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Solar Inverter Market
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
Report ID:MROTH - 1041146 Pages: 210 Sep-2024 Formats*: PDF Category: Others Delivery: 24 to 72 HoursSolar Inverter Market Size & Forecast
The Solar Inverter Market is expected 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.
Solar Inverter Market Growth Drivers
Growing Focus on Sustainability and Environmental Concerns
Sustainability entails meeting present needs without compromising the ability of future generations to meet their own. Environmental concerns encompass issues like climate change, air & water pollution, habitat destruction, and natural resource depletion. Growing public awareness regarding these issues, including air & water pollution, deforestation, and biodiversity loss, has heightened pressure on governments, businesses, and individuals to adopt sustainable practices and technologies. The adoption of solar energy plays a significant role in addressing sustainability and environmental concerns by reducing reliance on fossil fuels, mitigating climate change, enhancing air quality, and reducing dependence on resources such as coal, oil, and natural gas. Solar inverters act as the interface between solar panels and the electrical grid. They facilitate the integration of clean and sustainable solar energy into the electrical grid. Additionally, solar inverters offer rapid and flexible deployment, rendering them suitable for diverse applications ranging from small-scale residential installations to utility-scale solar farms.
Governments are also directing their efforts towards introducing new initiatives and policies aimed at enhancing the overall efficiency and performance of inverters, thereby promoting energy savings and reducing electricity consumption. For instance, in March 2024, The Bureau of Energy Efficiency under the Ministry of Power, Government of India, launched the Standards and Labeling Program for Grid-Connected Solar Inverters. This program aims to assist consumers in making informed choices by considering the cost-effectiveness and energy performance of various energy-consuming appliances, ultimately enabling them to save energy, reduce electricity consumption, and contribute to a greener planet. The Program will facilitate consumers in acquiring better-quality inverters that can be seamlessly integrated into solar rooftop systems.
Major players in the market are launching initiatives to integrate clean and sustainable solar energy, attract environmentally conscious customers, and reduce operational costs through energy efficiency measures. For instance, in March 2024, CleanMax Enviro Energy Solutions Pvt. Ltd. (India) partnered with Apple Inc. (U.S.) to bolster renewable energy projects across India, marking a significant milestone in the nation's green energy landscape. Under this partnership, Clean Max successfully installed 14.4 MW of rooftop solar installations across six industrial sites in India. These installations are projected to mitigate approximately 207,000 tons of CO2 emissions throughout their operational life. These initiatives, coupled with increasing government policies, incentives, and regulations aimed at accelerating the transition to a low-carbon economy, are expected to drive the market's growth during the forecast period.
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Surge in Electricity Prices
Electricity serves as a vital energy source for various modern applications, encompassing lighting, heating, cooling, communication, and industrial processes. However, various factors, such as the rising demand and consumption of electricity, aging infrastructure, fuel price volatility, and regulatory constraints, contribute to the increasing cost of electricity. Households, businesses, and industries grapple with financial strain due to mounting operational expenses. As a result, there is a growing inclination towards alternative energy sources like solar power to alleviate the impact of high electricity prices. Solar energy emerges as a sustainable and cost-effective solution to tackle the challenge of rising electricity prices. Solar inverters play a crucial role in solar energy systems by converting the direct current (DC) electricity generated by solar panels into usable alternating current (AC) electricity. Therefore, the rising demand for solar energy, coupled with the declining costs of solar technology, is expected to drive the growth of the solar inverter market in the coming years.
Solar Inverter Market Trends
Integration of Digital Technologies and Internet of Things (IoT) Capabilities into Solar Inverters
Companies are integrating digital technologies such as artificial intelligence (AI), machine learning (ML), and data analytics into solar inverters to facilitate real-time monitoring, predictive maintenance, and optimization of solar PV systems. AI algorithms analyze data from various sensors to continually evaluate the performance of solar panels and inverters. Furthermore, ML algorithms empower solar inverters to adapt and optimize their operations in response to changes in environmental conditions. These intelligent solar inverters can dynamically adjust parameters such as voltage and frequency to ensure optimal energy production while maintaining grid stability.
The integration of IoT capabilities into solar inverters facilitates proactive fault detection and troubleshooting, reducing downtime while enabling remote monitoring, control, and management of PV systems. Major market players are actively investing in digital technologies and IoT capabilities to enhance their product offerings and gain a competitive edge. For instance, in May 2023, Huawei Technologies Co., Ltd. (China) launched the FusionSolar Smart PV&ESS Solution, which delivers low-levelized cost of electricity (LCOE), high reliability, and comprehensive digitalization. This solution operates in both on-grid and off-grid scenarios, offering 40% higher renewable power capacity and 30% lower LCOE than conventional solutions. Its 5+4 multi-level safety design ensures comprehensive protection from PV to ESS, covering components to systems, and provides robust cybersecurity. Its comprehensive digitalization enables end-to-end sensing of each component in a power plant. Such advancements, coupled with the increasing need to enhance overall energy production and system reliability, are driving the growth of the solar inverter market.
Solar Inverter Market Opportunity
Adoption of Smart Grid Technologies
Smart grids are electricity networks that leverage digital technologies, sensors, and software to optimize the matching of electricity supply and demand in real time, thereby minimizing costs and upholding grid stability and reliability. They contribute to enhancing power quality, transmission reliability, distribution efficiency, and conservation while reducing costs for electric utilities. One key application of smart grid technologies is integrating renewable energy sources, such as solar power, into the grid by enabling bidirectional energy flow and dynamic grid management. Solar inverters play a crucial role in this process by providing essential grid support functions, including voltage regulation and power quality management, to ensure optimal energy production and grid stability. Additionally, they ensure that solar power aligns with the grid's AC infrastructure, facilitating efficient energy distribution and utilization. These factors, combined with the growing demand for solar inverters equipped with grid support functionalities, are expected to offer significant market growth opportunities.
Solar Inverter Market Analysis: Key Findings
By Product: in 2024, the Central Inverters Segment to Dominate the Solar Inverter Market
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.
By Grid Type: in 2024, the On-grid Segment to Dominate the Solar Inverter Market
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.
By Phase: in 2024, the Three-phase Solar Inverters Segment to Dominate the Solar Inverter Market
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.
By End User: in 2024, the Utility-scale Segment to Dominate the Solar Inverter Market
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.
Geographical Analysis
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. Moreover, the market in Asia-Pacific is projected to register the highest CAGR of 10.0% during the forecast period. The growth of this regional market 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.
Solar Inverter Market: Key Companies
The report offers a competitive analysis based on an extensive assessment of the leading players' product portfolios and geographic presence and the key growth strategies adopted by them over the past 3–4 years. Some of 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)m 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).
Solar Inverter Industry Overview: Latest Developments from Key Industry Players
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In April 2024, Huawei Digital Power Technologies Co., Ltd. (a subsidiary of Huawei Technologies Co., Ltd. (China)) launched the SUN2000-150K-MG0 inverter with an ultra-high efficiency of 98.8% and active safety features for the Commercial & Industrial (C&I) market in the Middle East region.
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In March 2024, Luminous Power Technologies Pvt. Ltd. (India) opened a state-of-the-art solar panel manufacturing factory named "Solar Panel Factory" in India. The factory has a production capacity of 250MW, expandable up to 1GW nameplate capacity, for designing and developing all components of solar power generation systems.
- In February 2024, SPARQ Systems Inc. (Canada) signed a manufacturing and supply agreement with Jio Things Limited (a subsidiary of Jio Platforms Ltd (India)) to collaborate on the development and distribution of microinverters in India, commonly used in solar photovoltaic (PV) technology. Sparq's microinverters will be integrated into Jio Things' solutions globally.
- In December 2023, INVT Solar Technology (Shenzhen) Co., Ltd. (China) launched its latest product, the XG1-5kW-S on-grid inverter, in India. This inverter is designed for household solar power systems.
- In October 2023, Havells India Ltd. (India) launched the Dual Mode Micro Inverter (DMMI), addressing key limitations associated with traditional inverters and microinverters. The DMMI features an MPPT-based solar charge controller, efficiently converting DC from solar panels into AC.
- In June 2023, Samsung Electronics (South Korea) signed a Net Zero Home cooperation partnership with SolarEdge to expand its coverage of the Net Zero Home ecosystem.
- In May 2021, Delta Electronics, Inc. (Taiwan) launched the latest generation of its M50A Flex, a 50 kW solar inverter for photovoltaic arrays. This inverter features six MPP trackers, Anti-PID, and AC & DC Surge Protection Devices, type 1 + type 2.
Solar Inverter Market Research Summary
|
Particulars |
Details |
|
Number of Pages |
210 |
|
Format |
|
|
Forecast Period |
2024–2031 |
|
Base Year |
2023 |
|
CAGR (Value) |
8.9% |
|
Market Size (Value) |
USD 18.8 Billion by 2031 |
|
Segments Covered |
By Product
By Grid Type
By Phase
By End User
|
|
Countries Covered |
Europe (Germany, U.K., Italy, France, Spain, Russia, Netherlands, and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, Thailand, Singapore, and Rest of Asia-Pacific), North America (U.S., Canada), Latin America (Brazil, Argentina, Mexico, and Rest of Latin America), and the Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of the Middle East & Africa) |
|
Key Companies |
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). |
Key questions answered in the solar inverter market report:
This study focuses on market assessment and opportunity analysis by analyzing the sales of solar inverters across various regions and countries. This study also offers a competitive analysis of the solar inverter market based on an extensive assessment of the leading players' product portfolios, geographic presence, and key growth strategies.
The global solar inverter market is projected to reach $18.8 billion by 2031, at a CAGR of 8.9% during the forecast period.
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.
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 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.
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.
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)m 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), Fuji Electric Co., Ltd. (Japan), Enphase Energy Inc. (U.S.), and Havells India Ltd. (India).
Asia-Pacific is anticipated to offer substantial growth opportunities for vendors in the solar inverter market during the analysis period. Countries like China, Japan, India, and Singapore are undergoing rapid urbanization and industrialization, resulting in high energy demand. As a result, the region is witnessing an increase in renewable energy infrastructure investments to meet the rising energy needs.
1. Introduction
1.1 Market Definition & Scope
1.2 Market Ecosystem
1.3 Currency & Limitations
1.4 Key Stakeholders
2. Research Methodology
2.1 Research Approach
2.2 Data Collection & Validation
2.2.1 Secondary Research
2.2.2 Primary Research
2.3 Market Assessment
2.3.1 Market Size Estimation
2.3.2 Bottom-up Approach
2.3.3 Top-down Approach
2.3.4 Growth Forecast
2.4 Assumptions for the Study
3. Executive Summary
3.1 Market Overview
3.2 Market Analysis, by Product
3.3 Market Analysis, by Grid Type
3.4 Market Analysis, by Phase
3.5 Market Analysis, by End User
3.6 Market Analysis, by Geography
3.7 Competitive Analysis
4. Market Insights
4.1 Overview
4.2 Factors Affecting Market Growth
4.2.1 Drivers
4.2.1.1 Growing Focus on Sustainability and Environmental Concerns
4.2.1.2 Government Policies and Incentives Aimed at Promoting the Use of Renewable Energy
4.2.1.3 Surge in Electricity Prices
4.2.2 Restraints
4.2.2.1 High Installation Costs of Solar Inverters
4.2.3 Opportunities
4.2.3.1 Integration of Solar Inverters with Energy Storage Systems
4.2.3.2 Adoption of Smart Grid Technologies
4.2.4 Challenges
4.2.4.1 Issues Related to the Integration of Solar Power Into Existing Electrical Grids
4.2.5 Trend
4.2.5.1 Integration of Digital Technologies and Internet of Things (IoT) Capabilities into Solar Inverters
4.3 Comparison Between On-grid, Off-grid, and Hybrid
5. Global Solar Inverter Market Assessment—by Product
5.1 Overview
5.2 String Inverters
5.3 Micro Inverters
5.4 Power Optimizers
5.5 Hybrid Inverters
5.6 Central Inverters
6. Global Solar Inverter Market Assessment—by Grid Type
6.1 Overview
6.2 On-grid
6.3 Off-grid
6.4 Hybrid
7. Global Solar Inverter Market Assessment—by Phase
7.1 Overview
7.2 Single-phase Solar Inverters
7.3 Three-phase Solar Inverters
8. Global Solar Inverter Market Assessment—by End User
8.1 Overview
8.2 Residential
8.3 Commercial & Industrial (C&I)
8.4 Utility-Scale
8.5 Other End Users
9. Solar Inverter Market Assessment—by Geography
9.1 Overview
9.2 North America
9.2.1 U.S.
9.2.2 Canada
9.3 Europe
9.3.1 Germany
9.3.2 U.K.
9.3.3 France
9.3.4 Italy
9.3.5 Spain
9.3.6 Russia
9.3.7 Netherlands
9.3.8 Rest of Europe
9.4 Asia-Pacific
9.4.1 China
9.4.2 Japan
9.4.3 India
9.4.4 South Korea
9.4.5 Thailand
9.4.6 Singapore
9.4.7 Rest of Asia-Pacific
9.5 Latin America
9.5.1 Brazil
9.5.2 Mexico
9.5.3 Argentina
9.5.4 Rest of Latin America
9.6 Middle East & Africa
9.6.1 UAE
9.6.2 Saudi Arabia
9.6.3 South Africa
9.6.4 Rest of Middle East & Africa
10. Global Solar Inverter Market Assessment—Competitive Analysis
10.1 Overview
10.2 Key Growth Strategies
10.3 Competitive Benchmarking
10.4 Competitive Dashboard
10.4.1 Industry Leaders
10.4.2 Market differentiators
10.4.3 Vanguards
10.4.4 Emerging Companies
10.5 Market Share Analysis
11. Company Profiles (Company Overview, Financial Overview, Product Portfolio, and Recent Developments)
11.1 Siemens AG
11.2 Schneider Electric SE
11.3 Hitachi Hi-Rel Power Electronics Pvt. Ltd.
11.4 Sungrow Power Supply Co., Ltd.
11.5 Huawei Technologies Co., Ltd.
11.6 Ginlong Technologies Co., Ltd.
11.7 Growatt
11.8 SMA Solar Technology AG
11.9 Power Electronics S.L.
11.10 FIMER S.p.A.
11.11 TMEIC
11.12 SolarEdge Technologies Inc.
11.13 Sineng Electric Co., Ltd.
11.14 ABB Ltd
11.15 Luminous Power Technologies Pvt. Ltd.
11.16 Nexus Solar Energy
11.17 Waaree Energies Ltd.
11.18 Delta Electronics, Inc.
11.19 Enphase Energy Inc.
11.20 Havells India Ltd.
11.21 Fuji Electric Co., Ltd.
(Note: SWOT Analysis of the Top 5 Companies will be Provided)
12. Appendix
12.1 Available Customization
12.2 Related Reports
List of Tables
Table 1 Currency Conversion Rate (2019–2023)
Table 2 Global Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 3 Global String Inverter Market, by Country/Region, 2022–2031 (USD Million)
Table 4 Global Micro Inverter Market, by Country/Region, 2022–2031 (USD Million)
Table 5 Global Power Optimizers Market, by Country/Region, 2022–2031 (USD Million)
Table 6 Global Hybrid Inverters Market, by Country/Region, 2022–2031 (USD Million)
Table 7 Global Central Inverters Market, by Country/Region, 2022–2031 (USD Million)
Table 8 Global Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 9 Global On-grid Solar Inverter Market, by Country/Region, 2022–2031 (USD Million)
Table 10 Global Off-grid Solar Inverter Market, by Country/Region, 2022–2031 (USD Million)
Table 11 Global Hybrid Solar Inverter Market, by Country/Region, 2022–2031 (USD Million)
Table 12 Global Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 13 Global Single-Phase Solar Inverter Market, by Country/Region, 2022–2031 (USD Million)
Table 14 Global Three-Phase Solar Inverter Market, by Country/Region, 2022–2031 (USD Million)
Table 15 Global Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 16 Global Solar Inverter Market Residential, by Country/Region, 2022–2031 (USD Million)
Table 17 Global Solar Inverter Market Commercial & Industrial (C&I), by Country/Region, 2022–2031 (USD Million)
Table 18 Global Solar Inverter Market Utility-Scale, by Country/Region, 2022–2031 (USD Million)
Table 19 Global Solar Inverter Market Other End Users, by Country/Region, 2022–2031 (USD Million)
Table 20 Global Solar Inverter Market, by Country/Region, 2022–2031 (USD Million)
Table 21 North America: Solar Inverter Market, by Country, 2022–2031 (USD Million)
Table 22 North America: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 23 North America: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 24 North America: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 25 North America: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 26 U.S.: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 27 U.S.: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 28 U.S.: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 29 U.S.: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 30 Canada: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 31 Canada: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 32 Canada: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 33 Canada: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 34 Europe: Solar Inverter Market, by Country/Region, 2022–2031 (USD Million)
Table 35 Europe: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 36 Europe: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 37 Europe: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 38 Europe: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 39 Germany: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 40 Germany: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 41 Germany: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 42 Germany: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 43 U.K.: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 44 U.K.: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 45 U.K.: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 46 U.K.: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 47 France: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 48 France: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 49 France: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 50 France: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 51 Italy: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 52 Italy: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 53 Italy: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 54 Italy: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 55 Spain: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 56 Spain: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 57 Spain: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 58 Spain: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 59 Russia: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 60 Russia: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 61 Russia: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 62 Russia: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 63 Netherlands: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 64 Netherlands: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 65 Netherlands: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 66 Netherlands: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 67 Rest of Europe: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 68 Rest of Europe: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 69 Rest of Europe: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 70 Rest of Europe: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 71 Asia-Pacific: Solar Inverter Market, by Country/Region, 2022–2031 (USD Million)
Table 72 Asia-Pacific: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 73 Asia-Pacific: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 74 Asia-Pacific: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 75 Asia-Pacific: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 76 China: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 77 China: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 78 China: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 79 China: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 80 Japan: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 81 Japan: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 82 Japan: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 83 Japan: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 84 India: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 85 India: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 86 India: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 87 India: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 88 South Korea: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 89 South Korea: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 90 South Korea: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 91 South Korea: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 92 Thailand: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 93 Thailand: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 94 Thailand: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 95 Thailand: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 96 Singapore: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 97 Singapore: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 98 Singapore: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 99 Singapore: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 100 Rest of Asia-Pacific: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 101 Rest of Asia-Pacific: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 102 Rest of Asia-Pacific: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 103 Rest of Asia-Pacific: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 104 Latin America: Solar Inverter Market, by Country/Region, 2022–2031 (USD Million)
Table 105 Latin America: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 106 Latin America: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 107 Latin America: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 108 Latin America: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 109 Brazil: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 110 Brazil: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 111 Brazil: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 112 Brazil: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 113 Mexico: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 114 Mexico: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 115 Mexico: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 116 Mexico: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 117 Argentina: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 118 Argentina: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 119 Argentina: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 120 Argentina: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 121 Rest of Latin America: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 122 Rest of Latin America: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 123 Rest of Latin America: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 124 Rest of Latin America: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 125 Middle East & Africa: Solar Inverter Market, by Country/Region, 2022–2031 (USD Million)
Table 126 Middle East & Africa: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 127 Middle East & Africa: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 128 Middle East & Africa: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 129 Middle East & Africa: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 130 UAE: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 131 UAE: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 132 UAE: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 133 UAE: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 134 Saudi Arabia: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 135 Saudi Arabia: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 136 Saudi Arabia: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 137 Saudi Arabia: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 138 South Africa: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 139 South Africa: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 140 South Africa: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 141 South Africa: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 142 Rest of Middle East & Africa: Solar Inverter Market, by Product, 2022–2031 (USD Million)
Table 143 Rest of Middle East & Africa: Solar Inverter Market, by Grid Type, 2022–2031 (USD Million)
Table 144 Rest of Middle East & Africa: Solar Inverter Market, by Phase, 2022–2031 (USD Million)
Table 145 Rest of Middle East & Africa: Solar Inverter Market, by End User, 2022–2031 (USD Million)
Table 146 Recent Developments by Major Market Players (2021–2024)
List of Figures
Figure 1 Currency and Limitations
Figure 2 Research Process
Figure 3 Primary Research Techniques
Figure 4 Key Executives Interviewed
Figure 5 Breakdown of Primary Interviews (Supply Side & Demand Side)
Figure 6 Market Sizing and Growth Forecast Approach
Figure 7 Key Insights
Figure 8 Solar Inverter Market, by Product, 2024 vs. 2031 (USD Million)
Figure 9 Solar Inverter Market, by Grid Type, 2024 vs. 2031 (USD Million)
Figure 10 Solar Inverter Market, by Phase, 2024 vs. 2031 (USD Million)
Figure 11 Solar Inverter Market, by End User, 2024 vs. 2031 (USD Million)
Figure 12 Geographic Snapshot: Global Solar Inverter Market
Figure 13 Impact Analysis of Market Dynamics
Figure 14 Solar Inverter Market, by Product, 2024 vs. 2031 (USD Million)
Figure 15 Solar Inverter Market, by Grid Type, 2024 vs. 2031 (USD Million)
Figure 16 Solar Inverter Market, by Phase, 2024 vs. 2031 (USD Million)
Figure 17 Solar Inverter Market, by End User, 2024 vs. 2031 (USD Million)
Figure 18 Global Solar Inverter Market, by Region, 2024 vs. 2031 (USD Million)
Figure 19 North America: Solar Inverter Market Snapshot
Figure 20 Europe: Solar Inverter Market Snapshot
Figure 21 Asia-Pacific: Solar Inverter Market Snapshot
Figure 22 Latin America: Solar Inverter Market Snapshot
Figure 23 Middle East & Africa: Solar Inverter Market Snapshot
Figure 24 Growth Strategies Adopted by Leading Market Players (2021–2024)
Figure 25 Competitive Benchmarking Analysis (2021–2024)
Figure 26 Competitive Dashboard: Solar Inverter Market
Figure 27 Siemens AG: Financial Overview (2023)
Figure 28 Schneider Electric SE: Financial Overview (2023)
Figure 29 SMA Solar Technology AG: Financial Overview (2023)
Figure 30 SolarEdge Technologies Inc.: Financial Overview (2023)
Figure 31 ABB Ltd: Financial Overview (2023)
Figure 32 Enphase Energy Inc.: Financial Overview (2023)
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