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Solar Inverter Market Report 2025-2034: Industry Overview, Trends, And Forecast Analysis
Solar Inverter Market Share
What Is the Current Solar Inverter Market Size and Its Estimated Growth Rate?
The solar inverter sector has experienced significant expansion in the previous years. It is projected to escalate from $16.63 billion in 2024 to $18.52 billion in 2025 with a compound annual growth rate (CAGR) of 11.3%. The historical growth may be attributed to factors including enhanced usage of solar photovoltaic (pv) systems, a heightened focus on energy independence and sustainability, decrease in solar costs, grid integration, and energy independence.
The market size of solar inverters is projected to experience exponential growth in the coming years, estimated to reach $28.23 billion in 2029, with a compound annual growth rate (CAGR) of 11.1%. The expansion during the forecast period can be linked to factors like the integration of energy storage, worldwide climate agreements, efforts towards electrification, development of smart grids, and an increase in solar power projects. Main trends to watch in this time frame are smart inverters, hybrid solar inverters, advanced mppt algorithms, artificial intelligence, predictive maintenance and bifacial solar panels.
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How Are Emerging Segments Shaping the Solar Inverter Market Landscape?
The solar inverter market covered in this report is segmented -
1) By Type: Central Inverter, Micro Inverter, String Inverter
2) By System-Type: On-Grid, Off-Grid
3) By End-Use: Residential, Commercial, Utilities
Subsegments:
1) By Central Inverter: Utility-Scale Central Inverters, Containerized Central Inverters, Transformer-Based Central Inverters
2) By Micro Inverter: Standard Micro Inverters, Enclosed Micro Inverters, Integrated Micro Inverters
3) By String Inverter: Single-Phase String Inverters, Three-Phase String Inverters, Hybrid String Inverters
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Which Growth Factors Are Influencing Solar Inverter Market Expansion?
The solar inverter market is experiencing considerable expansion due to the swift advances in the renewable energy sector. The accelerated rise in the usage of solar power in recent times has breathed new vitality into global initiatives aimed at lessening greenhouse gas emissions and curbing the most severe consequences of climate change. In the expansion of renewable energy, solar inverters are playing a fundamental role. To illustrate, the Energy Information Administration, a government agency from the United States, reported in June 2023 that renewable energy use escalated to 13.2 quads in 2022 from 12.1 quads in 2021. As a result, the swift advances in the renewable energy sector are anticipated to propel the growth of the solar inverter market further.
Who Are the Dominant Players Across Different Solar Inverter Market Segments?
Major companies operating in the solar inverter market include Asea Brown Boveri, Sma Solar Technology AG, Canadian Solar, Solaredge Technologies Inc, Delta Electronics Inc., Solectria Renewables LLC, Omron Corporation, Hitachi Hi-rel Power Electronics Private Limited, Power Electronics S.L, Schneider Electric, SunPower Corporation, imer S.p.A, Tabuchi Electric Co. Ltd, General Electric Company, Enphase Energy Inc., Advanced Energy Industries Inc., Chint Power Systems Co. Ltd., Eaton Corporation plc, Ginlong Technologies Co. Ltd., GoodWe Power Supply Technology Co. Ltd., Huawei Technologies Co. Ltd., Ingeteam S.A., KACO new energy GmbH, Mitsubishi Electric Corporation, Sungrow Power Supply Co. Ltd., Tebian Electric Apparatus Co. Ltd., Toshiba Corporation, Trina Solar Limited, Wuxi Suntech Power Co. Ltd., Yaskawa Electric Corporation, Yingli Green Energy Holding Company Limited, Zeversolar, Zhejiang Chint Electrics Co. Ltd.
What Are the Latest Developing Trends in the Solar Inverter Market?
Key players in the worldwide solar inverter market are honing in on the creation of breakthrough technologies like the 6 MVA 2000 Vdc inverter. This is intended to lift efficiency, lower expenses, and facilitate greater scalability in utility-scale solar power systems. The 6 MVA 2000 Vdc inverter is a technology devised specifically for utility-scale solar operations. It's function lies in bolstering efficiency and minimising costs by transforming DC power emerging from solar panels into AC power for assimilation into the grid. In a practical application of this, GE Vernova Inc., a corporation previously known as GE Power and GE Renewable Energy, introduced the FLEXINVERTER 2000 VDC in September 2024. Functioning at 2000 volts direct current (Vdc), this inverter offers better energy conversion and reduction in installation costs compared to the earlier standard of 1500 Vdc.
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Which Geographic Regions Are Expected to Dominate the Solar Inverter Market in the Coming Years?
Asia-Pacific was the largest region in the solar inverter market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solar inverter market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Solar Inverter Market?
2. What is the CAGR expected in the Solar Inverter Market?
3. What Are the Key Innovations Transforming the Solar Inverter Industry?
4. Which Region Is Leading the Solar Inverter Market?
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