PV Inverters Market Report Scope & Overview: 

The PV Inverters Market size was estimated at USD 12.9 billion in 2023 and is predicted to reach over USD 50.2 billion by 2031 with an emerging CAGR growth of 18.5% Over the Forecast Period of 2024-2031.

Demand for electricity continues to grow year by year, further enhancing the demand for various renewable resources such as solar power and machinery. Since the fall in gas prices in 2014, different energy sources, especially wind and solar, have been placed on the back burner and this trend has changed in many industries.

PV Inverters Market Revenue Analysis

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By Product-In terms of revenue, the central inverter had a larger revenue share of more than 49.0% by 2021. These converters are very reliable with timely repairs and are stored in a secure place for installation. Inverters combined with large arrays installed in stadium installations, industrial facilities, and buildings, take DC power across all PV panels and convert it into AC power into a single power distribution point.

Part of the string inverter took its second-largest market share in 2022. The string inverter is widely used in the commercial and residential sectors. Low initial cost and easy installation are among the key factors responsible for partial growth. These inverters are robust, allow for high design flexibility, deliver high efficiency, offer three-phase variability, are well supported (with reliable products), and have the ability to monitor remote systems.

Part of the micro PV inverters is expected to witness a significant growth rate during the forecast period. Micro PV inverters are module-level electronics and have become popular in the commercial and industrial sectors. These inverters have the advantage of high reliability, increased efficiency and performance with Maximum Power Point Tracker (MPPT), easy installation, no space constraints, and cost savings.

By Applications-In position of revenue generated, the utility segment led the PV inverter market by 2022, accounting for a budget of about 44.0%. The most widely used PV Inverter in the service sector is the central & string inverter. Increased demand for renewable energy, lowering the cost of solar energy and equipment, and government subsidies are the main reasons for the growth of the resource sector. The presence of key players, providing consumers with industry-leading service rating solutions to achieve high efficiency and reducing system balance costs through their pre-assembled power stations drives partial growth.

Based on end-use, the market is divided into commercial, residential and industrial, and services. The residential sector has seen growth due to the growing demand for renewable solar energy among consumers for electrical purposes. Governments in various countries have taken practical steps through policies and financing to promote the grip of power-gripped power generation with renewable resources such as residential power. Commercial buildings include supermarkets, shops, offices, hospitals, and schools that install solar panels for use in captivity. These sectors require continuous power supply in order to operate without interruption.


The outbreak of COVID-19 has severely hampered the growth of the PV inverter market. The virus has affected large countries, thus curbing the growth of businesses. However, it is expected that the industry will renew its capacity to measure these impacts in the coming years.


The market is very competitive and compact due to the presence of a large number of market players. A key practice in the operation of these solar companies involves direct integration that protects market power and reduces competition. Acquisition of technology, skilled workers, and strong R&D are among the key factors that control the competitiveness of the PV inverters industry. In March 2020, the Fimer team acquired the ABB solar switching business, making the company the 4th largest manufacturer of solar inverter worldwide. This acquisition strategy will help the company grow its global presence..

Key Market Segmentation

By Type

  • Central

  • String

  • Micro

  • Others

By Product

  • Central PV inverter

  • String PV inverter

  • Micro PV inverter

  • Other PV inverters

By Application

  • Residential

  • Commercial & Industrial

  • Utilities

By Connevtivity

  • Standalone

  • On-grid


The Asia Pacific is expected to have a higher revenue share of more than 43.0% over the forecast period. China plays a major role in the rapid growth of the region's solar market and is a major global competitor. The growing number of solar installations in developing countries has also contributed significantly to regional market growth.

North America captured the largest share of revenue in 2021, and the US played a major role in market growth. The U.S. is a leading market for different types of PV inverter. Some of the latest inverter systems in the world include 60 kW plus power for three phase unit inverters and 1.5 MW and medium capacity inverters. Although North America has seen strong growth of cable inverters, central PV inverters are expected to maintain the largest market share in the forecast period.

Europe is expected to see an important CAGR in the forecast period due to the existence of favorable government policies and the provision of subsidies such as residential taxes that encourage consumers to invest in renewable energy. Germany holds a leading position in the production of solar inverters in line with the hi-tech nature of inverters. So German solar companies make more competitive profit than other players.


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  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America


The Major Players are  Delta Electronics Inc, Eaton, Emerson Electric Co, Omron Corporation, Hitachi Hi-Rel Power Electronics Pvt Ltd, Power Electronics, Siemens AG, SMA Solar Technolgy AG and SunPower Corporation., Siemens Energy, Fimer Group, SMA Solar, Technology AG, Delta Electronics, Inc, SunPower Corporation, Eaton and Other Players

Power Electronics-Company Financial Analysis

Company Landscape Analysis

PV Inverters Market Report Scope:

Report Attributes Details
Market Size in 2023 US$ 12.9 Billion
Market Size by 2031 US$ 50.2 Billion
CAGR CAGR of 18.5% From 2024 to 2031
Base Year 2023
Forecast Period 2024-2031
Historical Data 2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by type(Central, String, Micro, Others)
• by Product (Central PV inverter, String PV inverter, Micro PV inverter, Others)
• by Application (Residential, Commercial & industrial, Utilities)
• by Connectivity (Standalone, On-grid)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Delta Electronics Inc, Eaton, Emerson Electric Co, Omron Corporation, Hitachi Hi-Rel Power Electronics Pvt Ltd, Power Electronics, Siemens AG, SMA Solar Technolgy AG

Frequently Asked Questions

PV Inverters market size was valued at 12.9 billion in 2023 at a CAGR of 18.5%.

North America has the PV Inverters greatest market share in terms of revenue and region market.

The residential sector of the PV inverter market is the fastest-growing market.

Yes, and they are Raw material vendors, Distributors/traders/wholesalers/suppliers, Regulatory authorities, including government agencies and NGOs, Commercial research & development (R&D) institutions, Importers and exporters, Government organizations, research organizations, and consulting firms, Trade/Industrial associations, End-use industries.

Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia War

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies US Canada Germany France United Kingdom China Japan South Korea Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7.  PEST Analysis

8. The SNS Graph

9. Global PV Inverters Market Segmentation, By type

9.1 Introduction

9.2 Central

9.3 String

9.4 Micro

9.5 Others

10. Global PV Inverters Market Segmentation, By Product


10.2Central PV inverter

10.3 String PV inverter

10.4 Micro PV inverter

10.5 Other PV inverters

11. Global PV Inverters Market Segmentation, By Application

11.1 Introduction

11.2 Residential

11.3 Commercial & industrial

11.4 Utilities

12. Global PV Inverters Market Segmentation, By connectivity

12.1 Introduction

12.2 Standalone

12.3 On-grid

13. Regional Analysis

13.1 Introduction

13.2 North America

13.2.1 USA

13.2.2    Canada

13.2.3    Mexico

13.3        Europe

13.3.1    Germany

13.3.2    UK

13.3.3    France

13.3.4    Italy

13.3.5    Spain

13.3.6    The Netherlands

13.3.7    Rest of Europe

13.4        Asia-Pacific

13.4.1    Japan

13.4.2    South Korea

13.4.3    China

13.4.4    India

13.4.5    Australia

13.4.6    Rest of Asia-Pacific

13.5        The Middle East & Africa

13.5.1    Israel

13.5.2    UAE

13.5.3    South Africa

13.5.4    Rest

13.6        Latin America

13.6.1    Brazil

13.6.2    Argentina

13.6.3    Rest of Latin America

14. Company Profiles

14.1 Delta Electronics Inc.

14.1.1 Financial

14.1.2 Products/ Services Offered

14.1.3 SWOT Analysis

14.1.4 The SNS view

14.2 Eaton

14.3 Emerson Electric Co

14.4 Hitachi Hi-Rel Power Electronics Pvt Ltd

14.5 Omron Corporation

14.6 Power Electronics

14.7 Siemens AG

14.8 SMA Solar Technolgy AG and SunPower Corporation.

14.9 Siemens Energy

14.10 Fimer Group

14.11 SMA Solar Technology AG

14.12 Delta Electronics, Inc

14.13 SunPower Corporation

15. Competitive Landscape

15.1 Competitive Benchmarking

15.2 Market Share Analysis

15.3 Recent Developments

16. Conclusion

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

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This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

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Data Bank Validation

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