Who are the key players in Solar PV Inverters Market?

Mitsubishi Electric Corporation , Omron Corporation , FIMER SpA, Siemens AG and Schneider Electric SE are the major companies operating in the Solar PV Inverters Market. Read More

Which is the fastest growing region in Solar PV Inverters Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Solar PV Inverters Market?

In 2024, the Asia Pacific accounts for the largest market share in Solar PV Inverters Market. Read More

What years does this Solar PV Inverters Market cover, and what was the market size in 2023?

In 2023, the Solar PV Inverters Market size was estimated at USD 13.06 billion. The report covers the Solar PV Inverters Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Solar PV Inverters Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Solar PV Inverters Market Size

Market Size of Solar PV Inverters Industry

Study Period	2021 - 2029
Market Size (2024)	USD 13.68 Billion
Market Size (2029)	USD 17.23 Billion
CAGR (2024 - 2029)	4.73 %
Fastest Growing Market	Asia Pacific
Largest Market	Asia Pacific
Major Players *Disclaimer: Major Players sorted in no particular order

Solar PV Inverter Market Analysis

The Solar PV Inverters Market size is estimated at USD 13.68 billion in 2024, and is expected to reach USD 17.23 billion by 2029, growing at a CAGR of 4.73% during the forecast period (2024-2029).

Although the market studied was affected by COVID-19 in 2020, it has recovered and reached pre-pandemic levels.

The growing demand for solar power is expected to stimulate the growth of the solar PV inverters market during the forecast period. Increasing investments and ambitious solar energy targets are expected to drive the growth of the market studied. However, technical drawbacks of string inverters are expected to hamper the growth of the solar PV inverters market during the forecast period.

Product innovation and adaptation of the latest technologies in solar PV inverters are anticipated to create lucrative growth opportunities for the solar PV inverters market during the forecast period. Asia-Pacific dominates the market, and it is expected to record the highest CAGR during the forecast period. This growth is attributed to the increasing investments and supportive government policies in the countries of this region, including India, China, and Australia.

Solar PV Inverter Industry Segmentation

A solar PV inverter is a power inverter that converts electricity in direct current (DC) output from a photovoltaic (PV) solar panel into alternating current (AC) at utility frequency. This can be used for residential and commercial electrical grids or by a local off-grid electrical network, such as microgrids.

The solar PV inverters market is segmented by inverter type, application, and geography. By inverter type, the market is segmented into central inverters, string inverters, and micro-inverters. By application, the market is segmented into residential, commercial and industrial, and utility-scale. The report also covers the market size and forecasts for solar PV inverters across major regions. For each segment, the market sizing and forecasts have been done based on revenue (value in USD billion).

By Inverter Type
		Central Inverters
		String Inverters
		Micro Inverters

By Application
		Residential
		Commercial and Industrial
		Utility-scale

By Geography
		North America
		Europe
		Asia-Pacific
		South America
		Middle East and Africa

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Solar PV Inverters Market Size Summary

The solar PV inverter market is poised for significant growth, driven by the increasing demand for solar power and supportive government policies, particularly in the Asia-Pacific region. This market, which experienced a setback due to the COVID-19 pandemic, has rebounded to pre-pandemic levels and is expected to continue expanding. The growth is fueled by substantial investments and ambitious solar energy targets, although technical challenges associated with string inverters may pose some limitations. Innovations in product design and the adoption of advanced technologies are anticipated to offer lucrative opportunities, further propelling market expansion. Central inverters, essential for utility-scale applications, are becoming more efficient and cost-effective, contributing to the market's positive outlook.

Asia-Pacific remains the dominant region in the solar PV inverter market, with China and India leading the charge due to their vast solar energy potential and government initiatives aimed at increasing renewable energy capacity. China's emphasis on solar inverters and India's ambitious renewable energy targets are key factors driving regional growth. The market is characterized by fragmentation, with major players like FIMER SpA, Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, and Omron Corporation actively participating. Recent developments, such as Sungrow's increased manufacturing capacity in India and SMA Solar Technology AG's new inverter line, highlight the dynamic nature of the market. These advancements, coupled with ongoing government support and declining costs, are expected to sustain the market's growth trajectory in the coming years.

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Solar PV Inverters Market Size - Table of Contents

1. MARKET OVERVIEW
1. 1.1 Introduction
2. 1.2 Market Size and Demand Forecast in USD billion, till 2027
3. 1.3 Recent Trends and Developments
4. 1.4 Government Policies and Regulations
5. 1.5 Market Dynamics
  1. 1.5.1 Drivers
  2. 1.5.2 Restraints
6. 1.6 Supply Chain Analysis
7. 1.7 Porter's Five Forces Analysis
  1. 1.7.1 Bargaining Power of Suppliers
  2. 1.7.2 Bargaining Power of Consumers
  3. 1.7.3 Threat of New Entrants
  4. 1.7.4 Threat of Substitute Products and Services
  5. 1.7.5 Intensity of Competitive Rivalry
2. MARKET SEGMENTATION
1. 2.1 By Inverter Type
  1. 2.1.1 Central Inverters
  2. 2.1.2 String Inverters
  3. 2.1.3 Micro Inverters
2. 2.2 By Application
  1. 2.2.1 Residential
  2. 2.2.2 Commercial and Industrial
  3. 2.2.3 Utility-scale
3. 2.3 By Geography
  1. 2.3.1 North America
  2. 2.3.2 Europe
  3. 2.3.3 Asia-Pacific
  4. 2.3.4 South America
  5. 2.3.5 Middle East and Africa