Solar PV Inverter Industry, Global, 2024–2035

Solar PV accounted for 45% of all power generation investment in 2024, and it is forecast to maintain this throughout the next decade. Inverters are one of the key components within a PV system, accounting for anywhere from 5% to 15% of the total system value, depending on the end customer segment. This study assesses the global market potential and growth opportunities for solar PV inverters. It includes three broad categories of inverters - central inverters, used mostly in large-scale utility installations; string inverters, used in medium-sized installations, such as commercial and residential establishments, and increasingly utility projects; and micro inverters that are mostly used in residential setups with some installations in the commercial sector. The revenue forecast for inverters is aligned to the solar PV industry. Frost & Sullivan accounts for revenues in the year the system comes online and the same applies for PV inverters.