Global PV Inverter Market Size Likely to Surpass at a CAGR of 21.43% By 2034

Market Size and Growth

As per the PV Inverter Market size analysis conducted by the CMI team, the global PV inverter market is expected to record a CAGR of 21.43% from 2025 to 2034. In 2025, the market size was USD 21.46 Billion. By 2034, the valuation is anticipated to reach USD 123.73 Billion.

Overview

As per the industry experts at CMI, the global PV inverter market will witness a whopping CAGR between 2025 and 2034. This could be attributed to growing awareness about environmental hazards caused by non-renewable sources of energy followed by the need to curtail carbon emissions. As such, increasing demand for clean energy solutions is expected to turn the tide in favor of renewable energy equipment inclusive of PV inverters. Asia Pacific rules the roost with China leading the way and continuing with its winning streak during the forecast period as well.

Key Trends & Drivers

• Government Incentives to Dictate Market Growth: The governments across the globe are executing several new incentive schemes for promoting adoption of solar and various other renewable energy sources. Numerous companies have begun constructing novel solar plants with increasing capacities of thriving plants. The consumers’ preferences are also changing. In other words, they are opting for sustainable targets, which calls for an increasing adoption of PV inverters by the governments.

• Declining Prices of Solar PV Installations to Give Impetus: Of late there has been a steep decrease in the installation costs of rooftop photovoltaic systems, which has, in turn, resulted in further decrease in the prices of solar electricity, particularly in the advanced economies such as Germany and the U.S. Also, developing economies like India are vouching for solar energy looking at an affordable and environmentally friendly future.

Report Scope

SWOT Analysis

• Strengths: The shift toward sustainable sources of energy is keeping the cash registers ringing for the PV inverter market. Also, continual innovation in energy storage integration and smart inverters is driving market growth. There are also supportive regulations and policies that promote adoption of solar energy in the form of PV inverters.

• Weaknesses: With energy systems getting digitized, the potential vulnerabilities, especially in the connected ecosystems, are increased. Also, the market could be adversely affected by alterations in government incentives and policies. These are a few weaknesses of the PV inverter market.

• Opportunities: Speedy urbanization of underdeveloped regions does present a noteworthy growth potential for localized and agile inverter solutions. Also, integrating energy storage systems with the PV inverters could make way for new sources of revenue and improve grid stability. Specialized inverters could be built using microgrids and various distributed generation systems.

• Threats: Fast-paced technological advancements are likely to render the existing products outdated and necessitate substantial investments in R&D activities. Furthermore, natural disasters are likely to disturb supply chains, thereby adversely affecting availability and production.

List of the prominent players in the PV Inverter Market:

• Delta Electronics Inc.
• Eaton
• Emerson Electric Co.
• Fimer Group
• Hitachi Hi-Rel Power Electronics Private Limited
• Omron Corporation
• Power Electronics S.L.
• Siemens Energy
• SMA Solar Technology AG
• SunPower Corporation
• LG Energy Solution Ltd.
• Sofarsolar Co. Ltd.
• Ginlong Technologies (Solis)
• Enphase
• Growatt
• Others

The PV Inverter Market is segmented as follows:

By Product

• String PV Inverter
• Central PV Inverter
• Micro PV Inverter

By End-use

• Commercial & Industrial
• Utilities
• Residential

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America