PV Inverter Market size to exceed $10bn by 2024

PV Inverter Market size will surpass USD 10 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.

Rising industry efforts to enhance the efficiency and operational life of solar inverter technology will positively influence the business dynamics. Growing penetration of large utility scale photovoltaic projects in line of achieving green economy status will expand the product deployment.


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Europe PV inverter market will observe upsurge owing to increasing demand for replacement of ageing technologies coupled with government inclination toward clean energy transition across residential sector. For instance, in 2017, according to SolarPower Europe, EU countries witnessed 6 GW of solar installation which is 6% higher as comparison to 2016.

Residential PV inverter market is anticipated to grow over 7% by 2024. Favorable regulatory measures towards PV installation to mitigate the surging electricity demand will drive the technology adoption. Furthermore, growing awareness about environmental impact from fossil fuel-based generation technologies will raise the installation of large capacity photovoltaic projects which in turn will expand the product demand.


Photovoltaic (PV) inverter market

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U.S. PV inverter industry is anticipated to witness robust growth owing to numerous technology innovations leading to considerable decline in the equipment prices. Furthermore, growing inclination towards smart inverter technology will raise the industry revenue over the forecast timeframe.

Browse key industry insights spread across 480 pages with 976 market data tables & 16 figures & charts from the report, “PV Inverter Market Size By Connectivity (Standalone, On-Grid), By Product (Micro, String, Central {Transformer Based, Transformer Less}), By Application (Residential, Commercial {College/University, Office, Government/Military}, Industrial { Chemical, Paper, Food Processing}, Utility), 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) Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, France, Netherland, Italy, Germany, Sweden, Russia, Spain, Austria, China, Australia, India, Japan, South Korea, Israel, Saudi Arabia, UAE, Jordan, South Africa, Egypt, Algeria, Nigeria, Brazil, Chile) Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:

Central PV inverter industry will witness upsurge owing to wide demand across large scale PV projects. Growing technological enhancements to generate bulk power in line of substituting conventional systems will proliferate the industry scenario. Furthermore, soaring investments towards the development of mega scale solar photovoltaic projects will drive the inverter installation over the forecast timeframe.

Ongoing urban migration in line with supportive regulatory measures to suffice the demand from small-scale residential establishments will augment the single-phase photovoltaic inverter market size. Installation of roof top solar generation systems across large residential premises will further compliment the product demand.

High efficiency, low cost and ease of availability are some of the primal factor influencing the string inverter installation over the forecast period. Furthermore, growing penetration of large commercial structures on account of rapid urbanization will proliferate the technology demand.

Growing funding from various financial institutions along with regulatory measures in the form of green bonds, carbon credits and renewable certificates will positively impact the on-grid PV inverter market share. Favorable industrial prospects for solar energy adoption pose a robust growth potential coupled with strict government regulation to limit fossil fuel applications will positively influence the product intervention.

Rapid infrastructural expansion with government measures to develop solar energy based smart city projects will significantly increase the demand for solar inverter and associated components. Furthermore, the restructuring of investment flow and trade policies to improve import and export of renewable energy components across emerging nations will complement the business landscape.

Leading players across the PV inverter market include Schneider Electric, SMA Solar Technology, Elettronica Santerno, Enphase Energy, Panasonic, REFU Elektronik, Growatt New Energy Technology, Omron, Delta Group, Chint Group, SolarMax, Emerson Electric, General Electric, and ABB amongst others.

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PV inverter market research report includes in-depth coverage of the industry with estimates & forecast in terms of MW and USD from 2013 to 2024, for the following segments:

PV Inverter Market, By Power Class

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

By Nominal Output Power

  •  ≤ 300 W
  • 300 - 3,000W
  • 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 Connectivity

  • Stand-alone
  • On-grid

By Product

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

By Application

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

The above information is provided on regional and country basis for the following:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Netherland
    • 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


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