Utility Scale String Inverter Market - By Voltage (< 1500 V, ≥ 1500 V), Global Forecast, 2025 – 2034

Utility Scale String Inverter Market Size

The global utility scale string inverter market size was valued at USD 3 billion in 2024 and is estimated to grow at a CAGR of 10.9% from 2025 to 2034. It is a type of solar inverter used in large-scale photovoltaic (PV) systems, typically designed for utility power plants or large commercial solar installations. It converts the direct current electricity generated by solar panels into alternating current electricity, which is compatible with the electric grid.
 

Rising supportive government policies, decreasing costs, and increasing consumer awareness of eco-friendly technologies will propel the product adoption. Growing trend of self-generated electricity and advancements in distributed generation systems will provide new business opportunities within the solar PV industry, driving the product penetration.
 

Growing investments in innovations by solar industry manufacturers to enhance the technology of utility-scale string inverters, focusing on improving efficiency and reliability will foster the business outlook. Furthermore, these efforts also include significant investments in research and development to create inverters equipped with built-in monitoring and diagnostic tools, which help optimize system performance and reduce maintenance costs. Increasing demand for inverters integrated with battery energy storage systems will further boost the product adoption of these inverters, driving positive growth in the market.
 

Utility Scale String Inverter Market Trends

Growing adoption of renewable energy, especially solar PV systems, will increase the demand for solar components, creating growth prospects for the product proliferation. Rising efforts by developing countries to reduce reliance on fossil fuels and improve energy security will further fuel the demand for solar energy solutions. Additionally, introduction of various incentives and regulations aimed at promoting the use of sustainable technologies will accelerate the market expansion.

Utility Scale String Inverter Market Analysis

Based on voltage, the market is segmented into < 1500 V and ≥ 1500 V. < 1500 V is anticipated to grow over USD 7.5 Billion by 2034 due to their low maintenance and management requirements, making them highly appealing in the market. Rising shift of policymakers, private investors, and end users towards solutions for applications under 1500 V as they offer a sustainable and dependable means of providing electricity will augment the voltage growth. Additionally, growing establishment of low-voltage large-scale projects, such as the Sakaka solar PV plant with 300 MW capacity based in Saudi Arabia, will highlight its growing significance in the renewable energy sector.
 

The U.S. utility scale string inverter market is anticipated to grow over USD 1.3 Billion by 2034. Growing country's strong commitment to renewable energy, backed by initiatives such as the Investment Tax Credit (ITC) and renewable energy standards, will drive investments in solar technologies, thereby supporting market expansion. Decreasing costs of solar technologies, including inverters, coupled with the growing shift towards a more decentralized and resilient energy grid, will further complement the product adoption.
 

In Asia Pacific Growing ambitious renewable energy targets by countries including China, India, Japan, and Australia, to reduce reliance on fossil fuels will stimulate deployment of solar energy systems, with utility-scale string inverters being a key component due to their high efficiency and reliability. Rapid industrialization and urbanization, particularly in emerging economies such as India and Southeast Asian nations will create product demand to overcome the surging electricity demand.
 

Utility Scale String Inverter Market Share

Eminent players are investing heavily in R&D to develop more efficient and reliable utility-scale string inverters. Features such as 1500V compatibility, integrated energy storage, remote monitoring, and enhanced thermal management systems are helping companies meet evolving customer demands. Players are forming partnerships with EPC (Engineering, Procurement, and Construction) firms, utility providers, and financial institutions to secure large-scale solar projects. Collaborations with battery manufacturers and energy management companies are also helping firms integrate their inverters with energy storage solutions.
 

Utility Scale String Inverter Market Companies

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

• Darfon Electronics
• Delta Electronics
• Eaton
• Fronius International
• GoodWe
• Growatt
• Hitachi Hi-Rel Power Electronics
• Huawei Technologies
• Panasonic Corporation
• Schneider Electric
• Sofar Solar
• Siemens
• Sineng Electric
• SMA Solar Technology
• SolarEdge Technologies
• Sungrow
   

Utility Scale String Inverter Industry News:

• In April 2021, Panasonic Corporation introduced its Solar Grid-Tie Inverters across three states in India, catering to environmentally conscious consumers seeking clean energy solutions. The new product line features a compact design, enhanced durability, and a lightweight structure. These inverters are designed to deliver maximum efficiency, ensure safe handling, and provide affordability, making them an ideal choice for utility customers looking to promote energy savings.
   
• In July 2021, SOFARSOLAR's grid-connected inverter has successfully obtained certification under the AS/NZS4777.2 standard, as updated by the Clean Energy Council. This achievement is poised to bolster the company's standing in the Australian market. Furthermore, the inverter boasts a lightweight design, an integrated alarm system, Wi-Fi connectivity, anti-reverse current protection, and offers flexible remote monitoring capabilities.
   

Utility Scale String 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 Voltage, 2021 – 2034 (USD Billion & MW)

• < 1500 V
• ≥ 1500 V

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

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