Meticulous Research® Publishes Comprehensive Report on the Solar Inverter Market: Projected to Reach $18.8 Billion by 2031


“Meticulous Research® Publishes Comprehensive Report on the Solar Inverter Market”

Meticulous Research®, a prominent global market research firm, has released an in-depth report titled, Solar Inverter Market Size, Share, Forecast, & Trends Analysis by Product (String, Micro, Power, Hybrid, Central), Grid (On-grid, Off-grid), Phase (Single, Three), End User (Residential, Commercial & Industrial, Utility-Scale) – Global Forecast to 2031.’


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According to the latest findings from Meticulous Research®, the global solar inverter market is expected to soar to $18.8 billion by 2031, growing at a CAGR of 8.9% from 2024 to 2031. This growth is primarily driven by the increasing emphasis on sustainability and environmental preservation, supportive government policies and incentives for renewable energy adoption, and escalating electricity prices. Additionally, the integration of solar inverters with energy storage systems and the adoption of smart grid technologies are set to offer significant market opportunities. However, the high installation costs and challenges associated with integrating solar power into existing electrical grids may impede market expansion. Notably, the trend of incorporating digital technologies and IoT capabilities into solar inverters is gaining traction.

1.1.1   Market Segmentation and Insights

Product Segmentation: The global solar inverter market is segmented into string inverters, micro inverters, power optimizers, hybrid inverters, and central inverters. In 2024, central inverters are anticipated to dominate the market with a 40.0% share, driven by their cost-effectiveness, high conversion efficiency, and widespread adoption in utility-scale solar farms and commercial projects. Conversely, the hybrid inverters segment is forecasted to experience the highest growth rate, fueled by the integration of energy storage systems, the pursuit of energy independence, and ongoing technological advancements.

Grid Type: On-grid, off-grid, and hybrid systems define the grid type segmentation. On-grid systems are projected to hold the largest market share of 70.0% in 2024, attributed to their simplicity, cost-effectiveness, and compatibility with existing grid infrastructures. The hybrid segment, however, is set to grow the fastest, driven by the need for systems that operate in both grid-tied and off-grid modes, maximizing solar energy self-consumption and reducing grid dependency.

Phase Type: The market is also segmented by phase into single-phase and three-phase solar inverters. Three-phase inverters are expected to command the largest market share of 75.0% in 2024, owing to their higher efficiency and capacity to handle greater power loads, particularly in commercial and industrial applications. This segment is also projected to grow the fastest, supported by product innovations and expansions in the capabilities of three-phase inverters.

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End User: End users are categorized into residential, commercial & industrial (C&I), utility-scale, and others. Utility-scale applications are projected to dominate the market with a 52.0% share in 2024, driven by the global surge in large-scale solar projects aimed at expanding renewable energy capacity and reducing greenhouse gas emissions. The utility-scale segment is also expected to register the highest growth rate during the forecast period.

1.1.2   Regional Analysis

Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is set to lead the market with a substantial 60.0% share in 2024, followed by Europe and North America. The region’s dominance is attributed to supportive government policies, significant investments in renewable energy, and extensive deployment of solar projects. Furthermore, Asia-Pacific is expected to experience the highest CAGR of 10.0% during the forecast period.

1.1.3   Key Market Players

Prominent players in the global solar inverter market include:

  • Siemens AG (Germany)
  • Schneider Electric SE (France)
  • Hitachi Hi-Rel Power Electronics Pvt. Ltd. (India)
  • Sungrow Power Supply Co., Ltd. (China)
  • Huawei Technologies Co., Ltd. (China)
  • Ginlong Technologies Co., Ltd. (China)
  • Growatt (China)
  • SMA Solar Technology AG (Germany)
  • Power Electronics S.L. (U.S.)
  • FIMER S.p.A. (Italy)
  • TMEIC (U.S.)
  • SolarEdge Technologies Inc. (Israel)
  • Sineng Electric Co., Ltd. (China)
  • ABB Ltd (Switzerland)
  • Luminous Power Technologies Pvt. Ltd. (India)
  • Nexus Solar Energy (India)
  • Waaree Energies Ltd. (India)
  • Delta Electronics, Inc. (Taiwan)
  • Enphase Energy Inc. (U.S.)
  • Fuji Electric Co., Ltd. (Japan)
  • Havells India Ltd. (India)

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About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

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