Solar Inverter Market

Analysis from GMI Research finds that the Solar Inverter Market earned revenues of USD 10.7 billion in 2022 and forecast to touch USD 15.6 billion in 2030 will grow at a CAGR of 4.8% from 2023-2030.

Solar Inverter Market Overview

Solar inverter or photovoltaic inverter is a type of an electrical inverter that is used to convert the direct current (DC) output into a utility frequency alternation current (AC). The converted current is then transferred into the commercial electrical grid, which is used for residential and industrial purposes in case of a power cut off. There are various types of solar inverters available in the market, includes central-inverters, micro-inverters, string inverters, and power optimizers.

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Major Solar Inverter Market Drivers

The factors accountable for fostering the growth of global solar inverter market are robust innovations in the renewable energy sector and growing electrification of rural and remote locations. Rising investments in green infrastructure development and setting up of new renewable power generation technologies are predicted to contribute to the growth of the global market. An increase in the usage of power backup systems in societies, offices, and other social places is also driving the demand for solar inverters. Moreover, the government increases the investments in electrification of remote places and different social places are estimated to generate growth opportunities for market players in the solar inverter market around the globe. Based on Paris Agreement Commitments, the GOI (Govt. of India) set an ambitious goal of attaining 175 GW of renewable energy capacity in 2022. Among this total, 100 GW was dedicated to solar capacity, with 40 GW targeted through decentralized and rooftop-scale solar projects. To accomplish this massive target, the GOI initiated different programs in 2019, including Solar Rooftop Phase-2, PM-KUSUM, and the establishment of Ultra Mega Renewable Energy Power Parks.

Growing emphasis on different environmental regulations, the market for electric vehicles has observed steady growth around the globe which is predicted to lead to the growth of the solar inverter market. The high adoption of electric vehicles among customers is probable to foster the demand for solar car inverters. Also, the market players are aiming to develop new technological evolutions to maintain their global position and be competitive in the global solar pv inverter market. In 2021, Fronius introduced the Primo GEN24 Plus hybrid inverter designed for residential use. This single-phase, 230 V device is accessible in six power classes varying from 3-6 kW and assists a DC input voltage range of 65 to 600 V. This inverter provides emergency power to essential household products such as laptops, smartphones, and others without depending on a battery.

The rise in demand for effective solar and renewable inverters in commercial as well as residential sectors is predicted to result in different growth opportunities for investors and other market players. The solar inverter offers benefits such as increased energy production, supervising system output, detection of faults, and communication with the utility grid. All these benefits are increasing demand for solar inverters in the solar inverter industry.

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Central Inverters Segment accounts for the largest market size in the Market

Central inverter segment is estimated to register market growth with a maximum value of market share in the forecast period due to the high adoption of central inverters in large-scale industries. Industrial development and growth in construction activities of renewable power infrastructure around emerging nations are further expected to drive the demand for central inverters in the coming period. Benefits such as high efficiency, easy maintenance, and cost-effectiveness impact the growth of central inverter segment in the global market.

The residential end-use segment has witnessed the fastest growth.

Residential segment is experiencing the growth in global solar inverter market due to the changing lifestyles of customers, the increase in demand for power, and solar renewable energy among customers for electrification determinations. Governments in different nations have taken corrective actions with financial incentives and policies to encourage power generation through the usage of renewable sources like power in residential buildings. Subsidy provisions and supportive government policies are predicted to drive the residential solar inverter market growth.

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Asia-Pacific to Dominate the Market

Asia Pacific region is predicted to hold the largest market share in the forecast period. Rise in electrification of the automotive sector, expansion in investment in research and development activities, growing environmental awareness, and upsurge in demand for electrification of rural areas are projected to propel the market growth. Moreover, rapid growth in the number of solar installations in developing nations such as China, India, and many more has been attributed to the growth of the Asia Pacific Solar Inverter Market. Other key drivers contributing to the solar inverter market growth in India include rising participation of commercial and residential segments, growing customer awareness, favorable governmental policies, and rapid urbanization and industrialization activities.

North America is the fastest-growing region in the solar inverter market.

North America region is the fastest growing region in the global solar inverter market due to the existence of giant players and probable customer base in the U.S. It is predicted that the U.S. holds the largest market share, due to the increasing number of solar plant installations, and growing prevalence of solar inverter across commercial and residential sectors. Also, developments and remodeling of residential and commercial buildings, and infrastructural advancement will support the North America solar inverter market growth.

Top Market Players

Various notable players operating in the global solar inverter market include Emerson Electric Co., Schneider Electric, Power-One, Inc., SMA Solar Technology AG, KACO New Energy Inc., SunPower Corporation, Canadian Solar, SolarEdge Technologies Inc., Solectria Solar, Hitachi Hi-Rel Electronics Private Limited, among others.

Key Developments:

• • In 2023, Emerson integrated its extensive power knowledge and renewable energy capabilities into the Ovation Green portfolio to support power generation companies in meeting the demands of customers transitioning towards green energy generation and storage.
  • In 2022, SMA Solar Technology AG announced a deal to double its production capacity at its Germany headquarters by 2024. Presently at 21GW, the company focuses on developing its capacity to 40 GW in the coming period. The expansion, set to begin construction later 2022, will primarily aim at manufacturing inverters for the large-scale PV industry.
  • In 2023, GoodWe, has partnered with Jubaili Bros. This strategic alliance focuses on developing GoodWe’s market existence in the Middle East and Africa region.
  • In 2023, SolarEdge announced a multi-year partnership with Freedom Forever to give residential smart energy products and solutions. This agreement states Freedom Forever will give its customers the solaredge home smart energy eosystem, entailing the solaredge home hub inverter.
  • In 2023, Enphase Energy announced the delivery of Enphase IQ Microinverters manufactured in Columbia in collaboration with Flex to develop the global shift towards clean energy through innovative technologies and localized manufacturing strategies.
  • In 2023, Siemens AG joined hands with Lightsource bp to meet the demand for sustainable power and present leadership in the U.S. utility-scale solar sector growth.
  • In 2022, Schneider Electric SE introduced two new solar power solutions; the homaya pro solar-hybrid Inverter and the mobiya original solar lantern. Both innovations provide sustainable solutions to communities that are having less or no admittance of electricity.
  • In 2019, Schneider Electric launched the new Conext XW Pro Inverter/Charger. This inverter is dedicated to the residential, commercial & industrial solar and storage applications.
  • In 2019, KACO New Energy Inc., launched five new string inverters to expand its product offering. These string inverter are highly suitable for PV systems in commercial, industrial roofs, and for ground-mounted solar parks.

Segments covered in the Report:

The global Solar Inverter market has been segmented on the basis of Inverter Type, Application and region. Based on the Inverter Type, the market is segmented into central inverters, micro-inverters, and string inverters. Based on Application, the market is segmented into commercial, Residential & Industrial and Utilities.

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Report Coverage	Details
Market Revenues (2022)	USD 10.7 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	Inverter Type, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Emerson Electric Co., Schneider Electric, Power-One, Inc., SMA Solar Technology AG, KACO New Energy Inc., SunPower Corporation, Canadian Solar, SolarEdge Technologies Inc., Solectria Solar, Hitachi Hi-Rel Electronics Private Limited; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Solar Inverter Market by Inverter Type

• • Central Inverters
  • String Inverters
  • Micro Inverters

Global Solar Inverter Market by Application

• • Residential
  • Commercial and Industrial
  • Utility-scale

Global Solar Inverter Market by Region

• • North America Solar Inverter Market (Option 1: As a part of the free 25% customization)
    • By Inverter Type
    • By Application
    • United States of America (US) Market All-Up
    • Canada Market All-Up
  • Europe Solar Inverter Market (Option 2: As a part of the free 25% customization)
    • By Inverter Type
    • By Application
    • United Kingdom (UK) Market All-Up
    • Germany All-Up Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Solar Inverter Market (Option 3: As a part of the free 25% customization)
    • By Inverter Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Solar Inverter Market (Option 4: As a part of the free 25% customization)
    • By Inverter Type
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Solar Inverter Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Emerson Electric Co.
  • Schneider Electric
  • Power-One, Inc.
  • SMA Solar Technology AG
  • KACO New Energy Inc.
  • SunPower Corporation
  • Canadian Solar
  • SolarEdge Technologies Inc.
  • Solectria Solar
  • Hitachi Hi-Rel Electronics Private Limited