Market Size of Solar PV Inverters Industry
| Study Period | 2021 - 2029 |
| Market Size (2024) | USD 13.68 Billion |
| Market Size (2029) | USD 17.23 Billion |
| CAGR (2024 - 2029) | 4.73 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Solar PV Inverter Market Analysis
The Solar PV Inverters Market size is estimated at USD 13.68 billion in 2024, and is expected to reach USD 17.23 billion by 2029, growing at a CAGR of 4.73% during the forecast period (2024-2029).
Although the market studied was affected by COVID-19 in 2020, it has recovered and reached pre-pandemic levels.
The growing demand for solar power is expected to stimulate the growth of the solar PV inverters market during the forecast period. Increasing investments and ambitious solar energy targets are expected to drive the growth of the market studied. However, technical drawbacks of string inverters are expected to hamper the growth of the solar PV inverters market during the forecast period.
Product innovation and adaptation of the latest technologies in solar PV inverters are anticipated to create lucrative growth opportunities for the solar PV inverters market during the forecast period. Asia-Pacific dominates the market, and it is expected to record the highest CAGR during the forecast period. This growth is attributed to the increasing investments and supportive government policies in the countries of this region, including India, China, and Australia.
