Utility Scale PV Inverter Market Size - By Product, By Voltage, Forecast, 2025 – 2034

Utility Scale PV Inverter Market Size

The global utility scale PV inverter market size was valued at USD 13.3 billion in 2024 and is estimated to grow at a CAGR of 6.6% from 2025 to 2034. It is a device that converts direct current (DC) electricity generated by solar panels into alternating current (AC) electricity for integration into the power grid. These inverters are specifically engineered to handle high power levels, typically in megawatt capacities, ensuring efficient energy conversion for solar farms or other large-scale solar projects.
 

Rising introduction of innovative designs incorporating Gallium Nitride and Silicon Carbide switching components offering improved thermal efficiency that reduces the need for extensive cooling mechanisms will propel the product adoption. Growing allocation of both public and private funding for electrification efforts in off-grid or grid-isolated regions of developing economies will propel the product penetration. Additionally, many rural areas in these regions experience frequent power outages and inconsistent electricity supply due to inadequate grid infrastructure further boosting the industry outlook.
 

Rising global shift towards renewable energy sources, driven by commitments to reduce greenhouse gas emissions and mitigate climate change, will create lucrative opportunities for the product adoption for converting solar energy into grid-compatible electricity, making them indispensable in large solar installations. Growing government initiatives and subsidies to promote solar energy projects coupled with supportive policies such as feed-in tariffs, tax credits, and renewable energy mandates will encourage utilities to invest in solar energy infrastructure, driving the industry landscape.
 

Utility Scale PV Inverter Market Trends

Rising cost of electricity from traditional sources, in line with growing focus on energy security will push consumers and businesses to seek alternative energy solutions, fostering the industry scenario. Additionally, growing advancement of smart grid infrastructure and the integration of Internet of Things (IoT) technologies designed to enhance the efficiency and reliability of solar energy systems will complement the product adoption in large scale projects.
 

Utility Scale PV Inverter Market Analysis

Based on product, the utility scale PV inverter industry is segmented into string, and central. Central is anticipated to grow over USD 18.2 billion by 2034 due to growing emphasis on distributed generation technologies, combined with the expansion of sustainable energy systems. Rising demand for products requiring low operating and maintenance costs, ease of installation, and the ability to upgrade manufacturing facilities will foster the central inverters adoption. Growing deployment and investments in large scale utility solar projects across the cross the globe will complement the product penetration.
 

Based on voltage, the utility scale PV inverter market is segmented into < 1500 V and ≥ 1500 V. < 1500 V is set to grow at a CAGR of over 6.5% through 2034. Growing demand for inverters offering multiple advantages, including module-level Maximum Power Point Tracking (MPPT), streamlined installation processes, and enhanced monitoring capabilities will stimulate the demand for high voltage inverters. Increasing demand for higher efficiency in utility-scale solar projects with reduced system losses and cost effectiveness will uplift high voltage adoption in the market.
 

The U.S. utility scale PV inverter market is anticipated to cross USD 4.6 billion by 2034. U.S. government's growing commitment to renewable energy, highlighted by policies such as the Investment Tax Credit (ITC) and renewable energy standards will drive investments in solar technologies, will foster the product growth. Additionally, increasing shift towards a more resilient and decentralized energy grid, which aims to improve the reliability of energy distribution while reducing dependence on centralized sources will complement the product penetration.
 

In Asia Pacific rapid urbanization and industrial growth in countries such as China, India, and Southeast Asia coupled with increasing demand for reliable and clean energy sources will create opportunities for the product growth.  Rising need for grid flexibility and reliability in regions including Japan and South Korea will push demand for advanced inverter technologies capable of efficient energy conversion and management, thereby boosting the industry statistics.
 

Utility Scale PV Inverter Market Share

Eminent players are increasingly integrating Internet of Things (IoT) and Artificial Intelligence technologies into their inverters, enabling remote monitoring and diagnostics. This technological shift helps companies gain a competitive advantage by enhancing the functionality and performance of their products. In addition, companies are investing in research and development to create innovative solutions. These technological advancements not only enhance product reputation but also allow companies to strengthen their position in the market.
 

Utility Scale PV Inverter Market Companies

Eminent players operating in the Utility Scale PV Inverter industry are:

• Canadian Solar
• Delta Electronics
• Eaton
• Fimer Group
• GoodWe
• GE Vernova
• Huawei Technologies
• Sungrow Power Supply
• Sofar Solar
• Solis Inverters
• Solplanet
• Sineng Electric
• SolarEdge Technologies
   

Utility Scale PV Inverter Industry News:

• In October 2024, Solplanet launched the ASW350K-HT, a three-phase solar inverter with a 350 kW power capacity, designed for utility-scale PV projects. Offering a maximum efficiency of 99.01%, it ensures optimal energy conversion with minimal loss. Its 75-amp maximum input current supports compatibility with large PV modules, making it ideal for high-output solar installations. The inverter’s superior efficiency enhances the effective utilization of solar energy.
   
• In September 2024, GE Vernova has unveiled its latest 6 MVA, 2000-volt direct current inverter for utility applications, complemented by a pilot installation in North America. This innovation aims to decrease solar energy costs while advancing renewable energy adoption and supporting decarbonization efforts.
   

Utility Scale PV 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 Product

• String
• Central

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