Solar Inverters/PV Inverters Market Size Worth 24.63 Billion by 2034 | CAGR: 5.5%

The global solar inverters/PV inverters market size is expected to reach USD 24.63 billion by 2034, according to a new study by Polaris Market Research. The report “Solar Inverters/PV Inverters Market Size, Share, Trends, Industry Analysis Report: By Type (Central Inverters, String Inverters, and Micro Inverters), Deployment, End Users, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The global energy demand is increasing, leading to the exploration of new energy sources. Solar energy, which converts sunlight into electricity, is gaining traction. Solar inverters/PV inverters play a crucial role in solar energy systems by converting direct current (DC) from solar panels into alternating current (AC). The AC electricity from these inverters can be used to power household appliances or connected to the grid.

The solar inverters/PV inverters market demand is experiencing growth due to rising environmental concerns and the need to reduce carbon emissions. The increased demand for clean energy alternatives and optimized solar power systems is significantly boosting market expansion.

The growing adoption of electric vehicles (EVs) is one of the major solar inverters/PV inverters market trends, expected to boost market revenue in the upcoming years. As EV adoption accelerates, the demand for clean charging infrastructure rises, further increasing the need for efficient solar power systems. Solar inverters, which are essential for converting solar energy into usable electricity, play a key role in this dynamic, contributing to a sustainable and stable energy future.

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Rising focus on technological advancements to optimize the efficiency and flexibility of solar inverters is projected to create lucrative solar inverters/PV inverters market opportunities during the forecast period.

Key Highlights of Solar Inverters/PV Inverters Market Report

• Asia Pacific dominated the global solar inverters/PV inverters market with a revenue share of 46.10% in 2024. The regional market growth is primarily fueled by the growing number of solar installations in countries such as Japan and China.
• The Europe solar inverters/PV inverters market is expected to grow in the coming years, owing to rising energy prices and the implementation of favorable government policies.
• The string inverters segment, by type, dominated the market with the largest revenue share of 49.10% in 2024. The dominance of the segment can be attributed to various benefits, including high efficiency and reliability.
• The utilities segment, based on end users, accounted for the largest market share of 46.33% in 2024. Growing renewable energy demand, reduced solar devices and equipment costs, and increasing government funding are among the key factors driving the growth of the utility segment.
• A few of the key players in the solar inverters/PV inverters market are Huawei; Sungrow Power Supply; SMA Solar Technology AG; ABB Ltd.; Sineng; TBEA; TMEIC; Schneider Electric; SolarEdge Technologies; Power Electronics; KACO New Energy Inc.; Fronius; Wuxi Sineng; SunPower Corporation; Delta Electronics, Inc.; Hitachi Hi-Rel Power Electronics Pvt. Ltd.; and Siemens AG.

Polaris Market Research has segmented the solar inverters/PV inverters market report on the basis of type, deployment, end users, and region:

By Type Outlook (Revenue – USD Billion, 2020–2034)

• Central Inverters
• Micro Inverters
• String Inverters

By Deployment Outlook (Revenue – USD Billion, 2020–2034)

• On-Grid
• Off-Grid

By End Users Outlook (Revenue – USD Billion, 2020–2034)

• Utilities
• Commercial
• Industrial

By Regional Outlook (Revenue – USD Billion, 2020–2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Vietnam
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America

Solar Inverters/PV Inverters Market Report Scope