Market Size (2017)
2017
$10.20B
Energy & Power
Solar inverter Market
By Segment, By Region, And Segment Forecasts, 2017 – 2025
Vertical: EnPBase Year: 201810 Sections
Executive Summary
Solar inverter Market — Snapshot
Projected (2025)
2025
$31.78B
CAGR (2017–2025)
15.3%
15.3%Key Players
107+
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)
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansMarket 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: 107 leading companies are profiled, covering market positioning, strategies, and recent developments.
Market Size (USD Mn)
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansMarket 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
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansMarket Size Trend (USD Mn)
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansMarket Dimensions
How this market is segmented
- Type Type is broken down into: On-Grid, Off-Grid.
- System Type System Type is broken down into: Central, String, Micro.
- End-Use End-Use is broken down into: Residential, Commercial, Utilities.
Geographic Analysis
Regional market breakdown
- North America 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 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 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 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%.
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansResearch 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 – 2018
Forecast Period
2018 – 2025
Primary Interviews
150+
Research Process
Historical data (2017–2018) and forecast period (2018–2025)
1
Problem Definition
- Market scoping
- Objective setting
- Framework design
2
Secondary Research
- Literature review
- Data mining
- Trend analysis
3
Primary Research
- Expert interviews
- Field visits
- Surveys
4
Data Analysis
- Quantitative modeling
- Statistical testing
- Validation
5
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)
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansQuantitative Analysis
Regional Breakdown
Regional market breakdown for Solar inverter Market.
Regional Market Size (USD Mn)
Market estimates by geography (2025)
USD Mn
InsightAsia Pacific leads with $11.83B by 2025.
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansRegional 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% |
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansSegment Revenue (2025)
On-Grid
Off-Grid
07876157522362831504
Segment Market Share
- On-Grid90%
- Off-Grid10%
Total Market Size
$31.78B
Market by Segment (2025)
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| On-Grid | $28.64B | 15.3% | 72% |
| Off-Grid | $3.14B | 15.3% | 89% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansEmpower your Business
with InsightsSave over 20% on
with Insights
Save over 20% on
Annual Subscription
See plans for professionals or small and medium businesses.
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 107 companies operating in the Solar inverter Market market, including revenue, employee count, and market positioning where available.
Showing 107 of 107 companies
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.
RevenueN/A
EmployeesN/A
Market CapN/A
FoundedN/A
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.
RevenueN/A
EmployeesN/A
Market CapN/A
FoundedN/A
United States, North America
SunPower C
SunPower Corporation
Energy & Power
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.
Revenue$1.6B
Employees7,306
Market CapN/A
Founded1984
United States, North America
SolarEdge
SolarEdge Technologies Inc
Energy & Power
SolarEdge Technologies Inc. is one of the global leaders in smart energy technology. Its product portfolio includes inverters, monitoring software, power backup solutions, batteries, UPS systems, smart modules, EV charging inverters, metering systems, and sensors. The company offers single and three-phase solar inverters for residential and commercial applications. It also offers products such as inverters, energy meter, and interface for on- and off-grid applications. Furthermore, the company has installed more than 1,250,000 monitoring systems across the world. SolarEdge Technologies Inc. operates in the Americas, Europe, the Middle East & Africa, and Asia-Pacific. SolarEdge Technologies (India) Private Limited, SolarEdge Technologies GMBH, and SolarEdge Technologies Ltd are some of the subsidiaries of the company.
Revenue$0.5B
EmployeesN/A
Market CapN/A
FoundedN/A
United States, North America
Canadian S
Canadian Solar
Energy & Power
Company Headquarters: Guelph, Canada Founded: 2001 Workforce: N/A Company Working: Canadian Solar is engaged in manufacturing and providing solar photovoltaic modules and solar energy solutions. The company offers customers a wide collection of products, including solar PV modules, solar inverters, energy solutions, and PV energy storage. It operates through two business segments, namely, MSS and energy. The company provides EPC and O&M services under the MSS segment. It has 17 manufacturing facilities across the Americas and Asia-Pacific. It offers products to clients in more than 150 countries across the world. Canadian Solar has a presence in several countries across the globe, including the US, Canada, Brazil, Mexico, Argentina, the UK, Germany, Italy, Spain, the UAE, South Africa, India, China, Japan, Taiwan, South Korea, and Australia. Canadian Solar South Africa Pty. Ltd., Recurrent Energy, LLC, and SpectraWatt Inc. are some of its subsidiaries of the company.
Revenue$3.5B
EmployeesN/A
Market CapN/A
Founded2000
Guelph, Canada
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.
Revenue$1.1B
Employees3,124
Market CapN/A
Founded1980
Niestetal, Germany
Page 1 of 18
…
Go to page
Powering the world's best teams.
From next-gen startups to established enterprises.
What our clients say
Trusted by forward-thinking businesses
for data-driven intelligence
Noah Malgeri
Co-Founder, Mojave Rail Fabrication Limited
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.
Noah Malgeri
Co-Founder, Mojave Rail Fabrication Limited
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
Starting from
$4,950