Three Phase String Inverter Market Size - By Connectivity (Standalone, On Grid), Application (Residential, Commercial & Industrial, Utility), & Forecast, 2025 - 2034

Three Phase String Inverter Market Size

The global three phase string inverter market was valued at USD 16.7 billion in 2024 and is estimated to grow at a CAGR of 10.5% from 2025 to 2034. Increasing demand for large scale solar installations will boost the product adoption on account of their ability to handle higher power outputs and deliver balanced electricity across multi phases. Furthermore, increasing cost of conventional energy and the growing emphasis on sustainability will encourage businesses to adopt solar energy solutions.
 

Rising demand for solutions offering seamless integration with the grid, especially in regions with robust three phase electricity distribution systems targeting remote locations, will improve the product demand. By the year 2025 APEPDCL seeks to provide seamless three phase power supply for 24 hours to 1.17 million rural homes. The company has commenced the unbundling of 1,369,150 electricity connections, consisting of 201,964 agricultural and 1,167,456 non-agricultural customers in 157 mandals in the northern coastal districts, leading to create product demand.
 

The growing requirement for economical, scalable inverters that require less cabling and minimal installation complexity will enhance product adoption. Increased government support towards the adoption of renewable energy, as well as the implementation of policies directed towards achieving net-zero carbon emission targets and transitioning to cleaner forms of energy will drive three phase string inverter market growth.
 

Ongoing innovations in multi phase string inverters, such as smart grid compatibility, remote monitoring capabilities, and advanced safety features such as anti-islanding will enhance their appeal, thereby improving the business scenario. In January 2021, the Italian inverter manufacturer Fimer is planning to launch two new string inverters for photovoltaic residential, commercial, and industrial projects. Named PVS-10/12.5/15-TL and PVS-20/30/33-TL, these inverters offer power outputs between 10 kW and 33 kW, with a claimed input voltage capacity of 1100 V (DC).
 

Three Phase String Inverter Market Trends

• Rising businesses aiming to reduce energy costs and meet sustainability targets will escalate the demand for rooftop and ground-mounted solar PV systems in C&I sectors. This creates demand for three phase inverters that support higher voltage capacities and multiple MPPTs, optimizing energy production for these large-scale applications. Howd Innovations, introduced multi phase string inverters for commercial solar PV applications in December 2023. Power capacities of 5 kW to 25 kW are offered by these inverters, which have a rated input voltage of about 600 V.
   
• Advancements in power electronics functions, cooling systems, and semiconductor materials, including silicon carbide based inverters, have improved efficiency and lowered costs. This will make three phase string inverters more accessible for larger projects. In addition, there is growing implementation of solar power around the globe at the country level, which creates a need for these technologies due to their modular nature, scalability, and compatibility with battery storage systems.
   
• Ongoing investments by key players for the development of next generation inverters will augment the three phase string inverter market growth. In April 2022, Sunplus unveiled a new series of three phase string inverters for use in commercial and utility scale photovoltaic systems that have capacities from 30 kW upto 60kW. The company remains innovative and continues to push the boundaries of the photovoltaic sector. These inverters come with anodized aluminum casings for superior durability as well as corrosion protection.
   
• Additionally, many utilities are enforcing stricter grid codes that require better voltage and frequency regulation. This improves multi phase string inverters' demand providing superior grid support functions, including reactive power compensation, low-voltage ride-through (LVRT), and grid-forming capabilities, ensuring compliance with evolving standards, leading to business growth.
   

Three Phase String Inverter Market Analysis

• The three phase string inverter industry was valued at USD 11.7 billion, USD 14.1 billion and USD 16.7 billion in 2022, 2023, and 2024 respectively. The industry is segmented into on grid and standalone based on connectivity.
   
• The on grid segment is anticipated to reach over USD 36 billion by 2034. Rapid urbanization and increased energy demand in commercial and industrial sectors will propel the product demand to overcome these needs by providing robust and scalable energy conversion systems. Growing adoption of cost-effective connectivity, combined with the lower installation and maintenance expenses, will further improve industry statistics.
   
• Additionally, global push toward decarbonization and the adoption of clean energy sources is encouraging companies to bring new technology into the market, driving the industry growth. For instance, in July 2023, Goldi Solar introduced VAMA on-grid smart string inverters for residential and C&I customers, marking their entry into the inverter market. With their cutting-edge DSP control technology, these inverters can achieve up to 98.6% efficiency. They have a transformer-less design, strong software and hardware protection, and are built for reliability and security.
   
• The standalone segment is expected to grow at a CAGR of over 11% through 2034. Increased demand for inverters that provide easy operation in off-grid and weak-grid situations—particularly helpful in remote or rural areas without reliable grid systems will boost industry expansion. The rising need for inverters offering real-time monitoring, diagnosis, and remote troubleshooting inverters aimed to minimize downtime, enhance performance, and reduce maintenance costs for C& I users will increase the connectivity penetration.
   

• Based on application, the three phase string inverter market is segmented into residential, commercial & industrial, utility. The commercial & industrial sector holds a market share of 52.7% in 2024. The increasing transition towards renewable energy sources will motivate companies and industries to achieve their sustainability targets while lowering carbon emissions, thereby increasing the product adoption.
   
• Improving government incentives and regulations to promote clean energy and reduce dependence on fossil fuels will further accelerate the adoption of solar PV systems in the commercial and industrial sectors. Companies are also adopting new strategies to prompt product acceptance in solar application. In March 2021, Delta released the M250HV model, a 250kW string inverter aimed at broad commercial solar plants. It comes equipped with 12 MPP trackers along with a peak efficiency of 99%, which facilitates a flexible system design. With these features, installation, maintenance and operation also becomes much easier.
   
• By 2034, residential segments is expected to grow at a CAGR of over 6.5% through 2034, due to increasing power consumption associated with larger homes which have EV chargers, HVAC systems, and smart appliances requiring higher capacity inverters. Additionally, continuous advancements in mass manufacturing and power electronics have reduced the price of three-phase inverters, making them more affordable for household use and accelerating the product's uptake.
   
• Utility segment holds a market share of 52.5% in 2024 on account of multi phase inverter high conversion efficiencies of up to 99%, minimizing energy losses and improving overall system performance in large-scale solar farms.  Increasing adoption of solar energy in developing nations will improve the product growth. In October 2024, Solplanet launched a new 350 kW solar inverter with six independent MPPT inputs, which enables five PV strings per MPPT input. This inverter is designed for large scale PV installations in India and increases solar power generation flexibility and efficiency.
   

• As of 2024, North America captured more than 15.1% share of the three phase string inverter market, which is expected to improve further by 2034. The U.S. market for three phase string inverter was valued at USD 1.9 billion, 2.1 billion, and 2.4 billion in 2022, 2023 and 2024 respectively.
   
• Rising government incentives for solar installations, such as the Investment Tax Credit (ITC), which offers up to 26% tax incentives for businesses installing solar systems will boost demand for efficient inverters in the U.S. Continuous decline in the cost of solar energy systems coupled with increasing occurrences of power outages and natural disasters in the country will uplift the product demand.
   
• Asia Pacific three phase string inverter market is anticipated to grow at a CAGR of 8.8% through 2034. Rising ambitious renewable energy goals, including India’s National Solar Mission and China’s 14th Five-Year Plan, aimed to encourage large-scale solar adoption will create lucrative opportunities for high-performance three phase inverters. Rapid urbanization, particularly in countries such as China, India, and Vietnam, will fuel the need for reliable, efficient power solutions, improving the business landscape.
   
• Europe three phase string inverter market is likely to exceed USD 22 billion by 2034 on account of rising utilities upgrading grid infrastructure to accommodate higher renewable penetration coupled with growing C&I solar market benefits from three phase string inverters. Companies are adopting various strategies including showcasing their product in global events to improve their popularity, which will foster the business trend. For instance, Siemens KACO showcased its latest inverter models at Intersolar Europe 2024, featuring the Blueplanet Series 125 kW string inverter for commercial and industrial applications.
   

Three Phase String Inverter Market Share

• Top four players, including Canadian Solar, Chint Power Systems, Fimer and Goldi Solar account for nearly 37.2% share of the three phase string inverter industry. These businesses are expanding their offerings by introducing versatile inverter solutions designed specifically for C&I applications. By diversifying their portfolios, these players can cater to a wider customer base, from residential users to large enterprises.
   
• Companies are expanding into high-growth regions such as Asia Pacific and Latin America due to increasing demand for renewable energy. Additionally, leading players are focusing heavily on innovation to improve the performance, efficiency, and reliability of their three phase string inverters.
   
• Furthermore, key players are investing in automated production lines and localized manufacturing to reduce costs. By leveraging economies of scale and efficient supply chain management, they can offer competitive pricing while maintaining quality. Eminent players are providing enhanced customer support, extended warranties, and comprehensive service agreements, which are becoming key differentiators in winning customer trust and driving long-term adoption.
   

Three Phase String Inverter Market Companies

• Canadian Solar, a growing company in three phase string PV inverter market, has recorded 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 multi phase string 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.
   
• Chint Power Systems operates in over 140 countries and regions, employing more than 50,000 people globally. In 2024, the company reported an operating revenue of USD 25 billion and has consistently ranked among the Top 500 Chinese Enterprises for over 20 years. The company offers a comprehensive range of three phase string inverters tailored for various applications, including commercial, industrial, and utility scale solar installations.
   

Eminent players operating in the three phase string inverter market are:

• Canadian Solar
• Chint Power Systems
• Fimer
• Goldi Solar
• Huawei Technologies
• INVTSolar
• LEDVANCE
• NingBo Deye Inverter Technology
• SUNGROW
• Solis Inverters
• UTL Solar
• Veichi Electric
   

Three Phase String Inverter Industry News:

• In January 2025, Solis launched the S6-EH3P K-H Series, a range of three phase energy storage inverters designed for commercial solar applications. Offering power capacities from 29.9 kW to 50 kW, these inverters integrate both on-grid and off-grid functionalities.
   
• In July 2023, Goldi Solar introduced its VAMA range of smart string inverters specifically for on-grid applications. The series includes both single-phase and three phase variants, catering to diverse residential and commercial energy needs.
   
• In January 2021, FIMER, the world's fourth-largest solar inverter manufacturer, unveiled its PVS10/33-TL three phase string inverters, targeting commercial and industrial (C&I) applications. This launch marks an expansion of FIMER's string inverter lineup, boasting improved performance features designed for varied application needs as the company seeks to tap into the burgeoning renewable energy sector.
   

This three phase string 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 Connectivity

• Standalone
• On grid

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
  • Netherlands
  • UK
  • France
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Israel
  • Saudi Arabia
  • UAE
  • South Africa
• Latin America
  • Brazil
  • Mexico
  • Chile