String PV Inverter Market Size

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.

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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.