PV Inverter Market Size To Reach $49.6 Billion By 2033

PV Inverter Market Growth & Trends

The global PV inverter market size is estimated to reach USD 49.6 billion by 2033, expanding at a CAGR of 13.4% from 2026 to 2033, according to a new report by Grand View Research, Inc. The increasing renewable energy demand globally is driving the need for various equipment such as PV inverters. According to the International Energy Agency (IEA), renewable energy supply from hydro, solar, geothermal, wind, and ocean use rose by 8% in 2022. According to the same source, net renewable electricity capacity additions by PV-utility reached 112.6 GW in 2022 compared to 89.5 GW in the previous year. With increased utilization of solar energy, there is an increased manufacturing of solar equipment such as solar PV inverters, solar panels, and other solar devices. Thus, all these factors are expected to drive the market growth.

Given the critical juncture of our civilization, the adoption of clean energy is at an unprecedented scale, making renewable energy a predominantly feasible alternative. Presently, constructing a new solar or wind plant comes at a lower cost compared to the continued operation of natural gas or coal plants.

The declines in the prices of solar plant establishments and equipment installations have conceded the growth of the market. Moreover, rising private and government subsidies to promote solar power generation in emerging economies have also fueled the growth of the market worldwide. For instance, according to Energy Efficiency & Renewable Energy in August 2022, installed solar PV inverters in the U.S. were eligible for up to 30% tax credits offered by the U.S. government.

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PV Inverter Market Report Highlights

• The central PV inverter held the largest revenue share of 48.6% in 2025. Its leading position reflects the widespread deployment of utility-scale solar power projects, where central inverters efficiently convert electricity from large arrays of solar panels and support high-capacity power generation.

• The utilities segment dominated the market with a revenue share of 44.4% in 2025, supported by the expansion of large-scale solar power projects and rising investments in grid-connected renewable energy infrastructure.

• The Asia Pacific PV inverter market is supported by large-scale solar capacity additions, expanding rooftop installations, and government initiatives to increase renewable energy generation.

PV Inverter Market Segmentation

Grand View Research has segmented the global PV inverter market on the basis of product, end-use, and region:

PV Inverter Product Outlook (Revenue, USD Million, 2021 - 2033)

• String PV inverter

• Central PV inverter

• Micro PV inverter

• Other PV inverter

PV Inverter End-use Outlook (Revenue, USD Million, 2021 - 2033)

• Commercial & Industrial

• Utilities

• Residential

PV Inverter Regional Outlook (Revenue, USD Million, 2021 - 2033)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • Poland

  • Netherlands

  • China

  • Japan

  • South Korea

  • Taiwan

  • Indonesia

• Asia Pacific

  • India

  • Malaysia

  • Thailand

  • Vietnam

  • Australia

• Latin America

  • Brazil

  • Argentina

  • Chile

• Middle East & Africa

  • UAE

  • Saudi Arabia

  • South Africa

List of Key Players in the PV Inverter Market

• Delta Electronics, Inc

• Eaton

• Emerson Electric Co.

• Fimer Group

• Hitachi Hi-Rel Power Electronics Private Limited

• Omron Corporation

• Power Electronics S.L.

• Siemens Energy

• SMA Solar Technology AG

• SunPower Corporation