Solar PV Modules and Inverters Market Size, Share By Product Type (String, Micro, Central), By Phase (Single Phase, Three Phase), By Connectivity (Standalone, On-grid), By Application (Residential, Community, Commercial and Industrial, Utility), Region - Trends, Analysis and Forecast till 2034

Solar PV Modules and Inverters Market Size was valued at US$ 12.84 Billion in 2024 and is expected to grow at a CAGR of 4.9% to reach US$ 19.90 Billion by 2034

The marketplace for solar PV modules and inverters is a fast-growing business area driven by ever-increasing demand for renewably generated energy. Solar PV modules—otherwise called solar panels—are made to convert sunlight into DC electricity. Solar inverters thereafter convert the DC electricity that was recovered from the solar panels into AC electricity that could be fed and used directly by homes and businesses. Indeed, most governments across the world offer subsidies for the adoption of solar energy and exempt it from many taxes. Of course, these incentives have made solar power more economical for many homes and businesses, consequently growing demand for solar PV modules and inverters. Over the past few years, the price of solar PV modules and inverters has decreased drastically.

 This becomes possible due to a couple of factors: improvements in manufacturing technologies and achieving economies of scale. With the continuous reduction in the price of solar energy, it’s becoming more and more competitive on price compared to conventional sources of energy such as coal and natural gas. Solar energy is a renewable, clean, and non-emitting energy as it relates to greenhouse gases. As the effects of climate change become more and more well known by the world's population, solar energy is being highly considered as one of the means of reducing carbon emission into the atmosphere. The solar PV modules and inverters market will continue to be boosted. Other growth drivers apart from the above-mentioned are an increasing availability of grid-connected solar power systems. GRID-connected solar power systems allow homes and small business enterprises to sell their surplus solar energy back to the grid, thus reducing electricity costs.

Solar PV module manufacturers are relentlessly improving their products to increase efficiency. This simply means that the amount of sunlight solar panels can transform into electricity is getting more thus making them cheaper. Increasing demand for micro-inverters and string inverters: Microinverters and string inverters are two kinds of solar inverters. While the microinverters are connected to each solar panel, the string inverters are attached to multiple solar panels. The microinverters, on the other hand, have the advantage that they are more efficient and reliable. On the negative side, they cost more than the string inverters. String inverters are the most used and typical form of solar inverter in use today. Development of new inverter technologies in areas like battery storage inverters: battery storage inverters are devices that allow houses and business entities to store solar energy for later use. This can become very critical to people who need to have the assurance of being able to use solar energy even when the sun is not shining.The market for solar PV modules and inverters is complex and dynamic. However, with solar energy becoming one of the important elements in global energy mix, times ahead are good for the market.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Key Drivers of Target Market:

Environmental Concerns

•  With the increasing awareness about global warming and the related advantages of new energy, interest in solar power is getting channeled at a rapid speed. Solar PV modules and inverters contribute through their clean and sustainable solution towards low-emission environmental care.

Increased demand for energy

• Growing energy demands of the world necessitate diversified and reliable sources of energy. Solar PV is a clean, almost inexhaustible source of power and thus feeds demand for modules and inverters in the marketplace.

Technological improvements

• Continued improvements to solar cell efficiency, inverter functionality—including remote monitoring or energy storage integration—and system performance enhance the appeal and efficiency of Solar PV systems.

Restrains:

High upfront costs

• While the cost is falling, setting up a Solar PV system remains a high upfront investment, especially for residential customers. This creates difficulties of participation for customers with limited budgets.

Dependence on sunlight

• Solar energy generation depends on sunshine hours. The intermittency will, therefore, be both a challenge to areas with limited sunlight and fans of constant power applications.

Opportunities:

• During the next years, governmental support for the renewable energy segment, the growing popularity of environmental sustainment issues, and technological advances that lowered the cost of solar power have been a few of the factors that could make PV modules and inverter markets increase considerably.
• Keeping pace with these trends In India, government has set very ambitious targets for deploying solar energy, thereby creating a very strong demand for solar PV modules and inverters. At the same time, declining prices for solar panels and inverters further encourage applications of solar power among industrial and residential consumers.

The market is segmented based on Product Type, Phase, Connectivity, Application and Region.

Product Type:

• String Inverters: Remain the most common—affordable and easy to install. They remain a great solution for residential and small commercial applications where there is minimal or no shading or mismatch between solar panels. With new technology likely to further improve at lower prices, string inverters might be pressed hard by microinverters, especially in new installations.
• Microinverters: Favored for residential applications by several advantages. With microinverters, each of the photovoltaic cells obtains the maximum power from every single panel, regardless of other panels that are on the same string and may be shaded or efficiently malfunctioning. In this regard, it can have increased overall energy production from the solar system. Another primary advantage that microinverters have over traditional centralized inverters is enhanced monitoring at the individual panel level, which makes problem identification and solution easier within a short period of time. While upfront costs may be a little more than string inverters, enhanced performance and monitoring features make microinverters quite an attractive option for many homeowners.
• Central Inverters: Probably going to remain in dominance in utility-scale solar farms because of their high efficiency in converting DC power into AC for large installations. The central inverters are usually large and powerful units housed at one particular point in a solar farm. They work well for large and contiguous solar panel arrays with hardly any shading issues. The problem with the centralized nature of a central inverter is that if it fails, so will the entire solar farm.: Remain the most common—affordable and easy to install. They remain a great solution for residential and small commercial applications where there is minimal or no shading or mismatch between solar panels. With new technology likely to further improve at lower prices, string inverters might be pressed hard by microinverters, especially in new installations.

Phase:

• Single Phase: Single-phase inverters are more cost-effective and relatively less complex to install compared to three-phase ones. Their concept sits well with the relatively simple electrical requirements of most homes.
• Three-Phase: The three-phase inverters are the muscle powering solar power in commercial and industrial applications. Most of these applications have existing a three-phase power grid connection. This three-phase grid uses three live wires, plus a neutral wire, through which much more power can flow.

Connectivity:

• Stand-alone: Also known as off-grid systems, stand-alone solar systems are installed in isolation and can be used to supply electricity where utility power is unavailable. They operate independently, with batteries charged by the excess solar energy for later use in hours of darkness.
• On Grid: Lots of spots have net metering programs where you get credits for the excess electricity your solar system generates into the grid. Again, these would be used to offset their expenses for the electricity bought from the utility company required when generation from the sun is not enough.

Application:

• Residential: The reigning champion, the residential marketplace is experiencing incredible growth regarding rooftop solar installations. The owners are increasingly being attracted by the possibility of solar knowledge to bring down electricity bills, have energy independence, and see a sustainable future. Government incentives, coupled with plummeting equipment costs, are fueling this trend further.
• Community Solar: This budding model makes solar available for those without rooftops—renters, multi-unit building residents—who continue to watch from the sidelines as solar soars in popularity. Subscribers who pool energy from a single, placed solar array will begin opening up access to clean energy. The community solar market is prepared for extremely fast growth in the next years.
• Commercial & Industrial: Businesses are recognizing the power of solar in reducing energy expenditure, improving brand image, and reaching sustainability goals. This segment of the market—for commercial and industrial buildings—holds huge potential for large installations, especially across wide rooftop spaces, to create considerable volumes of clean energy, hence providing impetus to the growth of the solar PV market.
• Utility-Scale: These very large installations of solar farms generate electricity at utility scale. These giants hence play a very important role in scaling up renewable energies production to diversify the energy mix. As countries strive to meet ambitious targets for renewable energy, the utility-scale segment is hence expected to continue reaping significant growth.

Regional Insights

• North America, and especially the United States, has a very promising market with enormous growth potential. Such factors as government incentives, decreased costs of solar equipment, and the increase of awareness toward environmental concerns are among the driving factors for solar uptake in the residential, commercial, and utility-scale segments.
• Asia Pacific is a market leader in the solar PV sector. This growth is attributed to most of the drivers, such as government initiatives emphasizing clean energy, vast populations in the region, mainly in China and India, and a substantial manufacturing base. As a matter of fact, China itself is a huge manufacturer of solar panels and inverters, giving further impetus to its growth within the region.
• Europe hosts an already established solar PV market with a strong attention to technology solutions and grid integration improvements. While growth may not be as explosive as some maturing markets, Europe continues to be a significant player—a powerhouse focusing on efficiency and spurring new innovative solutions.
• Latin American market is being spearheaded by countries like Brazil. Growth in government support for renewable energy with availability of high sunshine hours trends in Latin America makes conditions opportune for the development of solar PV in the region.
• Middle East and most of Africa are endowed with direct sunshine throughout the year, thus making it suitable for the generation of solar power. This growth is, however, currently hampered by poor infrastructure and grid instability in those regions. As those problems are addressed, the region is bound to witness significant growth in the near future.

Solar PV Modules and Inverters Market Report Scope:

Attribute	Details
Market Size 2024	US$ 12.84 Billion
Projected Market Size 2034	US$ 19.90 Billion
CAGR Growth Rate	4.9%
Base year for estimation	2023
Forecast period	2024 – 2034
Market representation	Revenue in USD Billion & CAGR from 2024 to 2034
Market Segmentation	By Product Type - String, Micro, Central. By Phase - Single Phase, Three Phase By Connectivity - Standalone, On-grid By Application - Residential, Community, Commercial and Industrial, Utility
Regional scope	North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study segmented the target market report based on By Product Type, Phase, Connectivity, Application and Region.

By Product Type:

• String
•  Micro
•  Central

By Phase:

• Single Phase
• Three Phase

By Connectivity:

• Standalone
•  On-grid

By Application:

• Residential

•  Community
•  Commercial and Industrial
•  Utility

By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating the Solar PV Modules and Inverters Market include LONGi Green, Energy Technology Co., Ltd., Trina Solar Co., Ltd., JinkoSolar Holding Co., Ltd., JA Solar Holdings Co., Ltd., Canadian Solar Inc., SMA Solar Technology AG , Schneider Electric SE , Sungrow Power, Supply Co., Ltd. , Huawei Technologies Co., Ltd., ABB Ltd  , Fronius International GmbH , Enphase, Energy, Inc., SolarEdge Technologies, Inc.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

• In July 2024, Yotta Energy released module-level storage solution for C&I solar according to the US storage and inverter specialist, Yotta Energy, the new package offers several advantages compared to conventional C&I solar storage solutions. For instance, it eliminates the need for a dedicated room or separate space for the battery racks. It reportedly keeps the batteries cool and passively maintains the ideal working temperature range between 21°C and 38°C.
• In November 2023, Enphase released commercial scale microinverter Enphase Energy Inc, a leader in solar microinverters has announced its foray into the commercial scale segment through its new IQ8 Commercial Microinverters. Known as the IQ8P-3P, these inverters will target small commercial-scale installations.

• LONGi Green

• Company Overview
• Product Portfolio
• Key Highlights
• Financial Performance
• Business Strategies

• Energy Technology Co. Ltd.
•  Trina Solar Co. Ltd.
•  JinkoSolar Holding Co. Ltd.
•  JA Solar Holdings Co. Ltd.
•  Canadian Solar Inc.
•  SMA Solar Technology AG
•  Schneider Electric SE
•  Sungrow Power
• Supply Co., Ltd.
•  Huawei Technologies Co., Ltd.
•  ABB Ltd 
•  Fronius International GmbH 
• Enphase
•  Energy, Inc.
•  SolarEdge Technologies, Inc.

“*” marked represents similar segmentation in other categories in the respective section.

Research Objective and Assumption

• Research Objectives
• Assumptions
• Abbreviations

Market Preview

• Report Description
  • Market Definition and Scope
• Executive Summary
  • Market Snippet, By Product Type
  • Market Snippet, By Phase
  • Market Snippet, By Connectivity
  • Market Snippet, By Application
  • Market Snippet, By Region
• Opportunity Map Analysis

Market Dynamics, Regulations, and Trends Analysis

• Market Dynamics
  • Drivers
  • Restraints
  • Market Opportunities
• Market Trends
• Product Launch
• Merger and Acquisitions
• Impact Analysis
• PEST Analysis
• Porter’s Analysis

Market Segmentation, By Product Type, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• String
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Micro
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Segment Trends
• Central
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Segment Trends

Market Segmentation, By Phase, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Single Phase
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Three Phase
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Connectivity, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Standalone
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• On-grid
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Application, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Residential
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Community
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Commercial and Industrial
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Utility
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Region, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Regional Trends
• North America
  • Market Size and Forecast (US$ Bn), By Product Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Phase, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Connectivity, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • U.S
    • Canada
• Asia Pacific
  • Market Size and Forecast (US$ Bn), By Product Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Phase, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Connectivity, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • India
    • Japan
    • South Korea
    • China
    • Rest of Asia Pacific
• Europe
  • Market Size and Forecast (US$ Bn), By Product Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Phase, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Connectivity, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • UK
    • Germany
    • France
    • Russia
    • Italy
    • Rest of Europe
• Latin America
  • Market Size and Forecast (US$ Bn), By Product Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Phase, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Connectivity, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • Brazil
    • Mexico
    • Rest of Latin America
• Middle East and Africa
  • Market Size and Forecast (US$ Bn), By Product Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Phase, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Connectivity, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East and Africa

Competitive Landscape

• Heat Map Analysis
• Company Profiles

• LONGi Green
• Energy Technology Co. Ltd.
•  Trina Solar Co. Ltd.
•  JinkoSolar Holding Co. Ltd.
•  JA Solar Holdings Co. Ltd.
•  Canadian Solar Inc.
•  SMA Solar Technology AG
•  Schneider Electric SE
•  Sungrow Power
• Supply Co., Ltd.
•  Huawei Technologies Co., Ltd.
•  ABB Ltd 
•  Fronius International GmbH 
• Enphase
•  Energy, Inc.
•  SolarEdge Technologies, Inc.

The Last Word

• Future Impact
• About Us
• Contact