Redding, California - April 30, 2024

Solar Inverter Market to be Worth $18.8 Billion by 2031

Solar Inverter Market Size, Share, Forecast, & Trends Analysis by Product (String, Micro, Power, Hybrid, Central), Grid (On-grid, Off-grid), Phase (Single, Three), End User (Residential, Commercial & Industrial, Utility-Scale) - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Solar Inverter Market Size, Share, Forecast, & Trends Analysis by Product (String, Micro, Power, Hybrid, Central), Grid (On-grid, Off-grid), Phase (Single, Three), End User (Residential, Commercial & Industrial, Utility-Scale) - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the global solar inverter market is projected to reach $18.8 billion by 2031, at a CAGR of 8.9% from 2024 to 2031. The growth of this market is driven by the growing focus on sustainability and environmental concerns, government policies and incentives aimed at promoting the use of renewable energy, and the surge in electricity prices. Furthermore, the integration of solar inverters with energy storage systems and the adoption of smart grid technologies are expected to create market growth opportunities. However, the high installation costs of solar inverters may restrain market growth. Additionally, issues related to the integration of solar power into existing electrical grids pose challenges to the market’s growth. Additionally, the integration of digital technologies and Internet of Things (IoT) capabilities into solar inverters is a prominent trend in this market.

The global solar inverter market is segmented by product, grid type, phase, and end user. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on product, the global solar inverter market is broadly segmented into string inverters, micro inverters, power optimizers, hybrid inverters, and central inverters. In 2024, the central inverters segment is expected to account for the largest share of 40.0% of the solar inverter market. The large market share of this segment can be attributed to the increasing demand for cost-effective inverters with high conversion efficiencies, the widespread adoption of central inverters in utility-scale solar farms for connecting large arrays of solar panels, and the increasing utilization of these inverters in commercial and industrial solar projects, such as rooftop installations on warehouses and factories, as well as in solar power plants and microgrid installations.

However, the hybrid inverters segment is projected to register the highest growth rate during the forecast period of 2024 to 2031. The growth of this segment is driven by the growing integration of energy storage systems with solar PV installations, the rising need to reduce reliance on the grid and achieve energy independence, and the continuous technological advancements in energy storage systems.

Based on grid type, the global solar inverter market is broadly segmented into on-grid, off-grid, and hybrid. In 2024, the on-grid segment is expected to account for the largest share of 70.0% of the solar inverter market. The large market share of this segment is attributed to its simplicity, cost-effectiveness, and compatibility with existing grid infrastructure. Additionally, the rising need to reduce reliance on traditional fossil fuel-based electricity generation drives the demand for on-grid solar inverters in residential, commercial, and utility-scale solar PV installations.

However, the hybrid segment is projected to register the highest growth rate during the forecast period of 2024 to 2031. The growth of this segment is driven by the increasing demand for systems capable of operating in both grid-tied and off-grid modes to maximize the self-consumption of solar energy and reduce reliance on grid-supplied electricity. Additionally, the rising utilization of hybrid solar inverters for remote or off-grid applications, particularly in areas where access to the utility grid is limited or unavailable, contributes to the growth of this segment.

Based on phase, the global solar inverter market is broadly single-phase solar inverters and three-phase solar inverters. In 2024, the three-phase solar inverters segment is expected to account for the largest share of 75.0% of the solar inverter market. The large market share of this segment can be attributed to the increasing utilization of three-phase solar inverters in commercial and industrial sectors due to their capacity to handle higher power loads and deliver higher efficiency compared to single-phase solar inverters. Additionally, the rising adoption of three-phase solar inverters in utility-scale solar projects due to their scalability and compatibility with the grid contributes to the significant market share of this segment.

Moreover, the three-phase solar inverters segment is projected to register the highest growth rate during the forecast period of 2024 to 2031. This growth is driven by the increasing initiatives by market players to expand their product portfolios and enhance the capabilities of their existing products. For instance, in March 2022, Delta Electronics, Inc. (Taiwan) launched its new M100A Flex three-phase inverter. With a power range of 15 to 250kW, these inverters are suitable for residential and commercial rooftop PV projects. Featuring a robust IP66 enclosure and compact design for easy transport, they are suitable for both indoor and outdoor installations across various commercial and industrial applications.

Based on end user, the global solar inverter market is broadly segmented into residential, commercial & industrial (C&I), utility-scale, and other end users. In 2024, the utility-scale segment is expected to account for the largest share of 52.0% of the solar inverter market. The large market share of this segment can be attributed to the rising deployment of large-scale solar projects globally aimed at expanding renewable energy capacity and curbing greenhouse gas emissions, supportive policies and regulations from governments encouraging the development of utility-scale solar projects, and the increasing demand for large-scale solar PV installations to generate electricity for distribution to the utility grid.

Moreover, the utility-scale segment is projected to register the highest growth rate during the forecast period of 2024 to 2031.

Based on geography, the global solar inverter market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 60.0% of the solar inverter market, followed by Europe, North America, Latin America, and the Middle East & Africa. Asia-Pacific’s significant market share can be attributed to various factors, including supportive government policies and regulatory frameworks, increasing investments in green energy resources, increasing deployment of solar energy projects, capacity expansion initiatives in power generation plants, rising sustainability and environmental concerns, and the comparatively lower costs of solar energy compared to conventional fossil fuel-based electricity generation.

Moreover, the market in Asia-Pacific is projected to register the highest CAGR of 10.0% during the forecast period.

Key Players:

The key players operating in the solar inverter market are Siemens AG (Germany), Schneider Electric SE (France), Hitachi Hi-Rel Power Electronics Pvt. Ltd. (India), Sungrow Power Supply Co., Ltd. (China), Huawei Technologies Co., Ltd. (China), Ginlong Technologies Co., Ltd. (China), Growatt (China), SMA Solar Technology AG (Germany), Power Electronics S.L. (U.S.), FIMER S.p.A. (Italy), TMEIC (U.S.), SolarEdge Technologies Inc. (Israel), Sineng Electric Co., Ltd. (China), ABB Ltd (Switzerland), Luminous Power Technologies Pvt. Ltd. (India), Nexus Solar Energy (India), Waaree Energies Ltd. (India), Delta Electronics, Inc. (Taiwan), Enphase Energy Inc. (U.S.), Fuji Electric Co., Ltd. (Japan), and Havells India Ltd. (India).

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Key questions answered in the report-

• Which are the high-growth market segments based on product, grid type, phase, end user, and geography?
• What was the historical market of the solar inverter market?
• What are the market forecasts and estimates for the period 2024–2031?
• What are the major drivers, restraints, opportunities, and challenges in the solar inverter market?
• Who are the major players, and what shares do they hold in the solar inverter market?
• What is the competitive landscape like?
• What are the recent developments in the solar inverter market?
• What are the different strategies adopted by the major players in the solar inverter market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the global solar inverter market, and how do they compete with the other players?

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