Market Research ReportDec 2, 2022

Solar inverter Market

Solar inverter Market Research Report: Size, Share, Trend Analysis Type (On-Grid, Off-Grid), System Type (Central, String, Micro), End-Use (Residential, Commercial, Utilities) and By Region (North America, Asia Pacific, Europe, Rest of the World) - Growth Outlook & Industry Forecast To 2025

Vertical: EnPBase Year: 201810 Sections

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Executive Summary

Solar inverter Market — Snapshot

Market Size (2018)
$11.69B
Projected (2025)
$31.78B
CAGR (2017–2025)
15.3%
Key Players
10+

The demand for solar inverters is growing rapidly in the global market owing to the various factors including the growing solar equipment installations and government initiatives and policies.

The global solar inverter market is projected to grow at 15.45% CAGR during the forecast period, 2019–2025. In 2018, the global solar inverter market was dominated by Asia-Pacific with a 33.6% share, followed by North America and Europe with shares of 27.6% and 22.4%, respectively.

The global solar inverter market has been segmented on the basis of type, system type, end use, and region. On the basis of type, the global solar inverter market has been segmented into central, string, and micro. The string segment is expected to grow at the fastest rate during the forecast period. In 2018, the central segment held a 45.47% share of the global solar inverter market.

On the basis of system type, the global solar inverter market has been segmented as on-grid and off-grid. The on-grid segment is expected to grow at a faster rate during the forecast period. In 2018, the on-grid segment held a 88.66% share of the global solar inverter market.

On the basis of end use, the global solar inverter market has been segmented as residential, commercial, and utilities. The utilities segment is expected to grow at the fastest rate during the forecast period. In 2018, the utilities segment held a 39.71% share of the global solar inverter market.

Key Insight

The Solar inverter Market market is projected to grow at a CAGR of 15.3% from 2017 to 2025.

Market Performance Trend

Historical performance and future projections (2020–2030, USD Billion)

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Market Scope & Coverage

What this report covers

Geographic Coverage: This analysis covers 4 regions: North America, Asia Pacific, Europe, Rest of the World.
Market Segmentation: The market is analyzed across 2 segments: On-Grid, Off-Grid. Forecasts are provided for each segment from 2017 to 2025.
Competitive Landscape: 10 leading companies are profiled, covering market positioning, strategies, and recent developments.

Market Size (USD Mn)

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Market Overview

Solar inverter Market — Growth Trajectory

Solar inverters play an important role in a solar energy system. They convert DC power output into AC current that can be fed into the grid. They improve the efficiency and reliability of a solar energy system. They are used in solar rooftop and ground-mounted residential, commercial and utility-scale systems.

Solar inverter Market — Growth Trajectory

On-Grid

Off-Grid

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Market Size Trend (USD Mn)

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Market Dimensions

How this market is segmented

Type is broken down into: On-Grid, Off-Grid.
System Type is broken down into: Central, String, Micro.
End-Use is broken down into: Residential, Commercial, Utilities.

Geographic Analysis

Regional market breakdown

North America market size reached $2.84B in 2017 and is projected to reach $8.30B by 2025, growing at a CAGR of 14.4%.
Asia Pacific market size reached $3.38B in 2017 and is projected to reach $11.83B by 2025, growing at a CAGR of 17.0%.

Europe market size reached $2.32B in 2017 and is projected to reach $6.36B by 2025, growing at a CAGR of 13.5%.
Rest of the World market size reached $1.67B in 2017 and is projected to reach $5.29B by 2025, growing at a CAGR of 15.5%.

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Research Methodology

Solar inverter Market — How We Researched This Market

This report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.

Base Year
2018
Historical Period
2017 – 2017
Forecast Period
2019 – 2025
Primary Interviews
150+

Research Process

Historical data (2017–2018) and forecast period (2018–2025)

Problem Definition

Market scoping
Objective setting
Framework design

Secondary Research

Literature review
Data mining
Trend analysis

Primary Research

Expert interviews
Field visits
Surveys

Data Analysis

Quantitative modeling
Statistical testing
Validation

Insights & Reporting

Synthesis
Recommendations
Visualization

Research Depth

Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.

Historical vs. Forecast Data

Historical (observed)

Forecast (modelled)

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Competitive Landscape & Porter's Five Forces

Solar inverter Market — Competitive Analysis

The global solar inverter market is characterized by the presence of many local, regional, and, global vendors. The global market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain the market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket services. It is crucial for vendors to provide cost-effective and efficient products to survive and succeed in a competitive market environment.

The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. ABB, SMA Solar Technology AG, Canadian Solar Inc, SolarEdge Technologies Inc, SunPower Corporation, and Delta Energy Systems are some of the key players operating in the global market. These companies compete in terms of availability, quality, price, and technology. They consider product development as their key strategy in the global solar inverter market. Although the international players are dominating the market, regional and foreign players with small market shares also have a significant presence. The international players may strengthen their presence in the global market by heavily investing in product development during the forecast period.

Quantitative Analysis

Regional Breakdown

Regional market breakdown for Solar inverter Market.

Regional Market Size (USD Mn)

Market estimates by geography (2025)

North America$8.30B

Asia Pacific$11.83B

Europe$6.36B

Rest of the World$5.29B

USD Mn

InsightAsia Pacific leads with $11.83B by 2025.

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Regional Market Data

REGION	2017	2018	2025	CAGR	SHARE
North America	$2.84B	$4.81B	$8.30B	14.4%	26%
Asia Pacific	$3.38B	$6.27B	$11.83B	17.0%	37%
Europe	$2.32B	$3.80B	$6.36B	13.5%	20%
Rest of the World	$1.67B	$2.94B	$5.29B	15.5%	17%
Total	$10.20B	$17.82B	$31.78B	15.3%	100%

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Segment Revenue (2025)

On-Grid

Off-Grid

08162432

On-Grid90%
Off-Grid10%

Total Market Size

$31.78B

Market by Segment (2025)

APPLICATION	REVENUE ($B)	GROWTH RATE	MARKET PENETRATION
On-Grid	$28.64B	15.5%	90%
Off-Grid	$3.14B	13.0%	10%

* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.

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Analytics

Solar inverter Market — Key Findings

Analytical insights on Solar inverter Market covering market dynamics, competitive landscape, and strategic outlook.

Key Analytical Findings

The Solar inverter Market market is projected to reach $31.78B by 2025, growing at 15.3% CAGR. The On-Grid segment holds the largest share.

Market Dynamics

The global solar inverter market is expected to grow at a steady rate during the forecast period. The growth of the market can be primarily attributed to the growing solar power system installations and measures to promote solar power systems. However, the high operation and maintenance costs of solar inverter expected to restrain the growth of the market during the forecast period.

Market Drivers

The global electricity demand is expected to grow at a significant rate in the next few years owing to rapid urbanization, increasing population, rise in infrastructure development, and enhanced access to electricity. The power generation sources such as thermal energy, gas, and diesel contribute primarily to carbon emission. As stakeholders in the energy generation industry seek opportunities to reduce carbon footprint, they have been focusing on increasing the share of renewable energy sources in the total power generation mix. Renewable energy sources, especially solar energy, are used for electricity generation. Moreover, the increasing concerns regarding global warming and reduced dependence on fossil fuel-based power generation have increased the adoption of solar energy sources to meet the energy demand. According to the International Energy Agency, the global electricity generation capacity from solar energy is expected to reach 3,300 TWh by 2030. Many authorities in various countries such as Italy, India, and Germany are focusing on increasing the use of solar energy sources to meet the country’s energy demand.

For instance, in 2019, the Italian government set up a target to achieve 50 GW of solar power generation capacity by the end of 2030 to increase the share of renewable energy in the country’s total power generation. Similarly, in the same year, the German government set up a target to achieve 98 GW of solar electricity generation capacity by 2030. Additionally, in 2019, the Indian government set up a goal to reach 100 GW solar power installation capacity by 2022. Such developments are expected to increase the share of the solar energy capacity in the total power generation mix globally. Solar inverters are installed for converting the direct current generated from solar panels to alternating current for applications in sectors, such as Utilities, commercial, and utilities. Therefore, the increasing demand for solar energy sources is expected to increase the use of solar inverters in the global market. Thus, the growing solar power system installations are expected to drive the growth of the global solar inverter market during the forecast period.

Market Opportunities

majority of the electricity deprived countries are in the Middle East & Africa, Asia-Pacific, and South America. Moreover, 95% of the population living without electricity is in Sub-Saharan Africa and Asia. Some of the countries without access to a reliable power supply in these regions include Kenya, Angola, Myanmar, Libya, and Indonesia. For instance, in Kenya, in 2017, around 36% of the country’s population did not have access to the electricity grid network. Similarly, in Myanmar, in the same year, approximately 30% of the country’s population did not have access to grid electricity. Such factors are expected to create a need for the installation of solar energy to meet the electricity demand in the Utilities and commercial sectors. However, as the economies of these regions are growing steadily, the need for electricity in these regions is also increasing. Additionally, since the government bodies in these regions are focusing on providing electricity to their citizens, the adoption of solar energy sources to supply electricity is expected to increase during the forecast period. In July 2017, the World Bank invested USD 150 million for the development of off-grid solar projects to provide electricity to unelectrified areas.

In Angola, in September 2019, the government announced its plans to install 30,000 off-grid solar systems for supplying electricity in rural areas. Such factors are expected to fuel the need for solar inverters to control and monitor solar PV systems for electricity generation. Thus, the electrification of unelectrified areas in developing countries is expected to create an opportunity for the players operating in the global solar inverter market during the forecast period.

Market Restraints

The governing bodies around the world and companies such as ABB (Switzerland), Canadian Solar (Canada), SolarEdge Technologies Inc. (Israel), and SMA Solar Technology AG (Germany) are focusing on the development of solar inverters at solar panels across the country. Additionally, the reduction in electricity bills and less dependence on conventional energy sources have increased the adoption of solar inverters for applications in solar power systems. However, barriers such as overheating, isolation fault, and faulty installation of inverters hinder the installation of solar inverters. The overheating of various components in solar inverters prevents their proper functioning. Furthermore, isolation faults occur due to short circuits in the solar inverters. Some of the reasons for the short circuits are faulty installation, poor cable connection, and environmental factors such as temperature and moisture. The faulty installation of solar inverters such as the misconnection of cables and fault reading is also one of the major problems hampering the adoption of solar inverters. Such factors hinder the growth of the solar inverter market as it increases the overall operation and maintenance costs of the solar inverters. Moreover, the inability of the solar inverters restarting automatically after shutdown causes electricity production loss, hindering the growth of the global market. Thus, the high operation and maintenance costs are expected to restrain the growth of the global solar inverter market during the forecast period.

Strategic Outlook and Future Directions

Near-term growth will likely concentrate in modular bioreactor lines and closed-system media workflows that shorten validation cycles while preserving batch traceability.

Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.

Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.

Market Value by Segment (2025)

Value (USD Mn)

On-Grid

Off-Grid

Companies

Key companies profiled in Solar inverter Market

Profiles of 104 companies operating in the Solar inverter Market market, including revenue, employee count, and market positioning where available.

Region

Industry

Founded Year

Showing 104 of 104 companies

SMA Solar

SMA Solar Technology AG

Energy & Power

Company Headquarters: Niestetal, Germany Founded: 1981 Workforce: ~3,124 Company Working: SMA Solar Technology AG is one of the leading companies specializing in photovoltaic solar technology. The company operates through three segments, namely, home solutions, business solutions, and large scale & project solutions. It manufactures and sells transformers, chokes, solar inverters, and monitoring systems for solar power systems. The company also offers PV inverters, battery inverters, smart module technology, DC technology, system solutions & packages, and monitoring & control systems. Moreover, the home solutions and business solutions segment contributes to the off-grid solar business of the company. Furthermore, the company also offers SMA Solar Technology AG energy management solutions and O&M services for solar photovoltaic power plants. SMA Solar Technology AG has a presence in 18 countries across the Americas, Europe, Asia-Pacific, and the Middle East & Africa. SMA Solar Technology Canada, Inc., SMA Solar India Private Limited, SMA America, and SMA new energy technology Co. Ltd are a few of the subsidiaries of the company.

SunPower Corporation

Headquarters: California, US Founded: 1985 Workforce: Approximately 7,306 Company Working: SunPower Corporation is engaged in the business of crystalline silicon solar photovoltaic cells and solar panels. SunPower Corporation is also involved in research and development, and supply of solar power solutions, globally. The company operates in three main segments, namely residential, commercial, and power plants. For over three decades, SunPower Corporation solar panels generated around 18,000,000-megawatt hour (MWh) of solar power, globally and holds more than 750 patents for solar technology. SunPower Corporation offers commercial rooftop and ground-mounted solar power systems, residential mounting systems, and power plant systems, as well as utility-scale photovoltaic power plants. In addition to that, the company offers operations and maintenance services and outage restoration services. The company has prevalence in countries such as the US, Japan, and the UK and in Philippines. In 2011, SunPower Corporation became a subsidiary of global oil and gas giant, Total Energies Nouvelles Activités, USA, which bought the majority stake in the company to become a major player in the solar power industry. Also, SunPower has subsidiaries such as SunPower Malaysia Manufacturing Sdn. Bhd, SunPower Philippines Manufacturing Limited, and SunPower Technology Ltd. It competes with companies such as Trina Solar, Canadian Solar Inc., JA Solar Holdings, Yingli Solar, and Abengoa Solar.

United States, North America

Power Elec

Power Electronics SL

Energy & Power

Power electronics manufacturers and offers a wide range of products including solar inverters, variable speed drives, soft starters, power quality systems, energy storage systems, and EV charging solutions. Moreover, the company has an installed capacity of around 25 GW. The company offers its products for applications in various sectors such as oil & gas, marine, mining, and energy generation. It has 28 sales offices present in 40 countries across the world. It has its presence in countries such as the US, Mexico, Brazil, Argentina, Spain, Germany, France, Italy, India, China, South Africa, and Australia.

United States, North America

Hitachi Hi

Hitachi Hi-Rel Power Electronics Pvt. Ltd

Energy & Power

Hitachi Hi-Rel Power Electronics Pvt. Ltd, a subsidiary of Hitachi, Ltd., offers a wide range of products, such as UPS, drivers, solar inverters, air compressors, battery charger, iTrac railway inverter, and customized power electronics products. The company offers its products to various industries including packaging, oil & gas, automotive, cement, power generation, steel & metals, chemicals, pharmaceuticals, and textiles. It also offers DCS, PLC, and other automation systems to its clients. The company offers string inverters ranging between 1.1 kW and 70 kW with an efficiency of up to 99.9%. Hitachi Hi-Rel Power Electronics Pvt. Ltd has its presence in countries such as the Philippines, India, Singapore, Indonesia, Malaysia, Vietnam, Saudi Arabia, Qatar, and the UAE.

United States, North America

Delta Electronics

United States, North America

Wartsila

Energy & Power

Company Headquarters: Helsinki, Finland Founded: 1834 Workforce: ~ 17 800 employes Primary Industry: Industrial Machinery Manufacturing Specialties: High efficiency & low emission levels, Lifecycle power solutions and services, Environmental solutions, Energy solutions, Marine, Digital Transformation, LNG, Gas-based technology, Sustainable solutions, Energy efficiency, Services, Marine Solutions, and Energy storage Company Working: Wartsila, a global leader in innovative technologies and lifecycle solutions, plays a significant role in the generator market. The company provides advanced and sustainable solutions for power generation, particularly through its Wartsila Energy division. Wartsila's energy solutions cater to a wide range of sectors, offering products such as flexible power plants, energy storage systems, and lifecycle services, all aimed at optimizing energy efficiency and reducing environmental impact. A key aspect of Wartsila’s generator offerings is their ability to run on sustainable fuels, supporting decarbonization efforts while maintaining high economic performance for customers. This positions Wartsila as a frontrunner in providing environmentally responsible generator solutions that are both reliable and efficient. Wartsila's portfolio includes high-performance engines and integrated solutions that can power a variety of generator systems, offering flexible and reliable power generation for diverse industries. These solutions are designed to improve operational efficiency, reduce emissions, and support the transition to cleaner energy sources. The company’s focus on lifecycle services ensures that its generator solutions continue to perform at optimal levels throughout their operational life. Wartsila’s commitment to sustainability, innovation, and reliable power generation solidifies its position as a leader in the global generator market, helping customers meet their energy needs while reducing their environmental footprint.

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Charts

10 interactive charts drawn from the Solar inverter Market dataset — market size, regional splits and each segment breakdown. Open one to read its full data table and download it.

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Global Solar inverter Market Latin-America, Middle-East and Africa Of Rest Of The World

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Global Solar inverter Market Germany, Spain, United Kingdom, Italy and Rest Of Europe By Country

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Global Solar inverter Market Australia, China, India, Japan and Rest Of Asia Pacific By Country

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Global Solar inverter Market United States and Canada Of North America By Country

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Global Solar inverter Market By Region

Pro

Energy & UtilitiesJul 6, 2026

Solar inverter Market Rest Of The World

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About the Author

Renewable Energy Research Team

Energy & Power · Renewable Energy

This report comes from Wantstats' energy team — analysts who spend their days tracking utility filings, generation capacity, and grid investment plans across markets most research glosses over. Every number here has been checked against our own databases and validated through conversations with people actually running these projects. This report specifically covers the Renewable Energy space within that portfolio.

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Noah Malgeri

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This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.

Michael Robert

Manager, JavolVision

Thanks, I am so happy that we worked together. Maybe we still can work together in the future.

Joseph Aguayo

Sales Operations & Pricing Manager, Intel

Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.

Bong Lau

Sales Leader, Bamberg

We bought your "2025 report" in 2020. Everything is fine and very good.

Peter Groot Koerkamp

Account and Business Manager, EFS-Holland BV

Thanks for sending the report it gives us a good global view of the Betaïne market.

Younghwan Choi

Senior Retail Manager, LG Chem

We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.

Mark Irwin

Management Consultant, Level 21

I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.

Rob Kooiker

Group Product Manager HVAC & Fire Protection GMA, Rockwool

I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!

Jason Lee

R&D Director, Seojin

Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.

Akif Moroglu

Strategy & Business Development Director, Dogan Holding

We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.

Solar inverter Market

Solar inverter Market Research Report: Size, Share, Trend Analysis Type (On-Grid, Off-Grid), System Type (Central, String, Micro), End-Use (Residential, Commercial, Utilities) and By Region (North America, Asia Pacific, Europe, Rest of the World) - Growth Outlook & Industry Forecast To 2025

Starting from

$4,950

Solar inverter Market

Solar inverter Market Research Report: Size, Share, Trend Analysis Type (On-Grid, Off-Grid), System Type (Central, String, Micro), End-Use (Residential, Commercial, Utilities) and By Region (North America, Asia Pacific, Europe, Rest of the World) - Growth Outlook & Industry Forecast To 2025

Key Insight

Market Performance Trend

Market Scope & Coverage

What this report covers

Solar inverter Market — Growth Trajectory

Market Size Trend (USD Mn)

Market Dimensions

How this market is segmented

Geographic Analysis

Regional market breakdown

Problem Definition

Secondary Research

Primary Research

Data Analysis

Insights & Reporting

Research Depth

Historical vs. Forecast Data

Competitive Landscape & Porter's Five Forces

Solar inverter Market — Competitive Analysis

Regional Market Data

Segment Revenue (2025)

Segment Market Share

Market by Segment (2025)

Save over 20% onAnnual Subscription

Key Analytical Findings

Market Dynamics

Market Drivers

Market Opportunities

Market Restraints

Strategic Outlook and Future Directions

Market Value by Segment (2025)

About the Author

Renewable Energy Research Team

Market Performance Trend

Solar inverter Market — Growth Trajectory

Market Size Trend (USD Mn)

Market Dimensions

How this market is segmented

Geographic Analysis

Regional market breakdown

Problem Definition

Secondary Research

Primary Research

Data Analysis

Insights & Reporting

Research Depth

Historical vs. Forecast Data

Competitive Landscape & Porter's Five Forces

Solar inverter Market — Competitive Analysis

Regional Market Data

Segment Revenue (2025)

Segment Market Share

Market by Segment (2025)

Save over 20% onAnnual Subscription

Key Analytical Findings

Market Dynamics

Market Drivers

Market Opportunities

Market Restraints

Strategic Outlook and Future Directions

Market Value by Segment (2025)

About the Author

Renewable Energy Research Team

Save over 20% on
Annual Subscription

Save over 20% on
Annual Subscription