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Utility On Grid PV Inverter Market Size

Report ID: GMI12540
Published Date: Dec 2024
Report Format: PDF

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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.

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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.

Utility On Grid PV Inverter Market Report Attributes
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 2025 to 2034 CAGR:	7.7%
2034 Value Projection:	USD 40.5 Billion
Historical Data for:	2021 - 2023
No. of Pages:	70
Tables, Charts & Figures:	20
Segments covered:	Product, Nominal Output Voltage, and Region
Growth Drivers:	Increasing demand for renewable energy Rising environmental concerns and corporate sustainability Growing regulatory support
Pitfalls & Challenges:	Grid infrastructure 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. 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.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

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.

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 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.

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.