String PV Inverter Market

String PV Inverter Market Size

The global string PV inverter market was valued at USD 19 billion in 2024 and is estimated to grow at a CAGR of 9.8% from 2025 to 2034. Expanding concerns about climate change and carbon emissions are increasing emphasis on adopting clean energy solutions will boost product demand due to its easy accessibility and scalability.

Rising technological advancements to increase product efficiency and reliability coupled with growing innovations such as higher conversion efficiencies, and advanced monitoring capabilities to enhance the performance and lifespan of solar installations will uplift the product penetration. In February 2025, within a span of 17 months, WattPower successfully produced and supplied around 15 GW of solar string inverters all over India.

Rising demand for inverters with hybrid functionality, capable of managing both solar PV and battery storage for residential and commercial applications will stimulate the product penetration. Furthermore, increasing awareness of environmental sustainability, coupled with declining panel costs, uplifts homeowners' investments in rooftop solar systems will create opportunities for product adoption.

Expansion of solar infrastructure in emerging regions including Asia Pacific, Latin America, and Africa to meet their increasing energy demands and reduce dependency on fossil fuels will influence the string PV inverter market statistics. As per Solar power Europe December, in 2024, the European Union added 65.5 GW of solar PV capacity, achieving its eighth consecutive year of record installations. However, the annual growth rate slowed considerably to 4.4%, a sharp contrast to the strong 41-53% growth recorded between 2021 and 2023.

Furthermore, growing awareness and commitment towards environmental sustainability among consumers and businesses will increase product adoption as a proactive step towards reducing carbon footprints and promoting environmental stewardship. Utility-scale solar plants have historically been dominated by central inverters, but string inverters are becoming more popular due to their modular design, ease of maintenance, and enhanced system redundancy, supporting business growth.

String PV Inverter Market Trends

• Rising penetration of distributed solar power will enhance product growth. Their ability to mitigate energy losses due to shading and module mismatches will make them particularly suitable for urban environments with space constraints. Additionally, growing businesses and homeowners seeking energy independence, self-consumption, and lower electricity costs, will escalate the demand for string inverters.
  
• Continued efforts to improve smart inverters by adding remote monitoring capabilities, reactive power control, and grid support functionalities aimed at enhancing grid stability, will make them compliant with evolving energy regulations, leading to business growth. Huawei Digital Power Philippines' debut of the 150KTL Smart String Inverter in August 2024 was a major step toward the Philippines' renewable energy goals. This step highlighted Huawei's enduring commitment to the energy transition in the Philippines towards sustainability and cleaner energy options.
  
• Growing adoption of energy storage solutions will further uplift product penetration. Hybrid inverters with battery integration capabilities allow users to store excess solar energy, improving energy management and resilience against grid fluctuations. Furthermore, the proliferation of bifacial modules and floating solar farms will increase the prominence of string inverters due to their flexibility and effectiveness in varying climatic conditions.
  
• Presence of key players including Goodwe, Delta Electronics, Canadian Solar, and Growatt New Energy and their rising expansion will create lucrative prospects for the business growth. In October 2023, GoodWe launched its new 3-phase 1,500V utility string inverter, the UT (320/350kW). The inverter is specially designed to be used in large power plants as it provides higher power optimized efficiency, better operational and maintenance simplicity, alongside improved system stability.
  

String PV Inverter Market Analysis

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• String PV inverter industry was valued at USD 13.9 billion, USD 16.3 billion and USD 19 billion in 2022, 2023 and 2024 respectively. Based on phase, the industry is segmented into single phase and three phase.
  
• The three phase segment is projected to hit more than USD 47.8 billion by 2034 on account of rising demand for inverters offering higher power output, making them well-suited for commercial and industrial applications with larger electricity demands. Additionally, their grid compatibility with the existing electrical infrastructure, coupled with scalability and flexibility, allowing easy expansion and customization of solar PV systems to meet specific project requirements will improve the string PV inverter market scenario.
  
• Increasing key players' product launches driven by improving innovations, advancements in technology and competition from new entrants will stimulate the product growth. In January 2021, Italian manufacturer Fimer unveiled its upcoming string inverters suited for residential, commercial, including industrial photovoltaic projects. These inverters, named PVS-10/12.5/15-TL as well as PVS-20/30/33-TL, are designed to provide power output ranging from 10 to 33 kW, all while assisting an input voltage of 1100 V (DC).
  
• The single phase segment is set to grow at a CAGR of over 2.4% till 2034 due to growing adoption of rooftop solar systems in residential sectors.  Increased demand from homeowners for convenience and value-for-money energy solutions will boost these inverter’s adoption on account of their appropriate trade-off between costs and productivity. Also, the growing net metering and feed-in tariff policies are incentivizing homeowners to adopt solar PV systems. Numerous governments offer grants and tax deductions, which make single phase string inverters popular among household users due to their simple installation and grid interconnection features will further drive the business projections.
  

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• Based on connectivity, the string PV inverter market is segmented into standalone and on grid. The on grid segment holds a market share of 78.4% in 2024. Rising demand for inverters offering off-grid homes, cabins, and remote facilities to generate and store their own electricity from solar energy, reducing dependence on diesel generators and enhancing energy independence will fuel the product demand. Furthermore, increasing demand for reliable backup power solutions for critical infrastructure, emergency shelters, and disaster relief efforts will propel the connectivity adoption
  
• Ongoing companies investments in developing smart products to overcome energy demand for residential and commercial & industrial consumers will complement the string PV inverter market growth. In July 2023, Goldi Solar stepped into the inverter space with the launch of VAMA On Grid Smart String Inverters meant for residential, commercial & industrial customers. The inverters make use of advanced DSP control technology; thus their efficiency reaches 98.6%.
  
• The standalone segment is set to grow at a CAGR of over 7.1% through 2034 owing to their efficiency, scalability, and affordability. Growing focus on energy independence and resilience will further enhance business prospects. Companies and individuals are purchasing separate string inverters to become less dependent on the grid and lessen the chances of power interruptions. Additionally, government incentives and subsidies for off-grid solar installations will make these systems more accessible, leading to uplift the industry scenario.
  

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• North America holds 15.4% share of the string PV inverter market in 2024, which is expected to improve further by 2034. The U.S. market for string PV inverter was valued at USD 2.2 billion, 2.5 billion, and 2.8 billion in 2022, 2023 and 2024, respectively.
  
• In the U.S., declining solar PV costs and federal and state incentives, including the federal Investment Tax Credit, which offers a tax credit of up to 26% of the total system cost, have incentivized residential, commercial, and utility scale solar installations, boosting product demand across the country. Furthermore, growing concerns about energy resilience, environmental sustainability, and climate change mitigation will increase customer interest in solar energy thereby augmenting product growth.
  
• Increasing string inverters demand in the region, will encourage key players to expand their presence, leading to influence the business trend. In March 2024, Solis added two new string inverters - the 60kW 208V and the 125kW 480V variants - for the U.S. and Canadian markets. These new models strengthen Solis’s commercial rooftop solar photovoltaic systems and augment his company’s 1000V string inverter collection, one of the most extensive in the world.
  
• Asia Pacific string PV inverter market is anticipated to cross over USD 16.7 billion by 2034. The combination of government policies, new technology, and increased demand for energy will greatly contribute to the adoption of solar PV installations in the region. Rapid urbanization and industrialization, escalating electricity demand, particularly in densely populated urban areas and industrial zones thereby stimulating the industry landscape.
  
• Furthermore, rising financial incentives and policy support from countries such as China, Japan, and India to promote renewable energy deployment and reduce carbon emissions will positively influence the market statistics. In January 2025, China Huadian opened a procurement tender for string inverters of 300kW or greater, with hopes of achieving cumulative capacity around 18 GW. The tender provides specifications for three phase, three wire system inverters mandating a 1,500 V DC input voltage and a 10% overload capability.
  

String PV Inverter Market Share

• Top four players, including Delta Electronics, GoodWe, Growatt New Energy and Huawei Technologies account for nearly 37.8% share of the string PV inverter industry. These enterprises are investing in research and development to build next-generation string inverters with advanced features, including high power density, enhanced monitoring, grid friendliness, and energy storage integration.
  
• Furthermore, companies are forming alliances with solar developers and EPC firms to strengthen their market presence. Key players are expanding their presence in developing regions to improve their business outlook and overcome energy demand. In August 2023, Siemens, a German conglomerate, plans to begin manufacturing solar photovoltaic (PV) string inverters in the U.S., specifically tailored to meet the needs of the domestic market.
  

String PV Inverter Market Companies

• Canadian solar, a growing company in string PV inverter industry, has record full year revenues of USD7.6 billion. The company has obtained a USD 500 million investment from BlackRock for Recurrent Energy. Canadian solar offers a comprehensive range of string photovoltaic (PV) inverters tailored for residential, commercial, and industrial applications. These inverters are designed to meet a variety of installation needs, ensure system dependability, and maximize energy efficiency.
  
• GoodWe generated USD 660 million in revenue and USD 91 million in net profit in 2022. In 2023, the business's overall operating income rose to USD 1.03 billion. The firm, known as the producer of solar inverters, provides a wide range of string inverters designed for different uses.
  

Eminent players operating in the string PV inverter market are:

• Canadian Solar
• Delta Electronics
• GoodWe
• Growatt New Energy
• Huawei Technologies
• Ingeteam Power Technology
• SMA Solar Technology
• Sungrow
• Siemens
• Solis Inverter
• SolarEdge Tec
• hnologies
• Sineng Electric
  

String PV Inverter Industry News:

• In December 2024, GoodWe launched a new series of string inverters targeting industrial and commercial applications with options for 100 kW, 110 kW, and 125 kW. Each of these units allows the use of DC input current up to 21A per string and has 10 maximum power point trackers, enabling optimal energy efficiency and performance.
  
• In September 2023, SMA Solar Technology, one of the world leaders in solar energy, added the Sunny Tripower CORE2 to its range of string PV inverters. With this inverter, SMA aims to surpass the competition in performance, flexibility, and service in industrial and commercial solar service applications.
  
• In March 2021, Delta Electronics announced the release of the M125HV Generation 2 solar string inverter. With the invention of this advanced inverter, Delta strengthens its mark in innovations and sustainability within renewable energy by improving the efficiency as well as the dependability of massive ground-mounted photovoltaic arrays.
  

This string PV inverter market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue and volume in “(USD Billion & MW)” from 2021 to 2034, for the following segments:

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Market, By Phase

• Single phase
• Three phase
  • Low power (≤ 99 kW)
  • High power (> 99 kW)

Market, By Connectivity

• Standalone
• On grid

Market, By Nominal Output Voltage

• ≤ 230 V
• 230 - 400 V
• 400 - 600 V
• > 600 V

Market, By Nominal Output Power

• < 3 kW
• 3 - 33 kW
• 33 - 110 kW
• > 110 kW

Market, By Application

• Residential
• Commercial & industrial
• Utility

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • Italy
  • Poland
  • Netherlands
  • UK
  • France
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Israel
  • Saudi Arabia
  • UAE
• Latin America
  • Brazil
  • Mexico