Press release
Emerging Trends to Drive Solar Inverter Market Growth at 11.1% CAGR Through 2029
Solar Inverter
Solar Inverter Market Size Growth Forecast: What to Expect by 2025?
In recent times, the solar inverter market has seen significant expansion. There is anticipated growth from $16.63 billion in 2024 to $18.52 billion in 2025, a compound annual growth rate (CAGR) of 11.3%. The rise during this historic period is due to heightened adoption of solar photovoltaic (pv) systems, an increased emphasis on energy autonomy and sustainability, solar cost reduction, grid combine, and energy self-sufficiency.
How Will the Solar Inverter Market Size Evolve and Grow by 2029?
Expectations are high for swift expansion in the size of the solar inverter market in the coming years, with projections seeing it rising to $28.23 billion by 2029, while registering an 11.1% compound annual growth rate (CAGR). Factors such as energy storage integration, worldwide efforts towards climate change, implementation of electrification, development of smart grids, as well as the surge in solar power schemes are all attributing to the anticipated growth within the predicted period. The forecast period also foresees major trends like smart inverters, hybrid solar inverters, innovative MPPT algorithms, AI and anticipatory maintenance, in addition to bifacial solar panels.
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What Drivers Are Propelling the Growth of Solar Inverter Market Forward?
The solar inverter market has been experiencing a surge in growth due to impressive advancements in the renewable energy sector. The swift rise of solar power in recent years is rejuvenating global endeavors to lessen greenhouse gas emissions and alleviate the most severe impacts of climate change. Solar inverters play a pivotal role in the expansion of renewable energy. For example, data from the Energy Information Administration, a government agency in the United States, show that renewable energy consumption in the US amplified from 12.1 quads in 2021 to 13.2 quads in 2022. Consequently, accelerated advancements in the renewable energy sector are expected to bolster the growth of the solar inverter market.
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Which Emerging Trends Are Transforming the Solar Inverter Market in 2025?
Key businesses in the worldwide solar inverter sector are concentrating on creating breakthrough technologies, such as the 6 MVA 2000 Vdc inverter, to boost efficiency, cut expenses, and add scalability to utility-scale solar power systems. The 6 MVA 2000 Vdc inverter is an advanced utility-scale solar technology that enhances efficiency and cuts costs by turning DC power from solar modules into AC power for grid coordination. For instance, in September 2024, US-based GE Vernova Inc., previously known as GE Power and GE Renewable Energy, launched their FLEXINVERTER 2000 VDC. This inverter, which operates at 2000 volts direct current (Vdc), is an improvement from the earlier standard of 1500 Vdc, enabling a more efficient energy conversion and reduction in installation expenses.
What Are the Key Segments in the Solar Inverter Market?
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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Who Are the Key Players Shaping the Solar Inverter Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Solar Inverter Market?
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.
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