Transformative Trends in the Photovoltaic Inverter
By the first quarter of 2025, five inverter companies reported a year-on-year profit increase of over 60%. The industry is clearly heating
The global solar PV inverter market reached a value of almost USD 8.45 billion in the year 2023. The market is further expected to grow at a CAGR of 5.0% between 2024 and 2032 and to reach a value of almost USD 13.13 billion by 2032. As per industry reports, the total global solar power capacity reached 1 terawatt (TW) in April 2022.
By application, utility-scale installations accounted for 63% of the solar PV inverter market size in 2024, while residential is set to grow at a 7.6% CAGR through 2030. By phase, three-phase units led with 72% of the solar PV inverter market share in 2024; Single-phase is forecasted to post a 7.2% CAGR between 2025 and 2030.
Presently, solar PV inverters majorly find applications in the utilities and industrial sectors. Rising solar PV adoption, driven by improving cost competitiveness and energy transition policies, has been a significant factor for driving solar PV inverter market development.
Despite those headwinds, premium pricing for advanced grid-support functions keeps aggregate revenue upward in the solar PV inverter market . By inverter type, central systems commanded 55% revenue share in 2024, while microinverters are projected to register the fastest 8.1% CAGR by 2030.
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