On-Grid Solar Inverter Market was valued at USD 12.5 Billion in 2022 and is projected to reach USD 24.3 Billion by 2030, growing at a CAGR of 9.1% from 2024 to 2030.
The global on-grid solar inverter market has seen substantial growth from 2018 to 2022, driven by the increasing adoption of solar energy systems and government initiatives to promote renewable energy. The demand for these inverters surged due to their role in converting the DC power generated by solar panels into AC power used in homes and businesses. The market's expansion was also fueled by declining costs of solar installations and advancements in inverter technology, making solar power more affordable and accessible. In 2021 alone, the global on-grid solar inverter market was valued at approximately USD 7.4 billion, with expectations to grow further due to rising awareness about clean energy and energy independence.
As we look to the future, the on-grid solar inverter market outlook from 2023 to 2033 is poised for even more rapid growth. With solar power becoming a mainstream energy solution, the demand for on-grid solar inverters is projected to increase dramatically. Key factors such as government mandates for renewable energy adoption, global efforts to combat climate change, and rising electricity prices are anticipated to propel the demand for solar energy solutions, and by extension, on-grid solar inverters. The market could grow at a compound annual growth rate (CAGR) of 12-15% between 2023 and 2033, reaching a value of over USD 25 billion by 2033.
The shift from fossil fuels to cleaner energy sources is a primary driver of this demand. Solar power is viewed as a critical component of the energy transition, and on-grid solar inverters are essential for integrating solar generation into the electricity grid. Furthermore, technological advancements are expected to drive down costs, improve efficiency, and increase the scalability of on-grid solar inverter systems. These developments are expected to reduce the financial barriers for businesses and homeowners alike, further boosting market adoption.
The integration of energy storage systems with on-grid solar inverters is another key trend that will define the market from 2023 to 2033. By pairing inverters with battery storage solutions, solar power users can store excess energy generated during peak sunlight hours for later use, making the power grid more stable and efficient. This combination of solar generation and storage is becoming increasingly popular among commercial and industrial users, further driving the demand for advanced on-grid inverters.
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SMA Solar Technology
GoodWe
ABB
Delta
TMEIC
Sofar
Sungrow
Huawei
INVT
Danfoss
Morningstar
Luminous
Su-Kam
Sol-Ark
Ginlong
Sorotec
SAKO
Havells
Tanfon
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global On-Grid Solar Inverter Market
Residential
Commercial
Industrial
Utilities
Others
Based on Types the Market is categorized into Below types that held the largest On-Grid Solar Inverter market share In 2023.
Three-Phase On-Grid Solar Inverter
Single-Phase On-Grid Solar Inverter
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global On-Grid Solar Inverter Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global On-Grid Solar Inverter Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global On-Grid Solar Inverter Market, By Type
6. Global On-Grid Solar Inverter Market, By Application
7. Global On-Grid Solar Inverter Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global On-Grid Solar Inverter Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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