Solar Inverter: Rising Demand for Electricity

Technical improvements and innovation are driving growth and development opportunities for the solar (PV) inverter industry. Solar (PV) inverters are getting new and improved functionality. This aids end users in meeting the rising demand for electricity.

Globally, technical improvements and innovation are driving growth and development opportunities for the solar (PV) inverter industry. Solar (PV) inverters are getting new and improved functionality. This aids end users in meeting the rising demand for electricity. The installation of a solar (PV) inverter in a hot prone location is deemed significant and beneficial. As a result, the global solar (PV) inverter market is expected to grow and develop over the forecast period.


String solar (PV) inverters are used in all sectors and utilities since they are efficient and have low failure rates when operating and maintaining massive structures. In comparison to other forms of solar (PV) inverters, string solar (PV) inverters are also affordable. In nature, the use of a solar (PV) inverter is viable due to the availability of sufficient power. The demand for solar (PV) inverters is rapidly increasing as a result of infrastructure development and a growing number of constructions and building projects.

Another factor driving the worldwide solar (PV) inverter market is the rising number of house loans and renovation projects in both developed and developing countries. Furthermore, business owners are accepting and implementing solar (PV) inverters on a broad scale due to the low cost and tax benefits provided by solar (PV) inverter. All of these factors are contributing towards the growth of the global solar (PV) inverter market.

The major market players are adopting the key marketing strategies for the growth and expansion of the worldwide solar (PV) inverter market. These strategies include collaboration, merger, acquisition, and agreement. Some of the key market players have also started collaborating with government and agencies for increasing its revenue share in the global solar (PV) inverter market. The government has also started providing subsidies and incentives for setting up the production plants of solar (PV) inverter in underdeveloped or developing regions all over the globe.

The solar inverter global industry size accounted for US$ 8.12 billion in 2021 and it is projected to reach over US$ 16.88 billion by 2030. Furthermore, The market is expected to flourish at a staggering 8.5% value CAGR throughout 2022-2030.

COVID-19 Impact Analysis:

➢The COVID-19 pandemic had adverse effects on the growth of the global solar (PV) inverter market.
➢The supply chain disruption and shut down of manufacturing units resulted into negative impact on the global energy industry.

Solar Inverter Industry By Product Type

➢ Central Inverter
➢ String Inverter
➢ Micro Inverter
➢ Others

Based on the product type, the central inverter segment dominated the global solar (PV) inverter market in 2021 with largest market share. The central solar (PV) inverter is considered as effective and efficient in nature. This kind of solar (PV) inverter helps is sufficient for huge buildings and industrial centers.

Solar Inverter Industry By Connection

➢ On-grid
➢ Off-grid

On the basis of connection, the on-grid segment holds the largest market share the global solar (PV) inverter market in 2021. The on-grid solar (PV) inverter benefits the end users in several ways such as on-grid solar (PV) inverter does not require any kind of backup system.

Solar Inverter Industry By End User

➢ Residential
➢ Commercial
➢ Industrial
➢ Utilities

Based on the end user, the utilities segment led the market in 2021 with largest market share of 44%. The solar (PV) inverter is used in all types of areas and sectors which fall under the category of utility.

Future of Solar (PV) Inverter Market

The global solar (PV) inverter market is expected to grow due to growing need for energy. The demand for renewable energy is rising due to favorable guidelines and policies provided by government of developed regions all over the world. The key market players are continuously striving for the growth and development of the global solar (PV) inverter market. As a result, the global solar (PV) inverter market is expected to expand in the near future.

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