Vertical: EnPBase Year: 201810 Sections
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.
The Solar inverter Market market is projected to grow at a CAGR of 15.3% from 2017 to 2025.
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View Subscription PlansSolar 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.
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View Subscription PlansThis 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+
Historical data (2017–2018) and forecast period (2018–2025)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
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View Subscription PlansThe 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.
Market estimates by geography (2025)
InsightAsia Pacific leads with $11.83B by 2025.
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View Subscription Plans| 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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View Subscription PlansTotal Market Size
$31.78B
| APPLICATION | REVENUE ($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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Analytical insights on Solar inverter Market covering market dynamics, competitive landscape, and strategic outlook.
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.
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.
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.
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.
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.
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.
Profiles of 104 companies operating in the Solar inverter Market market, including revenue, employee count, and market positioning where available.
Showing 104 of 104 companies
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.
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.
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.
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.
NOV is the world's largest independent, pure-play original equipment manufacturer and technology supplier to the upstream oil and gas industry. Its scale is unmatched in drilling rig equipment, drill pipe, drill bits, downhole tools and subsea flexible pipe. Rather than selling oilfield services on a per-well basis like SLB or Halliburton, NOV designs, manufactures, rents and supports the machinery and consumables that service companies, drilling contractors and operators use. It also monetizes an installed base of thousands of rigs through high-margin aftermarket spares, repair and digital services. The portfolio is split between a shorter-cycle, activity-driven segment (Energy Products and Services) and a longer-cycle, backlog-driven capital equipment segment (Energy Equipment). That mix gives NOV both near-term operating leverage to drilling activity and multi-year visibility, with USD 4.1B of backlog at June 2026. Growth vectors include offshore production (FPSO process systems, flexible pipe), automation and robotics, and international unconventionals. NOV also has optionality in geothermal, offshore wind installation vessels and carbon capture equipment. The balance sheet is near net-cash. --- ### Company's own description (paraphrased from the FY2023–FY2025 10-Ks) NOV describes itself as a leading independent equipment and technology provider to the global energy industry. Its stated mission is to deliver technology-driven solutions that improve the economics, efficiency, safety and environmental footprint of energy production. NOV says it applies its expertise and technology to support the transition toward more sustainable energy. Its strategic focus is on automation, predictive analytics and condition-based maintenance. The FY2025 10-K reiterates that NOV is focused on developing and commercializing products and services that lower the marginal cost and environmental footprint of energy production. The corporate tagline is that NOV "powers the industry that powers the world." ### Independent characterization NOV is best understood as an industrial capital-goods and consumables business levered to upstream oil and gas capex. It is not an oilfield-services company in the conventional sense. It has three economic engines: 1. **Consumables and rentals (short-cycle):** drill bits, drill pipe, downhole motors and tools, solids-control consumables, coiled tubing and wireline consumables, and composite pipe. Demand tracks rig counts and footage drilled, with a lag of weeks. 2. **Capital equipment (long-cycle):** rig packages (land and offshore), pressure pumping and intervention equipment, subsea flexible pipe, FPSO process modules and turret mooring systems, offshore cranes, and wind and cable-lay vessel equipment. These are booked into backlog and revenue is recognized over time, typically 6–36 months. 3. **Aftermarket and digital (installed-base annuity):** spares, repair, recertification, field service, upgrades, and software and data services (for example, wired drill pipe, rig control systems and remote monitoring). Aftermarket is the highest-margin stream in Energy Equipment. In Q1 2026 it was about 37% of that segment's revenue (USD 440M, down 12% year over year, per the Q1 2026 call). ### Revenue model mix NOV does not disclose a product versus service versus subscription versus licensing split in exactly those categories. It does disaggregate revenue by segment, destination and revenue stream in its 10-K revenue footnote. The proxies available are as follows: ### Value-chain position NOV is a Tier-1 OEM supplying the following customers: - **Drilling contractors** (for example, offshore jackup, semisub and drillship owners; land drillers): rig equipment, spares and service. - **Oilfield service companies** (pressure pumpers, coiled tubing and wireline operators, and the large integrated service companies): intervention equipment, consumables and rentals. - **Exploration and production operators**, including majors, NOCs and independents: drill pipe, bits, completion tools, subsea flexible pipe, production process systems and artificial lift. - **Shipyards and EPC contractors**: rig packages, FPSO topside modules and offshore cranes. - **Non-oilfield marine and industrial customers**: wind turbine installation vessel equipment, cable-lay systems, and (until April 2024) utility poles.
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.
Global Solar inverter Market Latin-America, Middle-East and Africa Of Rest Of The World
Global Solar inverter Market Germany, Spain, United Kingdom, Italy and Rest Of Europe By Country
Global Solar inverter Market Australia, China, India, Japan and Rest Of Asia Pacific By Country
Global Solar inverter Market United States and Canada Of North America By Country
Global Solar inverter Market By Region
Solar inverter Market Rest Of The World
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Historical performance and future projections (2020–2030, USD Billion)
Market Size (USD Mn)
