According to a new report published by Allied Market Research titled, “Solar Inverter Market by Product Type, Connection Type, Phase and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the solar (PV) inverter market size was valued at $7.7 billion in 2020, and is projected to reach $17.9 billion by 2030, growing at a CAGR of 8.8% from 2021 to 2030.
Solar inverter is a device used to convert the energy generated from the solar panel, i.e., direct current (DC) to alternating current (AC) for residential and other AC applications. Solar inverters are connected to more than one solar panel to optimize the performance of the solar panels at equal level. Solar inverter consists of voltage regulator, step-up transformer, and other electronic components. Solar inverter has various advantages such as reducing electricity bills, minimizing environmental pollution, high efficiency than diesel generators, and others.
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Significant development of the end-use industries such as oil & gas, telecom, mining, pharmaceutical, chemicals, and healthcare has fueled the demand for off–grid solar installations for their respective manufacturing and operations, which in turn drives the growth of the solar (PV) inverter market during the forecast period. In addition, increase in demand for solar inverter from developing economies such as India, China, and Japan fuel the growth of the market, globally. However, high heat generation from large size solar inverters and installation of solar panels in different directions are the key factors that are expected to hamper the growth of the global solar inverter market in the upcoming years.
The solar (PV) inverter market is witnessing strong growth driven by the global shift toward renewable energy, especially solar power. A key trend is the rising adoption of smart inverters with advanced grid-support functionalities, enabling better voltage regulation, remote monitoring, and integration with smart grid systems.
In addition, the demand for string inverters and microinverters is growing in residential and commercial sectors due to their efficiency and ease of installation. Technological advancements such as hybrid inverters that combine solar and battery inputs are also gaining traction, supporting the move toward decentralized energy systems. Moreover, government incentives, declining solar installation costs, and the expansion of solar power in emerging markets are expected to sustain market growth in the coming years.
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Growth Drivers of the Solar (PV) Inverter Market:
- Rising Adoption of Renewable Energy: The global shift toward clean and sustainable energy sources is fueling the demand for solar PV systems, thereby driving the need for efficient inverters.
- Government Incentives and Policies: Supportive policies such as tax credits, subsidies, and net metering in countries like the U.S., India, and Germany are encouraging the installation of solar power systems, boosting inverter demand.
- Technological Advancements: Innovations in inverter technologies, such as smart and hybrid inverters, are enhancing efficiency, grid connectivity, and monitoring capabilities, leading to higher adoption.
- Declining Solar Installation Costs: The falling prices of photovoltaic panels and related components make solar energy more accessible, increasing the demand for inverters across residential, commercial, and utility sectors.
- Expansion in Emerging Markets: Rapid urbanization and power infrastructure development in emerging economies, particularly in Asia-Pacific and Africa, are contributing to market growth.
- Energy Storage Integration: Growing integration of energy storage solutions with solar systems necessitates advanced inverters capable of managing and optimizing power usage.
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The market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the dominant share in 2020, and is anticipated to maintain this dominance in solar (PV) inverter market trend during the forecast period. This is attributed to the presence of key players and huge consumer base in the region. In addition, rapid expansion of the renewable energy sector, rise in investment toward upgradation of aged power infrastructure, and rapid industrialization in the region are further anticipated to fuel the growth of the market in the upcoming years.
The global solar (PV) inverter market analysis covers in-depth information of the major solar inverter industry participants. The key players operating and profiled in the report include Delta Electronics, Inc., Fimer S.p.A., Fronius International GmbH, Ginlong Technologies, Huawei Technologies Co., Ltd., Shenzhen Growatt New Energy Co., Ltd., Siemens AG, SMA Solar Technology AG, SolarEdge Technologies, Inc., and Sungrow Power Supply Co., Ltd.
Other players operating in the value chain of the global solar inverter market are Goodwe, Canadian Solar, Sunpower Corporation, Sineng Electric Co., Ltd., SunPower, Omron Corporation, and others.
Key Findings Of The Study
- In 2020, the central inverter segment accounted for about 50.9% of the share in the global solar (PV) inverter market, and is expected to maintain its dominance till the end of the forecast period.
- In 2020, the on-grid segment accounted for 65.5% solar (PV) inverter market share in the year 2020, and is anticipated to grow at a rate of 8.5% in terms of revenue, increasing its share in the global solar (PV) inverter market.
- Single phase is the fastest-growing phase segment in the global solar (PV) inverter market, expected to grow at a CAGR of 9.2% during 2021–2030.
- Commercial & industrial segment is expected to grow at the fastest rate, registering a CAGR of 9.4%, throughout the forecast period.
- In 2020, Asia-Pacific region dominated the global solar (PV) inverter market with more than 61.0% of the share, in terms of revenue
