Global Solar Inverter Market Assessment, By Type [Central Inverter, Hybrid Inverter, Micro Inverter, String Inverter], By System Type [On-Grid, Off-Grid], By Phase [Single Phase, Three Phase], By End-user [Residential, Industrial and Commercial, Utilities], By Region, Opportunities and Forecast, 2018-2032F

Global Solar Inverter Market is projected to grow at USD 21.20 billion  in 2032F with a CAGR of 6.17%.

Global Solar Inverter Market Size, Share and Growth 2032

Global solar inverter market is projected to witness a CAGR of 6.17% during the forecast period 2025-2032, growing from USD 13.13 billion in 2024 to USD 21.20 billion in 2032. The solar inverters market has experienced significant growth in recent years due to rising investment in the renewable energy sector, and a push towards the adoption of rooftop solar installations is expected to drive the market growth in the forecast period. Solar inverters are used to transform DC power from solar systems into AC power, which is necessary for every solar installation. The future improvements in renewable energy power generation and storage technologies stimulate the demand for solar inverters in the market. Moreover, the grid infrastructure modernization and the integration of energy storage solutions further increase the demand for sophisticated solar inverters in the utility sector. Countries are investing in renewable energy generation and storage, thereby driving the demand for solar inverters in the market.
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Report Attribute
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Details
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Base Year of the Analysis
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2024
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Forecast Period
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2025-2032F
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Historical Period
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2018-2023
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Projected Growth Rate
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CAGR of 6.17% between 2025 and 2032
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Revenue Forecast in 2032
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USD 21.20 billion
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For instance, in January 2025, the United States Department of Agriculture (USDA) committed to invest over USD 6 billion through several programs for the development of renewable energy in rural areas of the country. The programmes included such as Empowering Rural America (New ERA) and Powering Affordable Clean Energy (PACE), with investments in rural communities across 30 states in the United States which will benefit the country. This development highlights that the government is investing the solar energy generation which drives the demand for solar inverters in the market.
The solar inverter market is expanding due to ongoing technological innovations such as smart and hybrid inverters which are equipped with advanced features such as energy storage, real-time monitoring, and predictive maintenance which drive its demand in the market. Furthermore, the rising investment in decentralized energy systems and efficient energy management solutions is driving the demand for solar inverters in the market.
<h2>Adoption of Rooftop Solar PV Installation in Commercial and Industrial Sector Boosting Market Growth</h2>
The rooftop solar PV installation technology improves operational efficiency, lowers energy costs, and assists the&nbsp;industrial sector in meeting sustainability targets. Commercial sectors are looking to produce in-house electricity, significantly reducing dependence on the power grid for energy supply. The rooftop solar PV technology installation aligns with sustainable goals in the commercial sector, fostering greater demand for efficient solar inverters in the forecast period. Several sectors are prioritizing energy efficiency and sustainability, which is driving the demand for solar inverters in the market.
The demand for solar inverters is rising due to driven by high grid tariffs driven by the need for energy cost savings. Moreover, commercial and industrial sectors are under pressure from investors and government regulatory bodies to adopt sustainable practices for power consumption. Government policies and incentives further accelerate the adoption of solar technologies, such as in the United Kingdom government is boosting solar installation in the industrial sector, which is enabling larger installations and higher-capacity inverters in the market. Furthermore, advanced technological inverters such as modern hybrid and smart inverters, which are capable of grid interaction and battery storage management, boost the demand for solar inverters in commercial and industrial applications. Thus, the commercial and industrial sectors are looking forward to a renewable energy transition, which will continue to accelerate the growth of solar inverters in the coming years.
For instance, as of May 2025, the Ministry of New and Renewable Energy reported that the cumulative solar power capacity reached 110.83 GW in India. This includes 18.37 GW from grid-connected solar rooftops, 5.01 GW from off-grid solar, 84.43 GW from ground-mounted solar plants, and 3.02 GW from hybrid projects featuring solar components. This development highlights the rising investment in the deployment of solar panels, creating a market opportunity for the solar inverter market in the coming years.
<h2>Rising Share of Solar Energy in the Renewable Energy Mix Creates Market Opportunity</h2>
Globally, every sector is highly prioritizing the adoption of clean energy sources. Governments and utility companies are setting up ambitious renewable energy targets as part of their climate commitments and sustainability goals, which could be attained by adopting the proper energy mix. The rising share of solar energy in the renewable energy mix presents a significant market opportunity for the solar inverters market. Solar inverters are essential components of solar power systems, converting DC power from solar panels into AC electricity for use in homes or commercial settings. , Nations are targeting the transition to decarbonization and the use of solar power as a leading source, fuelling the demand for solar inverters in the market.
In addition, solar energy leads the renewable capacity market share with about 37% in 2023. The utility sector looks forward to embracing the latest solar panel technologies that ensure maximum energy production, giving way to a market opportunity for the solar inverters industry. Solar PV is now one of the lowest-cost means of building new electricity-generating capacity across the globe. With the growth of the solar industry, the demand for efficient solar inverters presents a great market opportunity for manufacturers.
For instance, according to International Energy Agency (IEA), solar PV is forecast to account for a 80% of the growth in global renewable capacity between 2024 and 2030. As solar energy continues to lead the renewable energy sector, the demand for solar inverters is expected to rise in the coming years. With the rise in production and supply of solar energy to different sectors, it will create the opportunity for solar inverters in the market.
<h2>String Solar Inverters Leads the Solar Inverter Market</h2>
The string solar inverter segment has been leading in the solar inverter market and is likely to persist in the forecast period. Demand for string inverters is preferred as they are cost-friendly, efficient, and have easy mounting in residential and commercial applications. The string solar inverters are suitable for small to medium-sized applications. Additionally, advancements in string inverter technology, such as higher efficiency ratings and enhanced monitoring capabilities, have further driven its demand in the market. Solar string inverters can manage the high voltages and output efficiently, which drives their demand in the market. Furthermore, the increased demand for smart grid technologies and the worldwide transition towards renewable energy resources have increased the demand for string inverters in the market.
<h2>Asia-Pacific Leads the Solar Inverter Market</h2>
Asia-Pacific has dominated the solar inverter market and is expected to continue during the forecast period. Countries such as China, India, Japan, and Australia are leading the charge with large-scale solar projects and rooftop installations which drive the demand for solar inverters in the market. In addition, the government is also pushing the industry sector for the adoption of advanced solar energy generation and storage technology which boosts the demand for the solar inverters market in the Asia-Pacific region.
&nbsp;Several financial institutions are providing financial support to the industrial sector for the installation of solar system technology to attain sustainability goals, which contributes to the rise in demand for solar inverters in the market. In recent years, India's solar sector has experienced robust growth due to high adoption rate of the renewable energy mix.
For instance, in 2024, China contributed the most to global renewable energy additions, according to the International Renewable Energy Agency (IRENA). China's solar capacity surpassed 1 terawatt (TW), driven by the installation of approximately 278 gigawatts (GW) of new solar photovoltaic (PV) capacity in 2024. Furthermore, the rise in the development of off-grid solar projects in rural regions and the expansion of smart cities also increases the demand for solar inverters in the power infrastructure sector. The Southeast Asian countries are showing interest to invest in large solar farms, which creates the opportunity for the solar inverters market during the forecast period.
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Future Market Scenario (2025 &ndash; 2032F)
<ul>
<li>Ongoing improvement in technology and design of solar inverters will improve their efficiency, which will enhance the productivity of renewable energy.</li>
<li>As environmental concerns push for more sustainable technological solutions, renewable energy sources will gain significance.</li>
<li>The residential sector is heavily investing in solar energy production technologies, which drives the demand for solar inverters in the market.</li>
<li>Supportive government policies and financial incentives for deploying rooftop solar PV in developing countries will continue to play a significant role in driving solar inverter market growth.</li>
</ul>
Report Scope
&ldquo;Global Solar Inverter Market Assessment, Opportunities and Forecast, 2018-2032F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global solar inverter market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2025 and 2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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Details
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Segments Covered
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Type, System Type, Phase, End-user
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Regions Covered
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North America, Europe, South America, Asia-Pacific, Middle East and Africa
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Key Companies Profile
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Schneider Electric SE, Sungrow Power Supply Co., Ltd., SMA Solar Technology AG, Ginlong Technologies Co., Ltd., NingBo Deye Inverter Technology Co.Ltd., Canadian Solar Inc, CE+T Power SA, SolarEdge Technologies, Inc., Waaree Energies Limited, Eastman Auto &amp; Power Limited
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfill your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In the report,&nbsp;global solar inverter market&nbsp;has been segmented into the following categories:&nbsp;
<ul>
<li>By Type
<ul>
<li>Central Inverter</li>
<li>Hybrid Inverter</li>
<li>Micro Inverter</li>
<li>String Inverter</li>
</ul>
</li>
<li>By System Type
<ul>
<li>On-Grid</li>
<li>Off-Grid</li>
</ul>
</li>
<li>By Phase
<ul>
<li>Single Phase</li>
<li>Three Phase</li>
</ul>
</li>
<li>By End-user
<ul>
<li>Residential</li>
<li>Industrial and Commercial</li>
<li>Utilities</li>
</ul>
</li>
<li>By Region
<ul>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
Continuous innovation characterizes the global landscape of solar inverters, as companies compete in terms of energy efficiency, product lifespan, and unique features. The rising demand for renewable energy creates an opportunity for solar inverter manufacturers in the coming years. Market prospects remain strong, driven by the expanding adoption of renewables, favourable government policies, and technological progress in inverter design and grid integration. Competitive intensity is expected to rise, with companies focusing on product launches, strategic agreements, business expansions, collaborations, and the development of next-generation technologies to capture greater market share in this rapidly evolving sector.
For instance, in September 2024, SolarEdge Technologies, Inc. launched its next-generation single-phase solar plus storage solution. &nbsp;The new residential offering integrate a scalable battery and a new solar inverter up to 11.5kW to provide highly flexible whole-home backup to fit various types of home across the United States. This development highlights that, companies are looking to bring innovation in the product offering to increase revenue and market share in the industry.
Key Players Operating in Global Solar Inverter Market are:
<ul>
<li>Schneider Electric SE</li>
<li>Sungrow Power Supply Co., Ltd.</li>
<li>SMA Solar Technology AG</li>
<li>Ginlong Technologies Co., Ltd.</li>
<li>NingBo Deye Inverter Technology Co.Ltd.</li>
<li>Canadian Solar Inc</li>
<li>CE+T Power SA</li>
<li>SolarEdge Technologies, Inc.</li>
<li>Waaree Energies Limited</li>
<li>Eastman Auto &amp; Power Limited</li>
</ul>
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