The Global PV Inverter Market size is expected to reach $40.5 billion by 2030, rising at a market growth of 18.2% CAGR during the forecast period. In the year 2022, the market attained a volume of 6,052.5 thousand units, experiencing a growth of 18.3% (2019-2022).
Recent inverter trends in the country include the prevalence of 1.5 MW plus capacity central inverters and 60 kW plus capacity three-phase string inverters. Therefore, the North America region acquired $2,789.9 million in 2022. Even though string inverters experienced robust growth in North America, central PV inverters are expected to maintain the highest market share throughout the forecast period. Notably, photovoltaic solar (PV) installations accounted for about 45% of total new electricity-generating capacity additions in the first three months of 2023. The United States has witnessed a rapid increase in solar installations across residential, commercial, and utility-scale projects. This growth is fueled by declining solar panel costs, supportive government policies, and increased environmental awareness.
The major strategies followed by the market participants are Mergers & Acquisition as the key developmental strategy to keep pace with the changing demands of end users. For instance, In, January, 2022, Eaton Corporation PLC has successfully finalized the acquisition of Royal Power Solutions, to strengthen Eaton’s capacity to take advantage of the ongoing and widespread growth trend in sectors such as eMobility, aerospace, and electrical businesses. Additionally, In, March, 2020, FIMER Group has successfully concluded the acquisition of ABB LTD.’s solar inverter business. This acquisition strengthens FIMER’s position in the solar inverter market and broadens its reach across key geographic markets worldwide.
Based on the Analysis presented in the KBV Cardinal matrix; Hitachi, Ltd. is the forerunners in the PV Inverter Market. In, October, 2023, Hitachi Energy, a subsidiary of Hitachi Ltd., has completed the acquisition of Experience Knowledge Strategy SL (EKS), a manufacturer specializing in power electronics and energy management systems. This investment also signifies the formation of a strategic partnership with Powin, which retains a substantial ownership stake in eks Energy. The collaboration involves combining eks Energy’s expertise in power electronics and advanced control with Hitachi Energy’s comprehensive automation, software, and system integration capabilities. This strategic move further solidifies Hitachi Energy’s position as a leading technology provider in the renewables and Battery Energy Storage System (BESS) market.
Companies such as Eaton Corporation PLC, Delta Electronics, Inc., Fimer Group are some of the key innovators in PV Inverter Market.
Market Growth Factors
Growing need for electric power through clean energy sources
The rising need for clean energy has led to a substantial increase in solar installations worldwide. Solar power, harnessed through photovoltaic panels, is one of the key supporters of the clean energy mix. As more solar installations come online, there is a demand for PV inverters, essential for converting solar DC power into usable AC power. Governments globally support the transition to clean energy by implementing favourable policies, incentives, and subsidies for solar power projects. These initiatives aim to accelerate the deployment of renewable energy technologies, including solar PV. In many cases, financial incentives for solar installations directly impact the demand for PV inverters.
Reducing renewable power generation costs
A significant reduction in the cost of solar power generation makes solar installations more affordable for a broader range of consumers. As the overall cost of solar projects decreases, including the costs associated with PV inverters, there is a greater incentive for individuals, businesses, and governments to invest in solar energy solutions. Lowering the costs of renewable power generation, particularly solar, accelerates the adoption of solar energy on a global scale. Governments, businesses, and households are more likely to invest in solar installations as the economic viability of solar projects improves. This surge in adoption directly correlates with an increased demand for PV inverters. This competition often leads to innovation, cost-effective solutions, and a broader range of product offerings. Therefore, reducing renewable power generation costs, particularly in the solar energy sector, has a transformative impact on the market.
Market Restraining Factors
Storage integration and energy management
Integrating energy storage systems with PV inverters adds an initial cost to solar installations. Buying and installing energy storage solutions and compatible inverters is challenging, particularly in markets where cost competitiveness is a significant factor. Designing and engineering solar power systems with integrated energy storage requires a deep understanding of PV technology and energy storage solutions. This complexity can pose challenges for installers and system designers, potentially leading to errors or inefficiencies if not executed correctly. The lack of a well-trained workforce in this area can limit the seamless deployment and maintenance of integrated systems. Due to the above factors, market growth will be hampered in the coming years.
Product Outlook
On the basis of product, the market is segmented into string PV inverter, central PV inverter, micro PV inverter, and other . The micro PV inverter segment acquired a substantial revenue share in the PV inverter market in 2022. Module-level electronics (micro PV inverters) have gained significant traction in the commercial and industrial sectors. High dependability, enhanced efficiency and performance via maximum power point tracking (MPPT), effortless installation, absence of spatial limitations, and cost-effectiveness are all advantages of these inverters. Micro inverters are often designed to be compatible with various solar panel types and brands. This flexibility allows system owners to choose the most suitable panels for their specific needs without being restricted by inverter compatibility concerns.
End-use Outlook
Based on end-use, the market is fragmented into commercial & industrial, utilities, and residential. The residential segment garnered a significant revenue share in the market in 2022. Due to the growing consumer demand for solar renewable energy for electrification. Captive power generation via renewable sources, such as power in residential structures, has been actively encouraged by governments in numerous nations by implementing policies and financial incentives. SolaX Power, an esteemed producer of solar inverters, introduced X1-Hybrid LV in April 2023. This groundbreaking single-phase low-voltage hybrid inverter is intended exclusively for residential use. For low-voltage solar photovoltaic (PV) systems, this new inverter has been designed to operate at a high efficiency.
Regional Outlook
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region registered the highest revenue share in the market. China is a significant global competitor and the largest contributor to this region’s rapid expansion of the solar market. Expanding the solar installation industry in developing countries has substantially grown the regional market. Developing nations in the Asia Pacific region possess advantageous solar conditions and have emerged as substantial markets for photovoltaic inverters and solar installations. Stringent environmental regulations to increase the adoption of renewable energy, including solar, will augment the business scenario.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Delta Electronics, Inc., Eaton Corporation PLC, Emerson Electric Co., Fimer Group, Hitachi, Ltd. (Hitachi Hi-Rel Power Electronics Private Limited), Omron Corporation, Power Electronics Espana, S.L.U. (Advanced Energy Industries, Inc.), Siemens Energy AG, SMA Solar Technology AG, and SunPower Corporation (Infineon Technologies AG)
Recent Strategies Deployed in PV Inverter Market
Mergers & Acquisition:
Oct-2023: Hitachi Energy, a subsidiary of Hitachi Ltd., has completed the acquisition of Experience Knowledge Strategy SL (EKS), a manufacturer specializing in power electronics and energy management systems. This investment also signifies the formation of a strategic partnership with Powin, which retains a substantial ownership stake in eks Energy. The collaboration involves combining eks Energy’s expertise in power electronics and advanced control with Hitachi Energy’s comprehensive automation, software, and system integration capabilities. This strategic move further solidifies Hitachi Energy’s position as a leading technology provider in the renewables and Battery Energy Storage System (BESS) market.
Apr-2023: Eaton Corporation PLC has successfully acquired a 49% stake in Jiangsu Ryan Electrical Co. Ltd. (Ryan), a prominent manufacturer of power distribution and sub-transmission transformers based in China. This strategic acquisition is aimed at fostering collaboration between the two companies to enhance customer service in the Asia Pacific region and globally. By joining forces, Eaton and Ryan are poised to offer comprehensive solutions to meet the growing demand for transitioning to more renewable energy sources and increased electrical content across various applications.
Jan-2022: Eaton Corporation PLC has successfully finalized the acquisition of Royal Power Solutions, a manufacturer based in the United States that specializes in high-precision electrical connectivity components. The incorporation of Royal Power Solutions strengthens Eaton’s capacity to take advantage of the ongoing and widespread growth trend in sectors such as eMobility, aerospace, and electrical businesses. This strategic move positions Eaton to further capitalize on the increasing demand within these industries.
Mar-2020: FIMER Group has successfully concluded the acquisition of ABB LTD.’s solar inverter business. This strategic move positions FIMER to enhance its global presence, extending from Latin America, where the company is already established, to critical strategic regions such as Europe, Africa, the Middle East, Asia-Pacific (with a focus on Japan), and North America. This acquisition strengthens FIMER’s position in the solar inverter market and broadens its reach across key geographic markets worldwide.
Product Launches:

Apr-2022: Delta Electronics Inc. has unveiled a cutting-edge optical storage and charging bi-directional inverter (BDI). This comprehensive solution seamlessly combines the conversion and control of both AC and DC power, catering to various aspects of household electricity infrastructure, including rooftop solar power, energy storage batteries, and electric vehicle (EV) charging. In everyday scenarios, it enables households to efficiently manage power distribution, resulting in cost savings on electricity. In times of emergencies, the BDI serves as a backup power source, ensuring that individuals can maintain a normal lifestyle even during disruptions.

Apr-2021: Delta Electronics Inc. has introduced the M250HV high-capacity string inverter specifically designed for ground-mounted solar power plants. The M250HV comes equipped with 12 sets of Maximum Power Point (MPP) trackers, boasting an impressive output power of 250kW and efficiency levels reaching up to 99%. This innovative design not only allows for flexible planning in the deployment of large-scale solar power plants but also enhances their convenience in terms of establishment, maintenance, and operation.

Jan-2021: Fimer Group has announced the imminent launch of two new string inverters designed for use in residential, commercial, and industrial photovoltaic (PV) projects. These inverters, identified as PVS-10/12.5/15-TL and PVS-20/30/33-TL, boast a power output ranging from 10 to 33 kW and are specified to achieve an input voltage of 1100 V (DC). The higher-capacity devices within this series have been specifically engineered to accommodate the rising currents associated with PV module technologies, especially in the case of bifacial modules.

Partnerships, Collaborations & Agreements:

Jun-2023: Delta Electronics Inc. has officially entered into a definitive purchase agreement via its subsidiary, Delta International Holding Limited B.V., with TB&C Group, a prominent supplier of high-voltage hybrid components for the automotive industry. The incorporation of TB&C into Delta’s operations will facilitate the broadening of its electric vehicle (EV) product range. The partnership between the two entities is expected to enhance the overall scope of Delta’s EV business.

Apr-2023: Siemens Energy AG has entered into an agreement with Lightsource bp, a solar business, for the supply of solar inverters. Pursuant to this agreement, Lightsource bp is set to deploy over 850MW of Siemens inverters, with an additional option to incorporate 200MW, within the next two years as part of its renewable project development pipeline.

Geographical Expansion:

Dec-2023: SMA Solar Technology AG has revealed plans to expand its manufacturing operations to the United States, targeting an annual capacity of 3.5 GW. The company identifies the U.S. as a crucial market, and it views the Inflation Reduction Act (IRA) as a remarkable opportunity for sustained long-term growth.
Scope of the Study
Market Segments covered in the Report:
By Product (Volume, Thousand Units, USD billion, 2019-2030)


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


By End-use (Volume, Thousand Units, USD billion, 2019-2030)


  • • Utilities
    • Commercial & Industrial
    • Residential


By Geography (Volume, Thousand Units, USD billion, 2019-2030)


  • • North America


o US
o Canada
o Mexico
o Rest of North America


  • • Europe


o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe


  • • Asia Pacific


o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific


  • • LAMEA


o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled


  • • Delta Electronics, Inc.
    • Eaton Corporation PLC
    • Emerson Electric Co.
    • Fimer Group
    • Hitachi, Ltd. (Hitachi Hi-Rel Power Electronics Private Limited)
    • Omron Corporation
    • Power Electronics Espana, S.L.U. (Advanced Energy Industries, Inc.)
    • Siemens Energy AG
    • SMA Solar Technology AG
    • SunPower Corporation (Infineon Technologies AG)


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