in smart inverter technology, the adoption of hybrid solar inverter systems, and enhanced system integration capabilities.

The escalating demand for renewable energy is poised to drive the expansion of the residential solar PV inverter market in the foreseeable future. Renewable energy sources, including solar, wind, hydro, and geothermal power, offer sustainable and environmentally friendly alternatives to conventional energy sources by naturally replenishing themselves. Within the realm of renewable energy systems, solar PV inverters play a pivotal role, converting direct current (DC) electricity generated by solar panels into alternating current (AC) electricity. These inverters not only maximize energy production but also ensure system safety while providing monitoring and management capabilities. For instance, as reported by the International Energy Agency in January 2024, renewable electricity capacity additions surged to an estimated 507 GW in 2023, nearly 50% higher than the previous year, with solar PV and wind accounting for an unprecedented 96% of this growth. Consequently, the surging demand for renewable energy sources is propelling the expansion of the residential solar PV inverter market.

Key players in the residential solar PV inverter market are actively engaged in the development of technologically advanced solutions, such as advanced power hybrid inverters, to bolster their market presence and drive revenue growth. These advanced power hybrid inverters seamlessly integrate the functionalities of a solar inverter and a battery charger, enabling efficient management of power from solar panels, solar batteries, and the utility grid simultaneously. For example, in April 2023, Ginlong (Solis) Technologies introduced its new S6 Advanced Power Hybrid Inverter for South Africa, boasting a maximum efficiency of 97.6%. This innovative residential solar PV inverter serves as an independent power center, catering to diverse businesses seeking to interconnect solar PV systems, generator options, and battery storage with the grid. Equipped with enhanced communication and control capabilities, the Solis S6 Advanced Power Hybrid Inverter facilitates seamless integration of generators with various input modalities and automatic control, offering four models accommodating PV input power ranging from 42 kW to 70 kW and a maximum total load of 48 kW, with a maximum input voltage of 1000 V.

In February 2022, Intelbras, a prominent Brazil-based communications equipment and technology developer, completed the acquisition of Renovigi Energy Solar for an undisclosed sum. This strategic acquisition underscores Intelbras' commitment to establishing itself as a leading player in the solar energy market while promoting the expansion of distributed generation of clean and sustainable energy. Renovigi Energy Solar, a Brazil-based manufacturer of solar photovoltaic (PV) inverters for residential applications, aligns seamlessly with Intelbras' vision of fostering a greener Brazil through innovative solar energy solutions.

Major companies operating in the residential solar pv inverter market report are Huawei Technologies Co. Ltd., Siemens AG (AG), General Electric Company, Panasonic Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Eaton Corporation, Emerson Electric Co., Delta Electronics Inc., Sungrow Power Supply Co. Ltd., Canadian Solar Inc., GoodWe Technologies Co. Ltd., Omron Corporation, Yaskawa Solectria Solar, Solar Edge Technologies Inc., Enphase Energy Inc., SunPower Corporation, Ginlong Technologies Co. Ltd., SMA Solar Technology AG, Darfon Electronics Corp., Power Electronics S.L, Fronius International GmbH, Hitachi Hi-Rel Power Electronics Private Limited, Altenergy Power System Inc., Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), Sineng Electric Co. Ltd., Fimer Group S.p.A, Refu Elektronik GmbH.

Asia-Pacific was the largest region in the residential solar PV inverter market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the residential solar pv inverter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the residential solar pv inverter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A residential solar PV inverter serves as a vital component within solar power systems, converting the direct current (DC) electricity generated by solar panels into usable alternating current (AC) electricity for households. This conversion facilitates the seamless integration of solar power into residential energy systems. By optimizing available energy, facilitating communication with the national grid, and providing valuable feedback on power production, solar inverters play a pivotal role in enabling homeowners to harness solar energy efficiently.

Residential solar PV inverters come in various types, including central inverters, string inverters, and micro-inverters. Central inverters are designed to convert the direct current (DC) electricity generated by multiple solar panels into alternating current (AC) for residential or commercial use. They offer different connection options such as on-grid and off-grid setups, catering to various applications such as single-phase and three-phase systems. These inverters find application across different sectors, including residential, commercial, and utilities.

The residential solar PV inverter market research report is one of a series of new reports that provides residential solar PV inverter market statistics, including residential solar PV inverter industry global market size, regional shares, competitors with a residential solar PV inverter market share, detailed residential solar PV inverter market segments, market trends and opportunities, and any further data you may need to thrive in the residential solar PV inverter industry. This residential solar PV inverter market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The residential solar PV inverter market consists of sales of battery inverters, grid-tied inverters, smart inverters, and communication and monitoring systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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