Home > Energy & Power > Electrical Equipment > Solar Parts and Components > Utility Scale PV Inverter Market

Utility Scale PV Inverter Market Trends

Report ID: GMI5270
Published Date: Dec 2024
Report Format: PDF

Download Free Sample

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.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market size of utility-scale PV inverter reached USD 13.3 billion in 2024 and is set to grow at a 6.6% CAGR from 2025 to 2034, driven by the increasing adoption of clean energy and large-scale renewable integration.

The < 1500 V voltage segment is anticipated to grow at a CAGR of over 6.5% through 2034, led by demand for inverters with module-level MPPT, streamlined installation, and enhanced monitoring capabilities.

The U.S. market is projected to exceed USD 4.6 billion by 2034, supported by government policies like the Investment Tax Credit (ITC) and a shift toward decentralized energy grids.

Key players in the market include Canadian Solar, Delta Electronics, Eaton, Fimer Group, GoodWe, GE Vernova, Huawei Technologies, Sungrow Power Supply, Sofar Solar, Solis Inverters, Solplanet, Sineng Electric, and SolarEdge Technologies.