Utility On Grid PV Inverter Market
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The global utility on grid PV inverter market size 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 panels into alternating current electricity that is synchronized with the utility grid. Such inverters are meant for high power capacities from hundreds of kilowatts to some megawatts and are optimized with considerations for efficiency, reliability, as well as grid compliance.
Ambitious targets set by governments and organizations of developing regions 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, a heightened awareness of environmental challenges, in line with an increasing number of companies adopting solar power to address these issues and minimize their carbon footprint, will boost product demand.
| Report Attribute | Details |
|---|---|
| Base Year: | 2024 |
| Utility On Grid PV Inverter Market size in 2024: | USD 18.5 Billion |
| Forecast Period: | 2025 to 2034 |
| Forecast Period 2023 - 2032 CAGR: | 7.7 |
| 2023 Value Projection: | USD 40.5 Billion |
| Historical Data for: | 2021 - 2024 |
| No of Pages: | 70 |
| Tables, Charts & Figures: | 20 |
| Segments Covered: | Product, Nominal Output Voltage, and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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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. Ongoing advancement of smart grid infrastructure and IoT technologies to the management of solar energy systems and allow real-time monitoring, improving their overall efficiency and reliability will foster the product penetration.
Increasing electricity costs from conventional sources will drive consumers and businesses to explore alternative energy solutions, creating lucrative opportunities for product adoption. Growing demand for modern photovoltaic inverters, offering features such as reactive power control, real-time operational monitoring, grid support, and enhanced efficiency will further propel product growth. Furthermore, as energy security gains prominence, product demand is set to rise, facilitating localized electricity generation and diminishing dependence on external energy sources.
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. Furthermore, these inverters are equipped with advanced grid-support features including voltage regulation, reactive power control, and frequency response, enabling them to comply with stringent grid connection standards and enhance overall grid stability, additionally driving the business outlook. Rising demand for affordable solutions for large projects in line with simplified maintenance will augment the product adoption.
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 anticipated to reach over 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.
Eminent players are tailoring customizable solutions to meet specific project needs, including variable voltage outputs and scalable designs. These enhancements facilitate smooth integration with utility-scale systems. Players are integrating IoT and AI into their inverters for remote monitoring and diagnostics and as a means to strengthen their global position.
Eminent players operating in the utility on grid PV inverter industry are:
Market, By Product
Market, By Nominal Output Voltage
The above information has been provided for the following regions and countries:
Key players in the industry include Canadian Solar, Delta Electronics, Eaton, Enphase Energy, Fimer Group, GoodWe, Schneider Electric, SMA Solar Technology, Sungrow Power Supply, Solis Inverters, SolarEdge Technologies, and V-Guard Industries.
The U.S. utility on-grid PV inverter market is likely to exceed USD 6 billion by 2034, supported by government policies such as the Investment Tax Credit (ITC) and renewable energy standards.
The < 1500 V segment is set to grow at a CAGR of over 7.5% through 2032, led by increased efficiency and reduced electrical losses over long distances.
The global market for utility on-grid PV inverter was reached USD 18.5 billion in 2024 and is estimated to grow at a CAGR of 7.7% from 2025 to 2034, driven by increasing demand for renewable energy.
The central segment is anticipated to exceed USD 26.5 billion by 2034, due to their high power handling capacity, making them suitable for utility-scale solar projects.