Global String Inverter Market Size Study & Forecast, by Product (On-grid and Off-grid), by Phase (Single and Three), by Application (Residential, Commercial, Industrial, and Utilities), and Regional Forecasts 2025–2035

The Global String Inverter Market is valued at approximately USD 5.36 billion in 2024 and is poised to expand at a compound annual growth rate (CAGR) of over 7.28% during the forecast period 2025–2035. A string inverter, serving as the heart of any solar PV system, converts direct current (DC) produced by photovoltaic modules into usable alternating current (AC) electricity. What distinguishes string inverters is their affordability, ease of installation, and relatively low maintenance costs compared to microinverters or central inverters. With the growing urgency to reduce carbon emissions and achieve energy independence, governments and energy stakeholders are ramping up investments in solar energy projects—paving the way for accelerated deployment of string inverters across residential, commercial, and utility-scale segments.

Amid soaring energy demand and a global pivot toward sustainable power solutions, the rise of distributed energy systems has triggered a surge in demand for string inverters. Their ability to support decentralized installations—especially in rooftop solar and small-to-medium commercial projects—makes them an ideal choice for cost-conscious adopters. According to the International Energy Agency (IEA), solar photovoltaic (PV) installations are set to triple by 2030, largely driven by falling technology costs and favorable policy environments. Furthermore, innovations such as multi-MPPT (maximum power point tracking) capabilities and integrated monitoring are enabling next-gen string inverters to enhance efficiency, optimize power yield, and provide predictive maintenance, which in turn is stimulating market expansion.

From a regional standpoint, North America held a notable market share in 2024, thanks to the proliferation of residential solar installations, federal tax incentives like the Investment Tax Credit (ITC), and grid modernization initiatives. The United States, in particular, continues to drive domestic manufacturing and adoption of high-efficiency string inverters through policy-backed clean energy mandates. On the other side of the globe, the Asia-Pacific region is projected to grow at the fastest pace throughout the forecast timeline. Countries such as China and India are championing solar electrification through aggressive capacity additions, urban electrification programs, and technology collaborations. Meanwhile, Europe remains a critical contributor, owing to its progressive renewable targets, smart grid integration, and widespread adoption of net metering policies across Germany, Italy, and the Netherlands.

Major market player included in this report are:
• Huawei Technologies Co., Ltd.
• SMA Solar Technology AG
• ABB Ltd.
• Sungrow Power Supply Co., Ltd.
• Delta Electronics, Inc.
• Growatt New Energy Technology Co., Ltd.
• Fronius International GmbH
• SolarEdge Technologies Inc.
• Ginlong Technologies (Solis)
• Enphase Energy, Inc.
• Chint Power Systems Co., Ltd.
• Schneider Electric SE
• GoodWe Power Supply Technology Co., Ltd.
• TMEIC Corporation
• Eaton Corporation PLC

Global String Inverter Market Report Scope:
• Historical Data – 2023, 2024
• Base Year for Estimation – 2024
• Forecast Period – 2025–2035
• Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
• Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study. The report also provides detailed information about crucial aspects, such as driving factors and challenges, which will define the future growth of the market. Additionally, it incorporates potential opportunities in micro-markets for stakeholders to invest, along with a detailed analysis of the competitive landscape and product offerings of key players.

The detailed segments and sub-segments of the market are explained below:

By Product:
• On-grid
• Off-grid

By Phase:
• Single
• Three

By Application:
• Residential
• Commercial
• Industrial
• Utilities

By Region:

North America
• U.S.
• Canada

Europe
• UK
• Germany
• France
• Spain
• Italy
• Rest of Europe

Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Rest of Asia Pacific

Latin America
• Brazil
• Mexico

Middle East & Africa
• UAE
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa

Key Takeaways:
• Market Estimates & Forecast for 10 years from 2025 to 2035.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with country-level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.

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