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Photovoltaic Grid-Connected Inverter Market Insights

Photovoltaic Grid-Connected Inverter Market size was valued at USD 24 Billion in 2023 and is expected to reach USD 30 Billion by the end of 2030 with a CAGR of 10% during the Forecast Period 2024-2030.

The global industry segment engaged in the manufacturing, distribution, and installation of grid-connected inverters made especially for photovoltaic (PV) solar power systems is known as the photovoltaic grid-connected inverter market. These inverters are essential parts of the process that transforms solar-generated direct current (DC) electricity into grid-compatible alternating current (AC). Demand for photovoltaic grid-connected inverters has increased due to the growing acceptance of solar energy as a sustainable substitute for traditional fossil fuels. This increase is a result of initiatives to harness renewable energy sources and reduce environmental effect. The increased emphasis on renewable energy integration, fueled by environmental concerns, energy security, and government subsidies supporting clean energy projects, are key reasons driving the photovoltaic grid-connected inverter market. Grid-connected inverters make it possible for solar power systems to be seamlessly integrated into the current electrical grid, promoting effective energy production, distribution, and use. Further propelling market expansion are innovations in inverter technology, which include maximum power point tracking (MPPT), reactive power control, and communication capabilities. These improvements have improved system performance, dependability, and grid stability. Dynamic regulatory environments and changing industry standards to ensure solar power systems' interoperability, safety, and grid compatibility define the photovoltaic grid-connected inverter market. To satisfy the changing needs of solar project developers, utilities, and end users, manufacturers are constantly coming up with new and innovative ways to create grid-connected inverters that are more efficient, less expensive, and have more features. Strategic alliances, joint ventures, and acquisitions are also common in the market as businesses want to increase their market shares, geographic reach, and product lines in the quickly developing solar energy industry.

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Photovoltaic Grid-Connected Inverter Market Trends

Demand for photovoltaic (PV) grid-connected inverters is rising due to the growing popularity of solar photovoltaic systems and the global transition towards renewable energy sources. New trends show that sophisticated grid-connected inverters with intelligent monitoring and control capabilities are becoming more and more popular. These characteristics allow for easy integration with utility networks and maximise energy production. To maximise solar PV installation performance and improve overall system resilience, there is also a noticeable emphasis on enhancing inverter efficiency, dependability, and power conversion capabilities.

Rise of Smart Inverters and Data-Driven Optimization

The market for grid-connected photovoltaic inverters is seeing a sharp increase in the use of smart inverters. These clever gadgets maximise the output of solar energy by utilising artificial intelligence (AI) and data analytics. To optimise electricity production, artificial intelligence (AI) algorithms examine real-time data on weather, system performance, and energy usage. Additionally, by anticipating possible problems, they can save downtime and allow proactive maintenance. For both utility companies and homeowners, this means greater grid stability, lower costs, and more efficiency. Additionally, the information gathered by smart inverters offers system owners insightful information that helps them optimise their energy use and maybe take advantage of utilities' dynamic pricing plans.

Diversification of Inverter Topologies Microinverters and String Inverters Take Center Stage

The world of grid-connected inverters was traditionally dominated by central inverters. Distributed inverter topologies, such as string and microinverter topologies, are becoming more and more popular in the market, however. Microinverters provide a modular solution by attaching themselves straight to each solar panel. This has a number of benefits, such as increased system monitoring capabilities, higher shade tolerance (since a single panel's underperformance doesn't effect the entire string), and increased panel efficiency (because there is no power loss from DC transmission). For larger installations, string inverters provide a more affordable option. They convert the DC output to AC by connecting several panels in series, or a string. Due to its increased efficiency and enhanced string monitoring capabilities brought about by technological advancements, string inverters are a serious challenger for larger.

Integration with Energy Storage Systems A Holistic Approach to Solar Power Management

An important trend in the photovoltaic grid-connected inverter industry is the integration of inverters with energy storage systems to create integrated solutions. The increasing need from businesses and homeowners to maximise solar energy self-consumption and minimise reliance on the grid is driving this trend. The overall efficiency and grid independence of solar photovoltaic (PV) installations are improved by these integrated systems, which store excess solar power during peak production hours and use it during peak demand hours. They can also guarantee a steady supply of electricity during grid failures by offering backup power. The combination of energy storage and inverters opens the door to a solar power management strategy that is more user-friendly and resilient.

Photovoltaic Grid-Connected Inverter Market Scope Of the Report

This report offers past, present as well as future analysis and estimates for the Photovoltaic Grid-Connected Inverter Market. The market estimates that are provided in the report are calculated through an exhaustive research methodology. The research methodology that is adopted involves multiple channels of research, such as – primary research, secondary research, and subject-related expert advice. The market estimates are calculated based on the influence of the current market dynamics along with various economic, social, and political factors on the Photovoltaic Grid-Connected Inverter Market. Also, various regulations, government spending, and research and development growth define the market data. Both positive, as well as negative changes to the market, are taken into consideration for the market estimates.

Photovoltaic Grid-Connected Inverter Market Competitive Landscape

The market report lists the major players involved in the Photovoltaic Grid-Connected Inverter Market under the competitive landscape and company profile chapters. The major players in the market are evaluated based on their product and/or service offerings, financial statements, key developments, strategic approach to the market, position in the market, geographical penetration, and other key features. The chapter also highlights the strengths, weaknesses, opportunities, and threats (SWOT analysis), winning imperatives, current focus and strategies, and threats from competition for the top three to five players in the market. Furthermore, the list of companies included in the market study can also be customized as per the client’s requirements. The competitive landscape section of the report covers details in terms of the top five company’s ranking, key developments such as recent developments, partnerships, mergers and acquisitions, new product launches, etc., the company’s regional footprint, and company industry footprint as per the market and Ace matrix.

Company Regional Footprint

This section provides geographical or regional level reach or their sales network presence for each of company’s considered for profiling.

Company Industry Footprint

This section provides the cross-analysis of industry verticals and market players that gives a clear picture of the company landscape with respect to the industries they are serving their products and services.

Ace Matrix

This section provides company benchmarking into Active, Cutting Edge, Innovator, and Emerging based on their product and business strategy. In Which, product strategy includes parameters such as Breadth & Depth of Product, Focus on Product Innovation, Product features & functions, Scalability whereas business strategy includes parameters such as geographical reach, Industry Coverage, Inorganic Growth, and Roadmap.

Top Photovoltaic Grid-Connected Inverter Market Companies

The Photovoltaic Grid-Connected Inverter Market Report delivers an in-depth analysis of leading and emerging players in the market. The Report provides comprehensive lists of key companies which have been enlisted on the basis of type of products they are offering & other factors in Market. Among company profiling market analysis, the analysts who worked on the report gave the year of market entry for each mentioned player can be considered for the research analysis.

The “Global Photovoltaic Grid-Connected Inverter Market” study report will provide a valuable insight with an emphasis on the global market including some of the Top Photovoltaic Grid-Connected Inverter Market Companies are SUNGROW, KSTAR, Kehua, SMA Solar Techology, ABB, KAKO, REFUsol. 

Photovoltaic Grid-Connected Inverter Market Segmentation

By Type

  • Centralized Inverter
  • String Inverter

By Application

  • Home
  • Industrial Use

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

Photovoltaic Grid-Connected Inverter Market Report Coverage

Research Methodology

The qualitative and quantitative data of the Photovoltaic Grid-Connected Inverter Market is prepared through various research considerations such as subject matter expert advice, primary and secondary research. Primary research leverages valuable information from face-to-face and/or telephonic interviews and surveys, questionnaires, industry expert opinion, KOLs, customers, and others. Primary interviews are conducted regularly with industry experts to create in-depth expert information on the market and to substantiate the existing analysis of the data. Secondary research done by Verified Market Reports research team through various sources such as
  • Company websites, annual reports, financial reports, investor presentations and SEC filings
  • Internal and external proprietary databases, relevant patent, and regulatory databases
  • National government documents, statistical databases, and market reports
  • News articles, press releases and web-casts specific to the companies operating in the market
  • Paid database
Verified Market Reports contacted various key opinion leaders from the same industry, who are top and mid-level executives from top companies as well as executives (marketing heads, regional heads) from End users to collect information/data such as the dominance of particular brand in each country as well as overall region, pricing of services and products. The data for total sales was determined through primary research in each of the countries by interviewing key opinion leaders which included insights from
  • C-Level Executives
  • Marketing Manager, Brand Manager, Product Manager
  • Sales Manager, Sales Officer, Regional Sales Manager, Country Manager
  • Procurement Manager
  • Production Manager
  • Technical Personnel
  • Distributors
The subject matter experts act as a key link to validate and substantiate the key research findings and understandings as the experts have acquired extensive experience in the market over the years. Secondary research data for the Photovoltaic Grid-Connected Inverter Market are collected from the internet, printed documents (company annual reports and research papers) related to the industry, industrial magazines, association findings, government websites, and others. These multiple information sources provide a key outline of the market.
  1. Introduction of Photovoltaic GridConnected Inverter Market
    1. Market Definition
    2. Market Segmentation
    3. Research Timelines
    4. Assumptions
    5. Limitations
  2. *This section outlines the product definition, assumptions and limitations considered while forecasting the market.
  3. Research Methodology
    1. Data Mining
    2. Secondary Research
    3. Primary Research
    4. Subject Matter Expert Advice
    5. Quality Check
    6. Final Review
    7. Data Triangulation
    8. Bottom-Up Approach
    9. Top-Down Approach
    10. Research Flow
  4. *This section highlights the detailed research methodology adopted while estimating the overall market helping clients understand the overall approach for market sizing.
  5. Executive Summary
    1. Market Overview
    2. Ecology Mapping
    3. Primary Research
    4. Absolute Market Opportunity
    5. Market Attractiveness
    6. Photovoltaic GridConnected Inverter Market Geographical Analysis (CAGR %)
    7. Photovoltaic GridConnected Inverter Market by Type USD Million
    8. Photovoltaic GridConnected Inverter Market by Application USD Million
    9. Future Market Opportunities
    10. Product Lifeline
    11. Key Insights from Industry Experts
    12. Data Sources
  6. *This section covers comprehensive summary of the global market giving some quick pointers for corporate presentations.
  7. Photovoltaic GridConnected Inverter Market Outlook
    1. Photovoltaic GridConnected Inverter Market Evolution
    2. Market Drivers
      1. Driver 1
      2. Driver 2
    3. Market Restraints
      1. Restraint 1
      2. Restraint 2
    4. Market Opportunities
      1. Opportunity 1
      2. Opportunity 2
    5. Market Trends
      1. Trend 1
      2. Trend 2
    6. Porter's Five Forces Analysis
    7. Value Chain Analysis
    8. Pricing Analysis
    9. Macroeconomic Analysis
    10. Regulatory Framework
  8. *This section highlights the growth factors market opportunities, white spaces, market dynamics Value Chain Analysis, Porter's Five Forces Analysis, Pricing Analysis and Macroeconomic Analysis
  9. by Type
    1. Overview
    2. Centralized Inverter
    3. String Inverter
    4. Others
  10. by Application
    1. Overview
    2. Home
    3. Industrial Use
    4. Others
  11. Photovoltaic GridConnected Inverter Market by Geography
    1. Overview
    2. North America Market Estimates & Forecast 2021 - 2031 (USD Million)
      1. U.S.
      2. Canada
      3. Mexico
    3. Europe Market Estimates & Forecast 2021 - 2031 (USD Million)
      1. Germany
      2. United Kingdom
      3. France
      4. Italy
      5. Spain
      6. Rest of Europe
    4. Asia Pacific Market Estimates & Forecast 2021 - 2031 (USD Million)
      1. China
      2. India
      3. Japan
      4. Rest of Asia Pacific
    5. Latin America Market Estimates & Forecast 2021 - 2031 (USD Million)
      1. Brazil
      2. Argentina
      3. Rest of Latin America
    6. Middle East and Africa Market Estimates & Forecast 2021 - 2031 (USD Million)
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Rest of MEA
  12. This section covers global market analysis by key regions considered further broken down into its key contributing countries.
  13. Competitive Landscape
    1. Overview
    2. Company Market Ranking
    3. Key Developments
    4. Company Regional Footprint
    5. Company Industry Footprint
    6. ACE Matrix
  14. This section covers market analysis of competitors based on revenue tiers, single point view of portfolio across industry segments and their relative market position.
  15. Company Profiles
    1. Introduction
    2. SUNGROW
      1. Company Overview
      2. Company Key Facts
      3. Business Breakdown
      4. Product Benchmarking
      5. Key Development
      6. Winning Imperatives*
      7. Current Focus & Strategies*
      8. Threat from Competitors*
      9. SWOT Analysis*
    3. KSTAR
    4. Kehua
    5. SMA Solar Techology
    6. ABB
    7. KAKO
    8. REFUsol

  16. *This data will be provided for Top 3 market players*
    This section highlights the key competitors in the market, with a focus on presenting an in-depth analysis into their product offerings, profitability, footprint and a detailed strategy overview for top market participants.

  17. Verified Market Intelligence
    1. About Verified Market Intelligence
    2. Dynamic Data Visualization
      1. Country Vs Segment Analysis
      2. Market Overview by Geography
      3. Regional Level Overview

  18. Report FAQs
    1. How do I trust your report quality/data accuracy?
    2. My research requirement is very specific, can I customize this report?
    3. I have a pre-defined budget. Can I buy chapters/sections of this report?
    4. How do you arrive at these market numbers?
    5. Who are your clients?
    6. How will I receive this report?

  19. Report Disclaimer

Companies featured in this report

  • Kehua
  • SMA Solar Techology
  • ABB
  • KAKO
  • REFUsol

Frequently Asked Questions

How big is the Photovoltaic Grid-Connected Inverter Market?
Photovoltaic Grid-Connected Inverter Market was valued at USD 24 Billion in 2023 and is expected to reach USD 30 Billion by the end of 2030 with a CAGR of 10% during the Forecast Period 2024-2030.
Who are the major players in the Photovoltaic Grid-Connected Inverter Market?
The leading Players in the market are SUNGROW, KSTAR, Kehua, SMA Solar Techology, ABB, KAKO, REFUsol.
Which segments are covered in the report of Photovoltaic Grid-Connected Inverter Market?
The Photovoltaic Grid-Connected Inverter Market is Segmented On The Basis Of Type, Application, And Geography.
Which regions are covered in the report that having a potential scope for the Photovoltaic Grid-Connected Inverter Market?
On the basis of Geography, The Photovoltaic Grid-Connected Inverter Market is classified into North America, Europe, Asia Pacific, and the Rest of the world.
How can I get a sample report of statistical data for the Photovoltaic Grid-Connected Inverter Market?
Verified Market Reports provides a sample report for the Photovoltaic Grid-Connected Inverter Market as per requirements. In addition to that, 24*7 chat support & direct call services are available for further assistance.
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