String PV Inverter Market Size - By Phase (Single Phase, Three Phase) By Connectivity (Standalone, On Grid), By Nominal Output Voltage, By Nominal Output Power, By Application, 2025 – 2034

String PV Inverter Market Size

The global string PV inverter market was valued USD 19 Billion in 2024 and is estimated to grow at a CAGR of 9.8% from 2025 to 2034. This device is frequently utilized in solar PV systems to change DC electrical energy generated by a network of solar panels to alternating current which is useful in energizing electrical devices and sending power back into the utility grid. It acts as the primary point for energy conversion and controls by making sure that the total energy supplied by the panels in the string always works in an optimum state.
 

Increasing concern around the issue of climate change and carbon emissions is encouraging the timely need for the adoption of clean energy solutions which, in turn, eases the product demand due to its easy accessibility and scalability. Rising inclination towards renewable energy and rooftop solar adoption will propel the product demand as a reliable choice for grid-connected systems.

Expansion of solar infrastructure in emerging regions including Latin America, Asia Pacific and Africa to meet their increasing energy demands and reduce dependency on conventional fuels will influence the market statistics. Rising technological advancements to increase product efficiency and reliability in line with ongoing innovations such as higher conversion efficiencies, and advanced monitoring capabilities to enhance the inverter's performance and lifespan of solar installations will uplift the product penetration.
 

String PV Inverter Market Trends

Rising demand for inverters with hybrid functionality, capable of managing both solar PV and battery storage for residential and commercial applications will stimulate the product penetration.  Furthermore, eminent players are boosting the product growth by unveiling a new product range including Sungrow new string inverter designed to revolutionize the renewable energy landscape. Increasing awareness of environmental sustainability, coupled with reducing panel costs, uplifts homeowners' investments in rooftop solar systems creating lucrative opportunities for the product adoption.
 

String PV Inverter Market Analysis

Based on phase, the market is segmented into single phase and three phase. Three phase are anticipated to grow over USD 47.6 Billion by 2034. Rising demand for inverters offering higher power output, making them well-suited for commercial and industrial applications with larger electricity demands will boost the multi-phase market. Additionally, their grid compatibility with the existing electrical infrastructure, coupled with scalability and flexibility, allowing easy expansion and customization of solar PV systems to meet specific project requirements will improve the business scenario.
 

Based on connectivity, the string PV inverter market is segmented into standalone and on grid. Standalone is set to grow at a CAGR of over 7% by 2034. Rising demand for inverters offering off-grid homes, cabins, and remote facilities to generate and store their own electricity from solar energy, reducing dependence on diesel generators and enhancing energy independence will fuel the product demand. Furthermore, increasing demand for reliable backup power solutions for emergency shelters, disaster relief efforts and critical infrastructure will propel the connectivity adoption.
 

The U.S. string PV inverter market is anticipated to grow over USD 5.5 Billion by 2034. Declining solar PV costs, federal and state incentives including the federal Investment Tax Credit (ITC), which offers a tax credit of up to 26% of the total system cost and incentivizes residential, commercial, and utility-scale solar installations will boost the product demand across the country. Furthermore, growing concerns about energy resilience, environmental sustainability, and climate change mitigation will increase customer interest in solar energy thereby augmenting the product growth.
 

In Asia Pacific, rapid growth in solar PV installations, driven by supportive government policies, declining technology costs, and increasing energy demand will boost the product adoption in the region. Rapid urbanization and industrialization, escalates electricity demand, particularly in densely populated urban areas and industrial zones thereby stimulating the industry landscape. Furthermore, rising financial incentives and policy support from countries such as China, Japan, and India to promote renewable energy deployment and reduce carbon emissions will positively influence the market statistics.
 

String PV Inverter Market Share

Eminent players are prioritizing product innovation and technological advancements by investing in research and development (R&D) to develop next-generation string inverters with advanced features such as higher power density, improved monitoring capabilities, enhanced grid compatibility, and integration with energy storage solutions. Furthermore, key players are forging alliances with solar developers, EPC contractors, distributors, and other stakeholders to expand their market reach, access new customer segments, and penetrate emerging markets.
 

String PV Inverter Market Companies

Eminent players operating in the String PV Inverter industry are:

• Canadian Solar
• Delta Electronics
• GoodWe
• Growatt New Energy
• Huawei Technologies
• Ingeteam Power Technology
• SMA Solar Technology
• Sungrow
• Siemens
• Solis Inverter
• SolarEdge Technologies
• Sineng Electric
   

String PV Inverter Industry News:

• In December 2024, GoodWe unveiled its GT Series String Inverter, boasting a power rating exceeding 100kW. This new addition targets the C&I sector, catering to businesses focused on boosting operational efficiency and sustainability. With the GT Series, businesses can expect notable reductions in energy costs and a strong ROI.
   
• In September 2023, SMA India launched the Sunny Tripower Core2 110 kW string solar inverter, targeting rooftops or ground mounts PV installation in commercial settings. The inverter is already present in world markets which comes in India with additional features including integrated arc-fault circuit interrupter and dc overvoltage protection.
   

String PV Inverter market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue and volume in “(USD Billion & MW)” from 2021 to 2034, for the following segments:

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Market, By Phase

• Single Phase
• Three Phase
• Low Power (≤ 99 kW)
• High Power (> 99 kW)

Market, By Connectivity

• Standalone
• On Grid

Market, By Nominal Output Voltage

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

Market, By Nominal Output Power

• 3 kW
• 3 - 33 kW
• 33 - 110 kW
• > 110 kW

Market, By Application

• Residential
• Commercial & Industrial
• Utility

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

• North America
  • U.S.
  • Canada 
• Europe
  • Germany
  • Italy
  • Poland
  • Netherlands
  • UK
  • France
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Israel
  • Saudi Arabia
  • UAE
• Latin America
  • Brazil
  • Mexico