Market Overview

According to fortune business insights, the global solar inverter market size was valued at USD 21.30 billion in 2025. The market is projected to grow from USD 22.81 billion in 2026 to USD 39.54 billion by 2034, exhibiting a CAGR of 7.12% during the forecast period. Asia Pacific dominated the solar inverter market with a market share of 57.60% in 2025.

Major Players Profiled in the Market Report:

• Huawei Technologies Co., Ltd. (China)
• Sungrow Power Supply Co., Ltd. (China)
• SMA Solar Technology AG (Germany)
• SolarEdge Technologies Inc. (Israel)
• Enphase Energy Inc. (U.S.)
• FIMER S.p.A. (Italy)
• Delta Electronics, Inc. (Taiwan)
• Fronius International GmbH (Austria)
• Sineng Electric Co., Ltd. (China)
• Growatt New Energy Technology Co., Ltd. (China)

Segments

String Inverters Segment to Lead Due to Cost Efficiency

Based on inverter type, the market is segmented into central, string, and micro inverters. The string inverters segment holds the largest market share (49.20% in 2025) due to its balanced combination of cost efficiency, installation flexibility, and high reliability, making it suitable for a wide range of residential to utility-scale applications.

Grid-Connected Segment to Dominate Due to Utility-Scale Expansion

By system configuration, the market is categorized into grid-connected, standalone, and hybrid systems. The grid-connected segment leads with a 77.52% market share in 2025, driven by the rapid global expansion of utility-scale and distributed grid-tied solar projects.

Three-Phase Inverters to Dominate Due to Commercial and Utility Demand

Based on phase, the market is segmented into single and three-phase systems. The three-phase segment dominates with a 79.87% share in 2025, owing to its extensive use in commercial, industrial, and utility-scale solar installations that require higher power capacity and grid stability.