String PV Inverter Market Size - By Phase (Single Phase, Three Phase) By Connectivity (Standalone, On Grid), By Nominal Output Voltage, By Nominal Output Power, By Application, 2025 – 2034

String PV Inverter Market Size

The global string PV inverter market was valued USD 19 billion in 2024 and is estimated to grow at a CAGR of 9.8% from 2025 to 2034. It is a critical component in solar energy systems that transforms the direct current electricity generated by a series of solar photovoltaic panels into alternating current electricity. The converted AC power can be used to operate household appliances, supplied to the electrical grid, or stored in energy storage systems for later use. This functionality makes string inverters essential for the efficient and practical utilization of solar energy.
 

Expanding concerns about climate change and carbon emissions are increasing emphasis on adopting clean energy solutions thereby boosting the 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.
 

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 market statistics. 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.
 

String PV Inverter Market Trends

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.
 

String PV Inverter Market Analysis

Based on phase, the three phase segment is anticipated to cross over USD 47.6 billion by 2034. Rising demand for inverters offering higher power output, making them well-suited for commercial and industrial applications with larger electricity demands will boost the multi-phase market. 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 business scenario.
 

Based on connectivity, the standalone segment is set to grow at a CAGR of over 7% through 2034. 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.
 

The U.S. string PV inverter market is likely to exceed USD 5.5 billion by 2034. Declining solar PV costs, federal and state incentives including the federal Investment Tax Credit (ITC), which offers a tax credit of up to 26% of the total system cost, has 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 the product growth.
 

In Asia Pacific, rapid growth in solar PV installations, driven by supportive government policies, declining technology costs, and increasing energy demand will boost the product adoption in the region. Rapid urbanization and industrialization, escalates 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.
 

String PV Inverter Market Share

Eminent players are prioritizing product innovation and technological advancements by investing in research and development (R&D) to develop next-generation string inverters with advanced features such as higher power density, improved monitoring capabilities, enhanced grid compatibility, and integration with energy storage solutions. Furthermore, key players are forging alliances with solar developers, EPC contractors, distributors, and other stakeholders to expand their market reach, access new customer segments, and penetrate emerging markets.
 

String PV Inverter Market Companies

Eminent players operating in the string PV inverter industry are:

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

String PV Inverter Industry News:

• In September 2023, SMA Solar Technology, a global leader in solar energy solutions, announced the release of its latest string PV inverter, the Sunny Tripower CORE2. This new inverter is designed to deliver superior performance, flexibility, and efficiency for commercial and industrial solar applications.
   
• In March 2021, Delta Electronics, a global leader in power and thermal management solutions, announced the launch of its new M125HV Generation 2 solar string inverter. This advanced inverter is designed to enhance the efficiency and reliability of large ground-mounted photovoltaic arrays, reinforcing Delta's commitment to innovation and sustainability in renewable energy.
   

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:

Click here to Buy Section of this Report

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 Nominal Output Power

• 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