Solar Inverter Market Report 2024 (Global Edition)

Global Solar Inverter Market Report 2024 Market Size Split by Product Type (Central Inverter , String Inverter , Micro Inverter), by End Use (Residential , Commercial & Industrial , Utilities), by...

Solar Inverter Market Report Description

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Competitive Landscape of the Solar Inverter Market

The competitive landscape of the solar inverter market is characterized by intense competition among key players striving to innovate and expand their product portfolios. Major companies such as Huawei Technologies Co. Ltd., SMA Solar Technology AG, and ABB Ltd. dominate the market, accounting for a significant share of the global market.

Solar Inverter Industry News 

In February 2022, Waaree Energies Ltd. announced the winning of new 180 MW DC solar project in Tamil Nadu, India. This project will help the company to enhance the business growth and get recognition in the market..

(Source:https://www.waaree.com/news/waaree-renewable-awarded-180-mw-solar-project-in-tamil-nadu)

In April 2022, Delta launched its new M100A Flex three-phase inverter. The new devices have a power range of 15 to 250kW, further is can be used in residential and commercial rooftop PV projects. As per the company, the product has an efficiency of 98.7%.

(Source: https://www.pv-magazine.com/2022/03/24/delta-launches-new-solar-inverter-series-for-residential-commercial-pv/)

Top Companies Market Share in Solar Inverter Industry: (In no particular order of Rank)

• Omron Corporation
• ABB Ltd
• Mitsubishi Electric Corporation
• Siemens AG
• Schneider Electric SE
• SMA Solar Technology AG
• Delta Electronics Inc.
• SunPower
• Hitachi Hi-Rel Power Electronics Pvt. Ltd
• Power Electronics S.L
• Confidential Data
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• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of Solar Inverter Market

Which Region Dominates the Solar Inverter Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America's dominance in the Solar Inverter market can be attributed to several key factors. Firstly, the region has witnessed significant growth in solar installations, driven by government incentives, favorable regulatory policies, and the increasing adoption of renewable energy sources. Additionally, the region's mature solar market and high electricity prices in certain areas create a conducive environment for solar energy adoption, driving the demand for solar inverters. Moreover, the presence of established distribution networks and the availability of skilled labor further contribute to North America's dominance in the Solar Inverter market.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific is the fastest-growing region in the Solar Inverter market due to several key factors. Firstly, the region has experienced rapid economic growth and urbanization, leading to increased energy demand. Governments in countries like China, India, Japan, and Australia have implemented ambitious renewable energy targets to reduce carbon emissions, driving the adoption of solar energy and, consequently, solar inverters. Secondly, the declining cost of solar panels and inverters, along with favorable government policies and incentives, has made solar energy more affordable and attractive for consumers and businesses in Asia Pacific. Moreover, the increasing awareness of environmental issues and the need for sustainable energy solutions further drive the adoption of solar energy and inverters in the Asia Pacific region

The current report Scope analyzes Solar Inverter Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!

North America Solar Inverter Market

According to Cognitive Market Research, the global Solar Inverter market size was estimated at USD 10512.22 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 4204.89 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031. North America represents a significant market for solar inverters, driven by a combination of government incentives, renewable energy targets, and increasing environmental awareness. The United States accounts for the largest share of the market in the region, owing to its substantial investments in solar energy infrastructure and favorable regulatory policies at both federal and state levels. In terms of segmentation, the North American solar inverter market can be categorized based on product type, end-user, component, and power capacity. String inverters are widely used in residential and commercial applications due to their cost-effectiveness and efficiency, while central inverters are preferred for utility-scale solar projects. In conclusion, the North American solar inverter market is poised for continued growth, driven by supportive government policies, declining solar panel costs, and increasing environmental consciousness.

Country Analysis

• According to Cognitive Market Research, the US had a major share in the Solar Inverters market with a market size of USD 3317.66 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period. The demand is amplified by the nation's cost-effectiveness and efficiency propels consistent growth. 
• The Canada Solar Inverters market had a market share of USD 504.59 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. Canada's supportive government policies.
• The Mexico Solar Inverters market is projected to witness growth at a CAGR of 4.7% during the forecast period with a market size of USD 382.64 million in 2024.

Europe Solar Inverter Market

According to Cognitive Market Research, the global Solar Inverter market size was estimated at USD 10512.22 Million out of which Europe market of more than 30% of the global revenue with a market size of USD 3153.67 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2031. Europe is a key market for solar inverters, driven by the region's ambitious renewable energy targets and supportive regulatory frameworks. Germany, the largest market in Europe, has been a pioneer in solar energy adoption, with robust feed-in tariffs and incentives for solar power generation. In terms of segmentation, the European solar inverter market can be classified based on product type, end-user, component, and power capacity. String inverters are commonly used in residential and commercial applications, offering cost-effective solutions with high efficiency. In conclusion, the European solar inverter market is poised for continued growth, driven by supportive policies, technological advancements, and increasing awareness about renewable energy sources. Market players are focusing on product innovations and strategic partnerships to enhance their market presence and meet the evolving needs of customers.

• The United Kingdom Solar Inverters market had a market share of USD 529.82 million in 2024 and is projected to grow at a CAGR of 5.3% during the forecast period. In the UK, Solar Inverter sales witness an upswing due to the nation's ambitious renewable energy targets and supportive regulatory frameworks.
• The France Solar Inverters market is projected to witness growth at a CAGR of 3.7% during the forecast period with a market size of USD 290.14 million in 2024.
• According to Cognitive Market Research, the Germany Solar Inverters market size was valued at USD 624.43 million in 2024 and is projected to grow at a CAGR of 4.7% during the forecast period. In Germany, Solar Inverter sales surge due to the nation's supportive regulatory frameworks. 
• The Italy Solar Inverters market is projected to witness growth at a CAGR of 3.9% during the forecast period with a market size of USD 271.22 million in 2024.
• The Russia Solar Inverters market is projected to witness growth at a CAGR of 3.5% during the forecast period with a market size of USD 488.82 million in 2024.
• The Spain Solar Inverters market is projected to witness growth at a CAGR of 3.6% during the forecast period with a market size of USD 258.60 million in 2024.
• The Luxembourg Solar Inverters market is projected to witness growth at a CAGR of 4.6% during the forecast period with a market size of USD 97.76 million in 2024.
• The Portugal Solar Inverters market is projected to witness growth at a CAGR of 4.3% during the forecast period with a market size of USD 66.23 million in 2024.
• The Greece Solar Inverters market is projected to witness growth at a CAGR of 4.8% during the forecast period with a market size of USD 37.84 million in 2024.
• Rest of Europe Solar Inverters market is projected to witness growth at a CAGR of 3.2% during the forecast period with a market size of USD 488.82 million in 2024.

Asia Pacific Solar Inverter Market

According to Cognitive Market Research, the global Solar Inverter market size was estimated at USD 10512.22 Million out of which Asia Pacific is the fastest growing market of more than 23% of the global revenue with a market size of USD 2417.81 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031. Asia Pacific is experiencing rapid growth in the solar inverter market, driven by the region's increasing focus on renewable energy and sustainable development. The Asia Pacific solar inverter market can be segmented based on product type, end-user, component, and power capacity. String inverters are popular in residential and commercial applications due to their cost-effectiveness and scalability. In conclusion, Asia Pacific presents significant growth opportunities for the solar inverter market, driven by the region's increasing energy needs and efforts to reduce carbon emissions. Market players are investing in research and development to develop innovative and efficient solar inverters to meet the growing demand.

• According to Cognitive Market Research, the China Solar Inverters market size was valued at USD 1088.01 million in 2024 and is projected to grow at a CAGR of 7.5% during the forecast period. Solar Inverter sales surge in China due to the nation's increasing focus on renewable energy and sustainable development.
• The Japan Solar Inverters market is projected to witness growth at a CAGR of 6.5% during the forecast period with a market size of USD 333.66 million in 2024.
• The India Solar Inverters market had a market share of USD 290.14 million in 2024 and is projected to grow at a CAGR of 9.8% during the forecast period. The demand is augmented by India's growing environmental concerns.
• The South Korea Solar Inverters market is projected to witness growth at a CAGR of 7.1% during the forecast period with a market size of USD 241.78 million in 2024.
• The Australia Solar Inverters market is projected to witness growth at a CAGR of 7.7% during the forecast period with a market size of USD 125.73 million in 2024.
• The South East Asia Solar Inverters market is projected to witness growth at a CAGR of 9.0% during the forecast period with a market size of USD 166.83 million in 2024.
• The Rest of Asia Pacific Solar Inverters market is projected to witness growth at a CAGR of 7.8% during the forecast period with a market size of USD 171.66 million in 2024.

South America Solar Inverter Market

According to Cognitive Market Research, the global Solar Inverter market size was estimated at USD 10512.22 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 525.61 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.Latin America's solar inverter market is witnessing steady growth, driven by increasing government initiatives to promote renewable energy and reduce dependence on fossil fuels. The Latin America solar inverter market can be segmented based on product type, end-user, component, and power capacity. String inverters are popular in residential and commercial applications, offering cost-effective solutions for smaller installations. In conclusion, Latin America presents significant growth opportunities for the solar inverter market, driven by favorable government policies, increasing electricity demand, and the need for clean energy solutions.

• According to Cognitive Market Research, the Brazil Solar Inverters market size was valued at USD 224.96 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. Solar Inverter sales flourish in Brazil due to the nation's increasing government initiatives to promote renewable energy and reduce dependence on fossil fuels.
• The Argentina Solar Inverters market had a market share of USD 88.30 million in 2024 and is projected to grow at a CAGR of 6.3% during the forecast period. The demand is augmented by Argentina's reduce dependence on fossil fuels.
• The Colombia Solar Inverters market is projected to witness growth at a CAGR of 5.2% during the forecast period with a market size of USD 46.78 million in 2024.
• The Peru Solar Inverters market is projected to witness growth at a CAGR of 5.6% during the forecast period with a market size of USD 43.10 million in 2024.
• The Chile Solar Inverters market is projected to witness growth at a CAGR of 5.7% during the forecast period with a market size of USD 37.84 million in 2024.
• The Rest of Latin America Solar Inverters market is projected to witness growth at a CAGR of 4.5% during the forecast period with a market size of USD 84.62 million in 2024.

Middle East and Africa Solar Inverter Market

According to Cognitive Market Research, the global Solar Inverter market size was estimated at USD 10512.22 Million out of which Middle East and Africa market of more than 2.00% of the global revenue with a market size of USD 210.24 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031. The Middle East and Africa region are experiencing a rapid increase in the adoption of solar energy, driven by growing energy demand, favorable government policies, and declining solar equipment costs. The Middle East and Africa solar inverter market can be segmented based on product type, end-user, component, and power capacity. String inverters are popular in residential and commercial applications due to their cost-effectiveness and ease of installation. In conclusion, the Middle East and Africa region offer significant growth opportunities for the solar inverter market, driven by supportive government policies, increasing energy demand, and the need for clean energy solutions.

• According to Cognitive Market Research, the GCC Countries Solar Inverters market size was valued at USD 89.98 million in 2024 and is projected to grow at a CAGR of 6.5% during the forecast period. Solar Inverter sales flourish in the GCC Countries due to the region's growing energy demand, favorable government policies, and declining solar equipment costs.
• The Egypt Solar Inverters market is projected to witness growth at a CAGR of 6.0% during the forecast period with a market size of USD 22.08 million in 2024.
• The South Africa Solar Inverters market is projected to witness growth at a CAGR of 6.7% during the forecast period with a market size of USD 33.22 million in 2024.Solar Inverter sales flourish in the South Africa due to the region's supportive government policies, increasing energy demand.
• The Turkey Solar Inverters market is projected to witness growth at a CAGR of 5.2% during the forecast period with a market size of USD 18.08 million in 2024.
• The Nigeria Solar Inverters market is projected to witness growth at a CAGR of 4.8% during the forecast period with a market size of USD 22.08 million in 2024.
• The Rest of MEA Solar Inverters market is projected to witness growth at a CAGR of 4.7% during the forecast period with a market size of USD 24.81 million in 2024.

Solar Inverter Market Analysis

Solar Inverter Product Type Segment Analysis

According to Cognitive Market Research, the dominant category is the string inverter segment. String inverters are widely used in residential and commercial solar power systems due to their cost-effectiveness and ease of installation. They are capable of handling multiple solar panels connected in series, making them suitable for a wide range of system sizes. Additionally, string inverters offer relatively high efficiency levels and require less maintenance compared to other types of inverters. These factors contribute to the dominance of the string inverter segment in the market.

The fastest-growing category in the solar inverter market is the microinverter segment. Microinverters are gaining popularity due to their ability to optimize the performance of individual solar panels. Unlike string inverters, which are connected to multiple panels, microinverters are installed on each panel, allowing for independent power conversion. This results in higher energy yields, especially in installations with shading or panel orientation challenges.

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Solar Inverter End User Segment Analysis

According to Cognitive Market Research, the dominant category is the commercial and industrial segment. Commercial and industrial users often have larger-scale solar installations compared to residential users, leading to higher demand for inverters with higher power capacities. Additionally, commercial and industrial users are increasingly adopting solar energy to reduce electricity costs and achieve sustainability goals, further driving the demand for inverters in this segment.

The fastest-growing category in the solar inverter market is the residential segment. The residential sector is witnessing a surge in solar installations driven by increasing awareness of renewable energy, government incentives, and the desire for energy independence. Residential users are installing solar panels to reduce their reliance on the grid and lower their electricity bills.

The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Solar Inverter market report 2024 Edition by contacting our team.

Solar Inverter Component Segment Analysis

According to Cognitive Market Research, the dominant category is the solar panel segment. Solar panels are the core component of a solar power system, responsible for converting sunlight into electricity. As the demand for renewable energy sources grows, so does the demand for solar panels. The dominance of the solar panel segment is driven by the increasing adoption of solar energy worldwide, supported by government incentives and the need for sustainable energy solutions.

The fastest-growing category in the solar inverter market is the battery segment. Batteries play a crucial role in storing excess solar energy generated during the day for use during periods of low sunlight or at night. With the growing focus on energy independence and resilience, there is a rising demand for battery storage solutions in solar power systems.

• Solar Panel 
• Battery 
• Photovoltaic Cells 
• Others (Transistor
• MOSFET
• Inverter IC)

Solar Inverter Power Segment Analysis

According to Cognitive Market Research, the dominant category is the 50 kW to 500 kW power range. This segment includes medium to large-scale solar power systems typically used in commercial and industrial settings. The dominance of this category is driven by the increasing adoption of solar energy by businesses and industries to reduce their carbon footprint and lower energy costs.

The fastest-growing category in the solar inverter market is the <50 kW power range. This segment includes small-scale solar power systems commonly used in residential settings. The growth of this category can be attributed to the rising popularity of rooftop solar panels among homeowners. Factors such as decreasing solar panel costs, net metering policies, and the desire for energy independence are driving the adoption of small-scale solar power systems.

• <50 kW 
• 50 kW to 500 kW 
• >500 kW 

Author's Detail

Kalyani Raje

Senior Research Analyst at Cognitive Market Research

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An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile and transportation vertical.

Author's Conclusion