The global PV inverter market, valued at USD 1.5 billion in 2023, is projected to grow at a CAGR of 6.4%, reaching over USD 2.8 billion by 2033. This growth is propelled by the increasing adoption of renewable energy, frequent power outages, and emerging technologies. Urbanization and government-led initiatives also play significant roles in expanding the market as PV inverters become critical for lowering carbon footprints and supporting sustainable energy solutions.
Rising demand across commercial, residential, and industrial sectors, alongside trends in remote work, higher disposable incomes, and power shortages in rural and developing regions—particularly in countries like India, China, and South Korea—are accelerating the market’s expansion.
How is the United States Leading the Global Market?
The United States secured a CAGR of 6.2%, collecting a revenue of USD 992.0 million during the foreseen time. Rising urbanization, rapid infrastructure, and consumer preferences propel the United States PV inverter market size. Rising demand for solar panels and hybrid inverters with advanced technology is flourishing in the country.
Growing huge enterprises, alternative sources, and prominent vendors are expanding the market growth. The United States government gave credit of 26% for installing solar panel systems between 2020 and 2022. The growing popularity of three phase and central inverters is bolstering the market size. Between 2017 and 2022, the United States registered a CAGR of 8.7%.
Key Takeaways:
- The PV inverter market is expected to have a valuation of USD 2.8 billion by 2033.
- With a CAGR of 6.4%, the global market is increasing from 2023 to 2033.
- The United States PV inverter market is anticipated to secure a CAGR of 6.2% through 2033.
- With a CAGR of 5.5%, the United Kingdom market significantly uplifts during the forecast period.
- China market is expected to capture a CAGR of 5.8% over the forecast period.
- Japan market is likely to capture a CAGR of 5.0% from 2023 to 2033.
Other Key Players in the Market are:
- Eaton
- Sungrow
- Growatt New Energy
- Darfon Electronics Corp
- Schneider Electric
- Enphase energy
- Seimens
- Fimer Group
Recent Developments in the PV Inverter Market are:
- In March 2021, Fronius International launched a new hybrid inverter, Primo GEN24 Plus. The inverter launched with flexible, high-tech, and better features.
- In September 2021, Sungrow fixed an agreement with Pakistan’s local distributor to supply residential, industrial, and commercial inverters.
- In March 2020, Fimer Group announced its intention to acquire ABB to boost the company’s portfolio.
PV Inverter Market Segmentation by Category
By Product:
- String
- Micro
- Central
By Phase:
- Single Phase
- Three Phase
By Connectivity:
- Standalone
- On-grid
By Nominal Power Output:
- < 0.5 kW
- 0.50–3 kW
- 3–33 kW
- 33–110 kW
- >110 kW
By Nominal Output Voltage:
- < 230 V
- 230–400 V
- 400–600 V
- 600 V
By Application:
- Residential
- Commercial & Industrial
- Utility
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
Report Preview: https://www.futuremarketinsights.com/reports/pv-inverter-market
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