Solar Inverters Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

Solar Inverters Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Central, String, and Micro), System Type (On-Grid and Off-Grid), End User (Residential, Commercial, and Utility), and Geography

  • Report Code : TIPRE00009372
  • Category : Electronics and Semiconductor
  • No. of Pages : 150

Solar Inverters Market Key Findings, Size, and Share by 2031

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The solar inverters market size is projected to reach US$ 21.87 billion by 2031 from US$ 10.65 billion in 2023. The market is expected to register a CAGR of 9.4% during 2023–2031. The growing need for clean energy solutions and the rise in government initiatives to install solar inverters are likely to remain key trends in the market.

Solar Inverters Market Analysis

The rise in investment in solar energy is one of the major factors fuelling the solar inverters market. For example, in April 2024, the US Department of the Interior announced a US$ 19 million investment from President Biden’s Investing in America agenda to install solar panels over irrigation canals in California, Oregon and Utah, simultaneously decreasing evaporation of critical water supplies and advancing clean energy goals. In addition, the growing installation of rooftop solar technology in the residential sector is driving the market growth. The government providing subsidies over the installation of solar technology further fosters the solar inverters market growth.

Solar Inverters Market Overview

A solar inverter, also known as a photovoltaic

 (

PV) inverter, is a type of power inverter that sources energy from sunlight. It converts the variable photovoltaic DC current into the AC current that provides the energy to the commercial electrical grid or is used by a local, off-grid electrical network. The need for clean energy is growing worldwide to lessen the negative environmental effects. This factor fosters the demand for solar power, which further fuels the solar inverters market.

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Solar Inverters Market: Strategic Insights

Solar Inverters Market
  • CAGR
    CAGR (2023 - 2031)
    9.4%
  • Market Size 2023
    US$ 10.65 Billion
  • Market Size 2031
    US$ 21.87 Billion

Market Dynamics

GROWTH DRIVERS
  • Rise in demand for energy
FUTURE TRENDS
  • Advancement in solar inverters
OPPORTUNITIES
  • The government focuses on creating clean energy

Key Players

  • FIMER SpA
  • Delta Electronics Inc
  • Enertechups
  • GOODWE
  • Power Electronics S L
  • Powerone Micro Systems Pvt Ltd
  • Sineng Electric
  • SMA Solar Technology AG
  • Solaredge Technologies Inc
  • Hitachi Hi Rel Power Electronics Pvt Ltd

Regional Overview

Regional Overview
  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Market SegmentType
  • Central
  • String
  • Micro
Market SegmentSystem Type
  • On-Grid and Off-Grid
Market SegmentEnd User
  • Residential
  • Commercial
  • Utility
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Solar Inverters Market Drivers and Opportunities

Rise in demand for energy to Favor the Market.

Electricity is considered one of the largest and fastest growing industries. One of the driving factors for the rising demand for electric power is the growing population. For example, according to Exxon Mobil Corporation, in October 2022, the global energy demand will rise by approximately 15% in 2050 as compared to 2021 due to a rise in population. Thus, to meet the energy demand, the production of clean energy becomes essential to address the soaring environmental concerns. This factor has fostered the demand for solar technology, which drives the solar inverter market to power the residential, commercial, and industrial sectors.

The government focuses on creating clean energy.  

The rising environmental concerns and focus on using clean energy are some of the government’s aims to promote the use of clean. For this, government authorities are taking initiatives, introducing schemes, and encouraging their local businesses and citizens to install solar technology. In July 2022, The Biden-Harris Administration, through the U.S. Department of Energy (DOE), launched new initiatives to fuel the solar industry. DOE, in collaboration with the U.S. Department of Health & Human Services (HHS), announced the five states and Washington, D.C., that will support the pilot of the Community Solar Subscription Platform to connect families to solar energy and lower electricity bills through the Low-Income Home Energy Assistance Program (LIHEAP) and other low-income assistance programs. Such an initiative aims to reach a carbon-free electricity sector by 2035. Thus, such government focus on the solar industry will further foster the solar inverters market.

Solar Inverters Market Report Segmentation Analysis

Key segments that contributed to the derivation of the solar inverters market analysis are type, system type, and end user.

  • Based on the type, the solar inverters market is divided into central, string, and micro. The central segment held the largest share of the market in 2023.
  • By system type, the market is segmented into on-grid and off-grid. The on-grid held the largest share of the market in 2023.
  • By end user, the market is segmented into residential, commercial, and utility. The utility held the largest share of the market in 2023.

Solar Inverters Market Share Analysis by Geography

The geographic scope of the solar inverters market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

Asia Pacific region is expected to grow with the highest CAGR during the forecast period. The economic aspect is the biggest incentive for installing home rooftop solar panels. Solar energy has emerged as one of the most promising and widely accepted renewable energy sources across the region. Residential solar solutions can provide free, uninterrupted electricity for the years while simultaneously contributing to a greener environment. For example, the government of India had targeted the rooftop solar installations installation of 40 GW by 2022 in the country, per the article published by Mercom India in August 2021. Such government efforts are driving the solar industry in the region, which is further driving the market growth.

Solar Inverters Market Report Scope

Report Attribute Details
Market size in 2023 US$ 10.65 Billion
Market Size by 2031 US$ 21.87 Billion
Global CAGR (2023 - 2031) 9.4%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Type
  • Central
  • String
  • Micro
By System Type
  • On-Grid and Off-Grid
By End User
  • Residential
  • Commercial
  • Utility
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • FIMER SpA
  • Delta Electronics Inc
  • Enertechups
  • GOODWE
  • Power Electronics S L
  • Powerone Micro Systems Pvt Ltd
  • Sineng Electric
  • SMA Solar Technology AG
  • Solaredge Technologies Inc
  • Hitachi Hi Rel Power Electronics Pvt Ltd
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Solar Inverters Market News and Recent Developments

The solar inverters market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the solar inverters market are listed below:

  • INVTSolar successfully launched the latest product XG1-5kW-S on-grid inverter, at the SolarQuarter State Business Meet 2023 held in India. INVTSolar won the "State Leadership Awards 2023- Gujarat" award that proved its deep technical accumulation, strong R&D strength, and outstanding achievements - XG1-5KTL-S single-phase on-grid solar inverter. (Source: NTT Ltd, Press Release, December 2023)
  • Colt Data Centre Services (DCS), a global provider of hyperscale and large enterprise data center solutions, announced the launch of its first data center in India. The flagship Navi Mumbai data center marks Colt DCS’ strategic expansion and commitment to supporting the increasing demand of hyperscale cloud service providers and large enterprise businesses in the fast-growing Indian data center market. The data center boasts a highly resilient 220kV GIS substation onsite with LILO configuration. (Source: Colt Data Centre Services Holdings, Press Release, September 2023)

Solar Inverters Market Report Coverage and Deliverables

The “Solar Inverters Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

  • solar inverters market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • solar inverters market trends as well as market dynamics such as drivers, restraints, and key opportunities
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • solar inverters market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
  • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the solar inverters market
  • Detailed company profiles
Report Coverage

Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered

Segment Covered

Type, System Type, and End User

Regional Scope

Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope

Country Scope

Australia, Canada, China, France, Germany, India, Italy, Japan, MEA, Mexico, SAM, South Korea, Spain, United Kingdom, United States

Frequently Asked Questions


What is the expected CAGR of the solar inverters market?

The global solar inverters market is estimated to register a CAGR of 9.4% during the forecast period 2023–2031.

What are the driving factors impacting the solar inverters market?

The growing need for clean energy solutions and the rise in government initiatives to install solar inverters are the key driving factors impacting the solar inverters market.

What is the future trend of the solar inverters market?

Advancement in solar inverters is considered a key trend in the solar inverters market.

Which are the leading players operating in the solar inverters market?

FIMER SpA.; Delta Electronics, Inc.; Enertechups; GOODWE; Power Electronics S. L.; Powerone Micro Systems Pvt. Ltd; Sineng Electric; SMA Solar Technology AG; Solaredge Technologies Inc.; and Hitachi Hi-Rel Power Electronics Pvt Ltd are some of the key players operating in the solar inverters market.

What would be the estimated value of the solar inverters market by 2031?

The estimated value of the solar inverters market will be US$ 21.87 billion by 2031.

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