PV Inverter Market Size By Power Class (Single Phase, Three Phase {Low Power [≤99 kW], High Power [>99 kW]}), By Nominal Output Power (≤ 300 W, 300 - 3,000 W, 3,000 - 33,000 W, 33,000 - 110,000 W, > 110,000 W), By Nominal Output Voltage (≤ 230 V, 230 - 400 V, 400 - 600 V, > 600 V), By Product (Micro, String, Central {Transformer Based, Transformer Less}), By Connectivity (Stand-alone, On-grid), By Application (Residential, Commercial {College/University, Office, Government/Military}, Industrial {Chemical, Paper, Food Processing}, Utility), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Nov 2020  |  Report ID: GMI234  |  Authors: Ankit Gupta, Riya Gupta

Report Format: PDF   |   Pages: 886   |   Base Year: 2019

Summary Table of Contents Industry Coverage Methodology

Industry Trends

PV inverter market size is expected to grow at a rate of over 8% CAGR through 2026. Stringent government norms to curb GHG emissions along with large-scale deployment of sustainable energy systems will boost the industry dynamics. Integration of advanced energy infrastructure favoured by growing electricity demand across the urban areas will further fuel the business landscape.

The outbreak of coronavirus, well-known as COVID-19 has impacted the PV inverter industry significantly. The virus has impacted more than 200 countries and has caused lockdowns in a few countries, thus, restricting business expansion. However, industry is set to regain its strength in the second quarter of 2021 witnessing the fade out impact of the corona virus.

PV inverter market

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Rising number of solar farms across the developing regions will complement the photovoltaic inverter industry share

Photovoltaic (PV) Inverter Market

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PV inverter market from single phase segment exceeded USD 4 billion in 2019. Increasing operational ability of these systems across residential and commercial establishments will stimulate the product demand. Positive regulatory prospects including feed-in-tariff, net metering and investment schemes have further positively influenced the industry landscape.

Three phase photovoltaic inverter market will witness a significant growth on account of flexible product specifications along with the ability to integrate across high and low power industrial and utility sector. Increasing deployment of enhanced solar PV systems followed by rising number of solar farms across the emerging economies will drive the product adoption.

Increasing investments toward development of large-scale solar PV infrastructure will propel the industry size

≤ 300 W powered PV inverter market exceeded an annual installation of over 1.5 GW in 2019 and is projected to grow at rate of over 10% between 2020 and 2026. Stringent mandates across developed economies for low-power residential solar installations have driven advanced PV inverter technologies demand.

Positive consumer outlook along with regulatory measures to ensure energy security as well as provision of reliable and uninterruptible power supply will stimulate the industry potential. Two-way communication along with precise measurement and monitoring of electricity consumption enable consumers to institute an effective supply & demand scenario.

Rising utility and industrial based solar PV deployments owing to mandates toward energy mix will fuel the 33,000 W – 110,000 W solar inverter market demand. According to Bloomberg, in 2019 global investment across the solar industry accounted over USD 140 billion. Increasing public and private investments towards renewable grid integration will enhance the industry outlook.

Ongoing advancements to monitor and control the energy consumption across residential sector will accelerate the product demand

PV inverter market from ≤ 230V segment is projected to exceed an annual installation of over 15 GW by 2026. Increasing deployment of distributed generation technologies favored by rising low-voltage solar consumer base owing to increasing small-scale residential installations will boost the product demand.

Increasing energy consumption across small-scale commercial establishments favored by government incentives and subsidy schemes toward solar PV adoption will further augment the industry trends.

Integration of string inverters to enhance the operational efficiency and minimize safety risks will drive the business demand

String PV inverter market will witness a significant growth on account of rising applicability across large commercial and industrial establishments. High operational flexibility coupled with ability to provide power back-up and auxiliary line support will further accelerate the product adoption.

Expansion of micro-grid networks across the developed and developing regions will augment the business scenario

PV inverter market across stand-alone grid network exceeded USD 900 million in 2019. Growing energy demand across the regional peripherals followed by increasing solar PV installation within the areas with limited grid access and complete isolation will further propel the product demand.

Expansion of micro-grid networks in the developed countries for large-scale renewable installation has instituted a favorable industry dynamic. Advanced distributed generation technologies coupled with rapid expansion of sustainable networks will positively influence the business scenario.

Adoption of smart technologies across the energy storage systems will drive the business scenario

Paradigm shift toward the adoption of renewable energy resources coupled with advanced energy-efficiency agreements will fuel the adoption smart PV inverter units. Ongoing technological enhancements toward integration of two-way communication platforms ensuring network reliability along with electricity demand & supply balance will positively stimulate the PV inverter market size. Deployment of cloud based remote monitoring solutions across the solar PV system will propel the industry forecasts.

Asia Pacific PV inverter industry will dominate the overall business expansion

Asia Pacific Photovoltaic (PV) Inverter Market

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Asia Pacific PV inverter market exceeded USD 5 billion in 2019. Stringent regulatory measures followed by subsidized solar deployment with consequent fall in component prices have instituted a favorable business scenario. Rapid economic growth across developing countries coupled with the increasing energy demand has further instigated the regional market statistics.

Japan photovoltaic (PV) inverter market is expected to grow owing to paradigm shift toward advanced technological solutions along with increasing investments for clean energy network. Favorable government support programs, feed-in tariff, renewable integration targets, net-metering, investment subsidies, self-consumption schemes, and similar regulatory norms have positively influenced the regional industry share.

Ongoing strategic partnerships and collaborations will act as a focal point for industry market players

Eminent industrial participants operational across PV inverter market include Fimer, Siemens AG, Power Electronics, Yaskawa – Solectria, General Electric, Huawei, SolarMax, KACO New Energy, Emerson Electric, Omron, Fronius, Chint Group, TBEA, Delta, SolarEdge, Sineng, SatCon, REFU, Kstar, Growatt, Furukawa Battery, Panasonic, TMEIC, Enertronica Santerno, Tabuchi, Schneider Electric, Enphase, Sungrow and SMA.

PV inverter market research report includes in-depth coverage of the industry with estimates & forecast in terms of MW & USD from 2015 to 2026, for the following segments:

By Power Class

  • Single Phase
  • Three Phase
    • Low Power
    • High Power

By Nominal Output Power

  • ≤ 300 W
  • 300 W – 3000 W
  • 3000 W - 33000 W
  • 33000 W - 110000 W
  • >110000 W

By Nominal Output Voltage

  • ≤ 230 V
  • 230 - 400 V
  • 400 - 600 V
  • >600 V

By Product

  • Micro
  • String
  • Central
    • Transformer Based
    • Transformer Less

By Connectivity

  • Stand-alone
  • On-grid

By Application

  • Residential
  • Commercial
    • College/University
    •  Office
    •  Government/Military
    •  Others
  • Industrial
    • Chemical
    •  Paper
    •  Food Processing
    •  Others
  • Utility

The above information has been provided for the following regions and country:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    •  France
    •  Netherlands
    •  Italy
    •  Germany
    •  Sweden
    •  Russia
    •  Spain
    •  Austria
  • Asia Pacific
    • China
    •  Australia
    •  India
    •  Japan
    •  South Korea
  • Middle East
    • Israel
    • Saudi Arabia
    • UAE
    • Jordan
  • Africa
    • South Africa
    • Egypt
    • Algeria
    • Nigeria
  • Latin America
    • Brazil
    • Chile
    • Mexico


Frequently Asked Questions (FAQ) :

The global PV inverter industry revenue was accounted for more than USD 10 billion in 2019 and is poised to expand at 8% through 2026, attributed to the strict government norms to curb GHG emissions and large-scale deployment of sustainable energy systems.
The single-phase photovoltaic inverter market share exceeded USD 4 billion in 2019 and the growing deployment of these systems across residential and commercial establishments will influence the product demand.
In 2019, <= 300 W powered PV invertors segment crossed an annual installation of over 1.5 GW. The segment will witness over 10% growth rate through 2026 owing to the stringent mandates across developed nations for low-power residential solar installations.
The Asia Pacific PV inverter industry revenue crossed USD 5 billion in 2019 and is likely to register substantial growth due to the rising adoption of renewable energy resources along with advanced energy-efficiency agreements.

Premium Report Details

  • Published Date: Nov 2020
  • Pages: 886
  • Tables: 1609
  • Charts / Figures: 58
  • Companies covered: 29
  • Countries covered: 27

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