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

The Global String Inverter Market, valued at USD 5.42 billion in 2024, is projected to expand at a CAGR of 7.28% during the forecast period of 2025-2035. Functioning as a critical balance-of-system component, a string inverter converts direct current (DC) generated by solar photovoltaic panels into usable alternating current (AC), enabling smooth integration with residential, commercial, and utility-scale power infrastructures. As solar penetration widens and grid modernization accelerates, string inverters have emerged as indispensable technologies that uplift energy efficiency, streamline power management, and support the transition toward decarbonized ecosystems. Market growth is being fueled by rapid solar installations worldwide, cost declines in PV components, and soaring investments in distributed energy resources. Furthermore, governmental clean-energy mandates and supportive policy frameworks continue to push the market toward long-term expansion.

Driven by an escalating global shift toward renewable power generation, demand for string inverters has accelerated dramatically. Their ability to enhance system reliability, optimize power conversion, and reduce operational downtime has turned them into a cornerstone of modern solar architectures. According to the International Energy Agency, global solar PV capacity additions are expected to reach unprecedented highs through 2035, with distributed PV systems accounting for an increasingly dominant share. As solar adoption spreads across emerging economies—coupled with aggressive sustainability targets and corporate net-zero commitments—string inverters are being deployed not only in small-scale rooftop projects but also in expansive commercial facilities and utility-grade installations. However, the rising adoption of microinverters and power optimizers could create a competitive challenge for conventional string inverter designs over the forecast period.

The detailed segments and sub-segments included in the report are:

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

Single-phase string inverters are expected to dominate the market ecosystem, largely driven by their extensive use across residential installations. With homeowners increasingly transitioning toward solar-powered systems—motivated by incentives, declining equipment prices, and heightened environmental consciousness—single-phase inverters continue to command a substantial share. Their user-friendly configuration, lower installation complexity, and compatibility with small-scale PV setups reinforce their market leadership. Nonetheless, three-phase inverters are rapidly gaining momentum. As industrial and large commercial facilities ramp up their solar footprint, three-phase units are projected to become the fastest-growing segment due to their ability to handle high-voltage loads and deliver superior efficiency across expansive installations.

From a revenue standpoint, on-grid string inverters currently generate the largest share of market income, owing to their dominance in grid-connected solar projects across both mature and emerging regions. Advancements in smart-grid technologies, grid-tied energy storage solutions, and advanced MPPT (Maximum Power Point Tracking) functionalities have further strengthened the adoption of on-grid systems. Meanwhile, off-grid inverters are gradually emerging as a high-growth opportunity, propelled by rural electrification initiatives, rising energy independence goals, and the heightened need for remote, standalone solar systems capable of powering essential infrastructure in off-grid communities. This dual growth underscores a dynamic landscape: on-grid remains the revenue leader, while off-grid accelerates as a pivotal enabler of decentralized power networks.

The regional landscape of the Global String Inverter Market reveals a diverse growth trajectory. North America dominated the market in 2025, buoyed by robust solar deployment across the United States, mature technological capabilities, progressive utility-scale solar projects, and large-scale investments in renewable grid infrastructure. Europe follows closely, supported by its stringent clean-energy directives and rapid solar photovoltaic expansion across Germany, Spain, and Italy. Asia Pacific, however, is poised to be the fastest-growing region during 2025-2035. Rapid industrialization, escalating energy demand, government-backed solar capacity expansion in China and India, and accelerating urban development continue to propel regional growth. Meanwhile, Latin America and the Middle East & Africa are emerging as high-potential territories due to rising energy diversification initiatives and increased foreign investments in regional solar infrastructure.

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

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 and countries in recent years and to forecast values for the coming decade. Designed to incorporate both qualitative and quantitative dimensions, the report evaluates the underlying factors that will shape market growth, including drivers, constraints, and emerging opportunities in micro-markets for stakeholders. In addition, the study offers a detailed competitive landscape, showcasing product portfolios, strategic initiatives, and innovation roadmaps of prominent players. The detailed segments and sub-segments of the market are explained above.

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 the geographical landscape with country-level insights across key regions.
• Competitive landscape profiling major industry participants.
• Evaluation of strategic business decisions and future market pathways.
• Comprehensive understanding of market structure dynamics.
• In-depth demand-side and supply-side market assessment.

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