PV Inverter Market Size & Share 2026-2035

PV Inverter Market Size

The global PV inverter market was estimated at USD 48.3 billion in 2025. The market is expected to grow from USD 48.4 billion in 2026 to USD 90.2 billion in 2035, at a CAGR of 7.2% according to Global Market Insights Inc.
 

• Accelerating integration of renewable energy sources into national power mixes is strengthening demand for high‑efficiency photovoltaic systems. Governments and private stakeholders are increasing investments while tightening energy efficiency and emission‑reduction regulations. These initiatives improve project bankability and encourage large‑scale solar deployment. As carbon‑reduction mandates become more stringent, PV inverters are gaining importance as enabling technologies that enhance system performance, grid compliance, and long‑term sustainability across solar installations.  
   
• A PV inverter is a power electronic device that converts direct current electricity generated by photovoltaic modules into grid‑compatible alternating current. It optimizes energy harvest, ensures grid compliance, enables monitoring and protection functions, and may integrate storage, backup, and smart grid support across residential, commercial, and utility‑scale solar systems worldwide.
   
• Supportive regulatory frameworks, combined with rapid technological innovation, are accelerating inverter deployment globally. Continuous research and development efforts are improving power density, efficiency, and operational reliability. For instance, in June 2025, APsystems unveiled a range of newly developed solutions during the 18th SNEC PV Power & Energy Storage Expo at Shanghai’s National Exhibition and Convention Center. The display focused on next‑generation solar and energy storage offerings, highlighting the use of artificial intelligence to improve system intelligence, operational efficiency, and advanced energy management.
   
• Moreover, falling costs of solar PV systems, including inverters, remain a major adoption driver. Manufacturing scale, design optimization, and technological learning have significantly reduced production and installation expenses over the past decade. As solar installation costs have declined sharply, new markets have opened across residential, commercial, and utility‑scale segments. Improved affordability makes solar solutions financially viable in developing regions, particularly those with high solar potential but limited access to conventional power infrastructure.
   
• Asia Pacific is among the dominant regions. Increasing large‑scale solar capacity additions across China, India, Japan, and Southeast Asia, supported by government‑backed renewable targets and utility‑scale tenders, are driving demand for high‑efficiency PV inverters to ensure grid compliance, reliability, and optimized power conversion.
   
• Rising companies' efforts in launching new product lines in the region will propel the product growth. For instance, in April 2025, GoodWe launched its new high‑capacity single‑phase hybrid inverter for Australia and New Zealand, targeting larger residential energy storage systems. The inverter supports up to 20 kW PV input, fast backup switching, and enhanced safety features.
   
• Middle East & Africa are the fastest-growing regions in the PV inverter market. Increasing utility‑scale solar project development under national diversification and energy transition programs is driving demand for high‑capacity PV inverters in the region, enabling efficient power conversion, grid compliance, and stable integration of large desert‑based solar installations.
   
• Additionally, rising electrification initiatives and off‑grid solar deployment across remote and underserved regions in Africa are accelerating PV inverter adoption, supporting reliable power access, mini‑grid development, and hybrid solar‑storage systems that reduce dependence on diesel‑based generation.

PV Inverter Market Trends

• Rising investments by inverter manufacturers to expand product portfolios in developing economies are supporting market growth. In October 2024, Solis introduced new high‑capacity hybrid PV inverters in 8 kW, 15 kW, and 50 kW ratings to support residential and commercial storage applications. The company also launched grid‑tied inverter models ranging from 3 kW to 350 kW, addressing residential, commercial, and utility‑scale solar project requirements.
   
• Increasing convergence of solar power systems with battery storage and electric vehicle infrastructure is accelerating PV inverter adoption. Hybrid inverters that manage photovoltaic generation alongside battery charging and discharging are becoming essential for solar‑plus‑storage projects. In parallel, the emergence of bidirectional inverters supporting vehicle‑to‑grid functionality and backup power applications is gaining traction, particularly in regions prioritizing EV adoption and grid resilience.
   
• Expanding collaborations between inverter manufacturers and renewable project developers are reinforcing market growth. In May 2025, Sungrow signed an inverter supply agreement exceeding 800 MW with Juniper Green Energy for solar and hybrid renewable projects. The deal includes next‑generation SG320HX‑20 string inverters and SG4400UD‑20 central inverters, designed to improve system efficiency, operational reliability, and long‑term energy output across large‑scale installations.
   
• Growing global initiatives to accelerate renewable energy adoption for climate mitigation are strengthening demand for PV inverters. Government incentives, subsidies, and tax benefits for solar installations are expanding inverter deployment, as these systems are critical for converting DC power into usable AC electricity. Simultaneously, growing installations of rooftop solar, microgrids, and community‑based distributed energy systems are increasing demand for flexible, modular inverters capable of managing bidirectional power flow, storage integration, and grid interaction.


• Additionally, rising companies' joint ventures and production expansions in the developed region will propel the business scenario. For instance, in December 2025, Canadian Solar restructured its U.S. operations, forming joint ventures and securing a 75.1% stake in CS PowerTech to oversee North American manufacturing and sales of solar modules, cells, and advanced energy storage systems. Moreover, ongoing improvements in global supply chains, combined with economies of scale from high‑volume manufacturing, are reducing PV inverter costs worldwide, leading to bolster the industry growth.
   

PV Inverter Market Analysis

Based on product, the industry is segmented into string, micro, and central categories. The string inverter accounted for over 53.7% market share in 2025 and is expected to grow at a CAGR of 7.1% through 2035.
 

• Increasing demand for modular and scalable PV system architectures is driving string inverter adoption, as these inverters allow independent string‑level operation, flexible system expansion, simplified design, and easier customization across diverse rooftop layouts and medium‑scale solar installations.
   
• Additionally, leading manufacturers are expanding their product portfolios to strengthen market penetration. In September 2024, GoodWe introduced the GT Series string inverter with power ratings exceeding 100 kW, broadening its commercial and industrial offerings. In addition, competitive pricing, improved thermal performance, and enhanced compatibility with energy storage systems are accelerating the adoption of advanced string inverter solutions across diverse solar applications.
   
• The central inverter market will grow at a CAGR of 6.6% by 2035. These inverters are classified as stationary units, primarily deployed in large-scale solar farms and utility-supported solar projects. Growing national solar integration targets are driving utilities worldwide to actively promote solar power adoption, which is directly supporting inverter installations. In addition, their ability to withstand high voltages and manage substantial current loads makes them well suited for high-capacity solar power plants.
   
• The micro inverter segment is expected to generate revenue of USD 8.8 billion by 2035. Rising panel-level optimization needs across residential and small commercial rooftops are accelerating the product adoption, as module-level MPPT improves energy harvest, reduces shading losses, and enhances system flexibility without impacting the performance of adjacent PV modules.
   
• Moreover, key players' growing expansion in developing countries with a new product line will uplift the product penetration. For instance, in February 2025, Sungrow introduced micro inverters for India’s residential solar segment, designed to support high‑power PV modules ranging from 450 W to 650 W. The solutions feature module‑level monitoring and enable remote firmware updates, improving system performance, reliability, and operational control.
   

Based on phase, the PV inverter market is segmented into single phase and three phase. Three phase segment dominates the market with a 83.2% share in 2025 and is expected to grow at a CAGR of 7.5% from 2026 to 2035.
 

• Rising deployment of commercial, industrial, and multi‑unit residential solar systems is accelerating three phase PV inverter adoption, as these installations require balanced power distribution, higher efficiency, and stable grid interaction to manage larger loads and continuous energy demand.
   
• Moreover, increasing grid‑code compliance and power‑quality requirements are driving demand for multi-phase inverters, as they offer superior voltage regulation, lower harmonic distortion, and improved frequency stability, supporting seamless integration of distributed solar assets into regional transmission and distribution networks.
   
• Growing investments by companies for developing technologically advanced product will propel the industry's growth. For instance, in September 2025, Enphase Energy introduced the IQ9N‑3P, a three‑phase microinverter developed for commercial solar applications. Designed for 480‑V installations, the new product integrates gallium nitride (GaN) technology, marking Enphase’s first use of GaN in its microinverter portfolio.
   
• Single phase PV inverter market is set to grow at a CAGR of 4.9% by 2035. The rising growth of residential rooftop solar installations is driving single‑phase inverter adoption, as these systems are well-suited for low‑power applications, offer cost‑effective solutions, and ensure reliable grid compatibility for homes and small commercial solar setups.
   
• Additionally, increasing electrification of households, combined with the expanding adoption of net‑metering policies, is strengthening demand for single‑phase PV inverters. These systems enable efficient power conversion, offer lower upfront costs, simplify installation, and ensure seamless compatibility with dominant single‑phase residential distribution networks.
   

• The U.S. dominated the PV inverter market in North America with around 98.8% share in 2025 and is expected to generate over USD 9 billion revenue by 2035.
   
• Rising expansion of utility‑scale and distributed solar installations across the U.S. is driving PV inverter adoption, as federal tax incentives, state renewable targets, and large project pipelines increase demand for efficient, grid‑compliant power conversion solutions across residential, commercial, and utility solar applications.
   
• Presence of key players and their ongoing efforts in launching an advanced product line in the region will bolster the industry growth. For instance, in September 2025, Sungrow unveiled advanced PV and energy‑storage solutions for North America at RE+ 2025, including next‑generation utility inverters and battery systems. The launches aim to strengthen grid reliability, sustainability, and compliance while supporting evolving U.S. solar and storage market requirements.
   
• Moreover, rising domestic manufacturing incentives and supply‑chain localization efforts under U.S. clean‑energy policies are driving PV inverter adoption. Tax credits, local‑content requirements, and investment support are encouraging deployment of compliant inverter technologies, improving project economics, reducing procurement risks, and accelerating deployments across residential, commercial, and utility sectors.
   
• The North America PV inverter market accounted for over USD 5.6 billion in 2025. Rising acceleration of solar capacity additions across the region is strengthening demand for PV inverters. Utility‑scale projects, commercial rooftop systems, and residential solar adoption are expanding rapidly. This growth increases requirements for efficient power conversion, grid‑support functionality, and compliant inverter technologies to maintain system reliability and grid stability.
   
• Europe PV inverter market is anticipated to reach USD 16.7 billion by 2035. Rising urgency to strengthen energy security and reduce fossil fuel dependence in the region is driving the product adoption. Accelerated solar deployment under EU decarbonization targets, grid congestion challenges, and high electricity prices are increasing demand for advanced inverters that support grid stability, flexibility, and efficient integration of renewable power across European networks.
   
• Key players are growing focus on improving domestic production and reducing reliance on exports from foreign countries, will uplift the product growth. For instance, in February 2026, Sungrow announced its first European manufacturing facility in Wałbrzych, Poland, marking a key regional milestone. The plant will support large‑scale production with up to 20 GW of inverter capacity and 12.5 GWh of energy‑storage output, emphasizing quality, reliability, and safety.
   
• Asia Pacific PV inverter market is anticipated to grow at a CAGR of 7.7% by 2035. Rising solar capacity expansion across the economies is accelerating PV inverter adoption. Government‑led renewable targets in China, India, Japan, and Southeast Asia, combined with rapid urbanization and industrial power demand, are increasing the need for reliable inverters that support high‑volume installations, grid integration, and stable electricity supply across diverse regional power networks.
   

PV Inverter Market Share

• The top 5 companies, including Huawei, Sungrow, Ginlong Technologies, GoodWe and Growatt, account for around 60% market share. Expanding localization strategies through regional manufacturing and assembly facilities enables PV inverter suppliers to comply with domestic content requirements, reduce import dependency, and mitigate supply‑chain disruptions. Local production shortens delivery timelines, lowers logistics costs, and improves responsiveness to regional policy frameworks, enhancing competitiveness across residential, commercial, and utility‑scale solar projects.
   
• Ongoing investments in advanced inverter capabilities such as voltage management, frequency regulation, reactive power control, and smart‑grid communication strengthens product relevance. These features ensure compliance with evolving grid codes, improve grid stability under high solar penetration, and position inverters as critical grid‑support assets rather than standalone power‑conversion equipment.
   
• Broadening product portfolios across multiple capacities, voltage levels, and applications improves market reach and customer retention. Offering residential, commercial, utility‑scale, hybrid, and storage‑ready inverters enable suppliers to serve diverse project requirements while supporting flexible system configurations, simplifying procurement, and capturing opportunities across emerging solar and energy storage deployments.
   
• Moreover, strengthening partnerships with EPC contractors, utilities, developers, and energy‑storage providers accelerates market penetration. Collaborative approaches enable integrated solar‑plus‑storage solutions, enhance project bankability, and expand service revenue streams. Strategic alliances also improve technology adoption rates and secure long‑term contracts through comprehensive project execution and lifecycle support offerings.
   

PV Inverter Market Companies

Eminent players operating in the PV inverter industry are:

• Altenergy Power System
• Canadian Solar
• Darfon Electronics
• Delta Electronics
• Eaton
• Enphase Energy
• Fimer Group
• Fronius International
• General Electric
• Ginlong Technologies
• GoodWe
• Growatt New Energy
• Hitachi Hi-Rel Power Electronics
• Huawei Technologies
• Panasonic Corporation
• Schneider Electric
• SHENZHEN Sofarsolar
• Siemens
• SMA Solar Technology
• Sineng Electric
• SolarEdge Technologies
• Sungrow
• Tabuchi Electric
• TMEIC    
   

• Huawei is a growing global PV inverter supplier, known for its digitalized and AI‑enabled inverter solutions. With 118 billion in revenue in 2024, the company focuses on high‑efficiency string inverters, smart monitoring, and grid‑support functionalities, serving utility‑scale, commercial, and residential solar installations worldwide.
   
• Sungrow is a major global PV inverter manufacturer with a strong presence in utility‑scale and commercial solar projects. The company reported USD 6.09 billion in the first half of 2025, up 40.34% from the same period last year. Its portfolio includes string and central inverters with advanced grid‑compliance, high power density, and strong integration with energy storage systems.
   
• Ginlong Technologies, operating under the Solis brand, specializes in string inverters for residential, commercial, and industrial applications. The company is recognized for cost‑competitive products, high conversion efficiency, and strong penetration in distributed and rooftop solar markets globally.
   
• GoodWe is a prominent PV inverter provider offering string, hybrid, and energy‑storage‑ready inverters. The company focuses on flexible system design, high efficiency, and intelligent energy management, serving residential, commercial, and small utility‑scale solar installations.
   
• Growatt is a growing supplier of PV and storage inverters, primarily focused on residential and commercial markets. Its products emphasize compact design, affordability, hybrid functionality, and compatibility with battery energy storage, supporting decentralized and self‑consumption‑based solar systems.
   

PV Inverter Industry News:

• In December 2025, GoodWe announced the launch of three new three-phase hybrid inverter models for commercial and industrial (C&I) applications as part of its ET Series. The newly introduced inverters offered output capacities of 80 kW, 99.99 kW, and 100 kW, with maximum PV input ratings of 160 kW, 200 kW, and 200 kW, respectively.
   
• In September 2025, APsystems announced that it has secured the #1 position as the most bankable solar inverter manufacturer globally, according to the 2025 Sinovoltaics Inverter Manufacturer Ranking Report. This achievement underscores APsystems’ strong financial foundation, commitment to technological innovation, and trusted global presence. The recognition reflects the company’s consistent growth and performance over more than 15 years in the solar industry, reinforcing its leadership in delivering advanced Module Level Power Electronics (MLPE) and multi-platform solar microinverter solutions.
   
• In June 2025, Delta Electronics India announced that it had secured an order from KP Group to supply approximately 1 GW of solar photovoltaic inverters over the next 12 months. The agreement was part of three Memorandums of Understanding (MoUs) signed between the two companies to advance projects in solar, energy storage, green hydrogen, and EV charging infrastructure across India and international markets.
   

This 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 2022 to 2035, for the following segments:

Market, By Product

• String
• Micro
• Central

Market, By Phase

• Single phase
• Three phase

Market, By Connectivity

• Standalone
• On grid

Market, By Nominal Output Power

• ≤ 0.5 kW
• 0.5 - 3 kW
• 3 - 33 kW
• 33 - 110 kW
• > 110 kW

Market, By Nominal Output Voltage

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

PV Inverter 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
  • Austria
  • UK
  • France
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Israel
  • Saudi Arabia
  • UAE
  • South Africa
• Latin America
  • Brazil
  • Mexico
  • Chile