The PV inverter market is expected to grow during the forecast period from 2024 to 2028, fueled by increasing global solar PV capacity and driven by supportive renewable energy policies and decreasing solar technology costs.
According to TechSci Research report, “Global PV Inverter Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028 Global PV Inverter market has witnessed tremendous growth in recent years, reaching a valuation of USD 11.16 billion in 2022. The market is projected to continue its strong upward trajectory, posting a CAGR of 8.89% from 2024 to 2028.PV Inverter solutions have gained prominence driven by their widespread adoption across diverse industries globally. Critical sectors such as utilities, manufacturing and transportation recognize PV Inverters as a key tool for maximizing renewable energy generation.
Stringent regulations around carbon emissions have compelled organizations to invest in PV Inverter technologies featuring monitoring, IoT integration and automated controls. Industries like data centers rely on PV Inverters to ensure compliance with sustainability norms.To address unique energy needs, companies are partnering with leading inverter providers to develop customized solutions. These collaborations have resulted in integrated offerings empowering real-time fleet visibility and dynamic power control. Advanced inverter platforms equipped with AI and edge computing capabilities are enabling predictive analytics and data-driven decision making.
The development of innovative technologies such as high-voltage designs and modular architectures is also fueling market growth. Such innovations allow scaling solar systems efficiently. Integration of PV Inverters with cloud-based monitoring platforms is poised to revolutionize efficiency. This fusion of energy and IT technologies promises improved reliability, reduced downtime and optimized renewable portfolio planning.
Government support through renewable portfolio standards mandating clean energy usage will continue driving investments in intelligent inverter infrastructure. As industries increasingly rely on renewable-based operations, demand for advanced PV Inverter solutions is projected to rise significantly.
In conclusion, strong industry tailwinds and the focus on energy transition point towards continued expansion of the global PV Inverter market in the coming years.
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The global PV inverter market is segmented by type, technology, application and region.
By type, the market is divided into central inverters, string inverters, microinverters, hybrid inverters and battery inverters. String inverters held the largest share of over 40% in 2022 owing to their widespread use in residential and commercial rooftop installations. Microinverters are expected to witness the fastest growth during the forecast period due to the rising popularity of AC modules that integrate these inverters.
By technology, the market is bifurcated into grid-tied inverters, off-grid inverters and hybrid (grid-tied with battery backup) inverters. Grid-tied inverters dominated with a share of around 75% as most solar projects are connected to the electricity grid. However, hybrid inverters are gaining traction due to the growing integration of energy storage systems with PV installations.
By application, the segments include residential, commercial, industrial and utility-scale. The utility-scale sector accounted for the largest share of over 35% in 2022 due to the increasing number of large-scale solar farms worldwide. The commercial segment is poised to grow at the fastest pace during the forecast period on account of rapid solar adoption by the retail, healthcare and hospitality industries.
The residential segment will continue expanding supported by various government incentives and net-metering policies promoting rooftop solar installations, especially in developed markets.
Major companies operating in Global PV Inverter Market are:
- Huawei Technologies Co., Ltd
- Sungrow Power Supply Co., Ltd
- Delta Electronics, Inc
- Sineng Electric Co., Ltd
- KACO new energy GmbH
- Power Electronics
- FIMER SpA
- Zhejiang Jinzhou Energy Technology Co., Ltd.
- Chint Power Systems Co., Ltd.
- SolarEdge Technologies
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“Public sector organizations have increasingly relied on PV inverter solutions to optimize renewable energy generation through data-driven insights. PV inverter technologies enable real-time monitoring of solar generation levels, asset performance metrics and energy storage status updates.
This allows agencies to generate predictive analytics, automate energy management workflows and ensure compliance with clean energy regulations. Customizable PV inverter programs help streamline procurement and installation processes for cost savings while strengthening grid stability controls.
Leading government entities have partnered with major inverter providers to digitize their solar and storage portfolios. The integrated solutions improve response coordination, provide situational awareness through mobile access and facilitate regulatory compliance management.
Vendors continue advancing offerings through innovations in areas like AI, IoT, cybersecurity and battery technologies. This ensures secure, scalable and interoperable solutions for diverse public sector renewable energy and storage needs.
Ongoing R&D and growing focus on clean energy transition indicate PV inverter solutions will play a pivotal role in optimizing renewable asset productivity. Partnerships and compliance with emerging energy standards are expected to sustain high growth. The long-term outlook for PV inverters in supporting public sector sustainability goals remains positive.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“PV Inverter Market by Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented by Type of Inverter (Central Inverters, String Inverters, Microinverters, Hybrid Inverters, Battery Inverters), By Technology (Grid-Tied Inverters, Off-Grid Inverters, Hybrid (Grid-Tied with Battery Backup) Inverters) By Application (Residential, Commercial, Industrial, Utility-Scale) By Region, By Competition”, has evaluated the future growth potential of Global PV Inverter Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global PV Inverter Market.
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