Global Solar Inverter Market Status and Driers: Market Scale is $11.07 Billion in 2024

Global Solar Inverter Market Overview

According to Global Market Monitor, the global solar inverter market size will be $11.07 billion in 2024 with a CAGR of 3.57% from 2024 to 2029.

Solar inverters are an essential part of photovoltaic systems. The main function of the photovoltaic inverter is to convert the direct current generated by the solar panel into the alternating current used by home appliances. All the electricity generated by the solar panel must be processed by the inverter before it can be output. With the inverter, DC storage batteries can be used to provide AC power to electrical appliances.

Emerging Market

With the improvement of supporting policies and financing methods, emerging markets in India, South America, China, and other countries and regions will continue to be the driving force for market development and maintain a strong growth momentum. India is one of the most populous countries in the world, and its electricity consumption is second only to China and the United States. India has abundant sunlight resources and vast land. Photovoltaic power generation has become an important means to solve power problems. Since India's domestic photovoltaic manufacturing industry has not yet formed a complete industrial chain, the average cost of domestic module production is too high and market competitiveness is weak. Therefore, photovoltaic imports have become a solution to the power demand. The strong growth of emerging markets will become a market opportunity for solar inverters.

The rising prices of fossil fuels provide rich opportunities for the solar market. The cost of generating electricity from renewable energy sources has dropped sharply, and new demands can now be met. Solar photovoltaics have led to a significant reduction in the average cost of electricity (LCOE). A drop in the installation cost of solar modules, inverters, and related equipment accompanies the drop in the price of power generation. The drop in the cost of solar inverters may also promote market growth.

Diversified intelligent applications and expansion

With the continuous development of technology, the inverter, while assuming its function of converting direct current into alternating current, will also undertake the needs of more intelligent applications such as data collection and manual interaction. The photovoltaic inverter can detect, record and upload all various fault information about the grid and photovoltaic system, such as grid voltage is too high, grid voltage is too low, grid frequency is too high, grid frequency is too low, grid voltage imbalance, DC voltage Over high, photovoltaic grid-connected inverter overload, photovoltaic grid-connected inverter overheating, photovoltaic grid-connected inverter islanding, DSP failure, communication failure, insulation failure, leakage protection, DC arc protection, voltage distortion rate over-standard protection, etc. All can be recorded by the photovoltaic inverter and uploaded to the user's monitoring equipment.

Solar inverters require high installation costs and high operating and maintenance costs, which may hinder the growth of solar inverters in the market.

Drivers	As people become more aware of the importance of solar energy, the demand for solar inverters is increasing.
	Rising prices of alternative energy sources and falling costs of solar inverters will provide market opportunities.
	Demand for solar resources in the Asia-Pacific region is growing rapidly, and emerging markets are growing strongly.
	Diversified intelligent applications and expansion
Restraints	High maintenance, installation, and operating costs
	Reduction of government subsidies to industries

For more industry information, please refer to our latest released "2023 Global Solar Inverter Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".