Utility On Grid PV Inverter Market Size - By Product (String, Central), By Nominal Output Voltage (< 1500 V, ≥ 1500 V), & Forecast, 2025 – 2034

Utility On Grid PV Inverter Market Size

The global utility on grid PV inverter market was valued at USD 18.5 billion in 2024 and is estimated to grow at a CAGR of 7.7% from 2025 to 2034. It is a device used in large-scale solar power plants to convert the direct current electricity generated by photovoltaic (PV) panels into alternating current electricity that is synchronized with the utility grid. These inverters are designed to handle high power capacities, typically ranging from hundreds of kilowatts to several megawatts, and are optimized for efficiency, reliability, and grid compliance.
 

Ambitious targets set by governments and organizations for renewable energy adoption, aimed at combating climate change, will drive the product adoption. Continuous rollout of supportive policies and incentives, such as net metering, will bolster the industry growth. Furthermore, heightened awareness of environmental challenges, coupled with increasing number of companies adopting solar power to address these issues and minimize their carbon footprint, will boost the product demand.
 

Declining costs of solar panels and associated technologies, including PV inverters will make utility scale solar power economically competitive with conventional energy sources, thereby boosting the demand for high capacity on grid inverters. Rising adoption of modern PV inverters equipped with features such as real-time monitoring, grid stabilization, reactive power control, and enhanced efficiency will fuel the product demand.
 

Utility On Grid PV Inverter Market Trends

Increasing cost of electricity from conventional sources is driving consumers and businesses to explore alternative energy solutions, creating significant opportunities for the product adoption. Growing emphasis on energy security will further fuel demand for these products, as they enable localized electricity generation, reducing reliance on external energy sources. Additionally, rising advancement of smart grid infrastructure and IoT technologies to allow real-time monitoring and management of solar energy systems, improving their overall efficiency and reliability will foster the product penetration.
 

Utility On Grid PV Inverter Market Analysis

Based on product, the central segment is anticipated to cross over USD 26.5 billion by 2034, on account of their high power handling capacity, suitable for utility scale solar projects that require capacities ranging from hundreds of kilowatts to several megawatts. Rising demand for cost effective solutions for large projects in line with simplified maintenance will augment the product adoption. Furthermore, these inverters are equipped with advanced grid-support features such as reactive power control, voltage regulation, and frequency response, enabling them to comply with stringent grid connection standards and enhance overall grid stability, additionally driving the business outlook.
 

Based on nominal output voltage, the < 1500 V segment is set to grow at a CAGR of over 7.5% through 2032, due to increased efficiency and reduced electrical losses over long distances. Rising demand for inverters that can handle higher power output per inverter particularly required in large-scale utility applications, will bolster product adoption. Increasing upgradation of grid infrastructure by various regions to support higher-voltage solar connections will further propel high output voltage demand.
 

The U.S. utility on grid PV inverter market is likely to exceed USD 6 billion by 2034. Increasing government’s commitment to renewable energy supported by policies such as the Investment Tax Credit (ITC) and renewable energy standards will encourage investment in solar technologies, stimulating the market growth. Declining solar technology, including inverters in line with rising transition toward a more resilient and decentralized grid will foster the product adoption.
 

In Asia Pacific rapid industrialization coupled with increased energy demand will complement the product penetration. Rising ambitious renewable energy targets in countries including China, India, and Japan coupled with increased investment in solar infrastructure across the region will drive the product demand.
 

Utility On Grid PV Inverter Market Share

Eminent players are increasingly incorporating IoT and AI technologies into their inverters to offer remote monitoring and diagnostic capabilities, helping them gain a competitive edge and expand their market presence. Key industry players are making substantial investments in research and development, focusing on product innovation. This includes the development of smart inverters equipped with advanced grid-support functions and improved maximum power point tracking (MPPT) algorithms, which enhance efficiency and performance. These innovations not only bolster brand reputation but also help companies strengthen their market position.
 

Utility On Grid PV Inverter Market Companies

Eminent players operating in the utility on grid PV inverter industry are:

• Canadian Solar
• Delta Electronics
• Eaton
• Enphase Energy
• Fimer Group
• GoodWe
• Schneider Electric
• SMA Solar Technology
• Sungrow Power Supply
• Solis Inverters
• SolarEdge Technologies
• V-Guard Industries
   

Utility On Grid PV Inverter Industry News

• In October 2024, Solis has unveiled a diverse lineup of products, featuring high-capacity hybrid PV inverters with capacities of 8kW, 15kW, and 50kW. These inverters are tailored to offer dependable energy storage solutions for both residential and commercial entities. Additionally, the company rolled out on-grid inverters with capacities of 3kW, 5kW, 150kW, and 350kW, addressing the requirements of residential, commercial, and utility sectors.
   
• In April 2021, SMA Solar Technology delivered Sunny Highpower PEAK1 inverters to GreenYellow for their SPM floating solar project based in Thailand. This installation will enable the generation of approximately 2.73 GWh of renewable solar energy annually, helping reduce CO2 emissions by 1,380 tons each year. The energy produced by the floating solar plant will be entirely utilized by the factory, supporting its operations. Additionally, the project is expected to help the customer transition around 25% of the plant’s energy consumption away from conventional sources.
   

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

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Market, By Product

• String
• Central

Market, By Nominal Output Voltage

• < 1500 V
• ≥ 1500 V

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

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