Solar PV and inverters market to reach $115.8b by 2030

APAC will lead this growth.

The global solar PV modules and inverters market is forecast to reach $115.8 billion by 2030, according to GlobalData.

In a new analysis, GlobalData said the global market for solar PV modules is projected to reach $80.7b, whilst the solar PV inverters market is anticipated to reach $35b by 2030.

This expansion will be led by the Asia Pacific, with its solar PV modules market estimated to reach $46.2b in 2030 from $38.8b in 2024.

Factors to support the growth in the region are strong policy initiatives, ambitious renewable energy targets, large-scale investments, rapid urbanisation, declining technology costs, and expanding solar manufacturing and innovation in major economies.

“Strong government incentives and technological innovations in high-efficiency modules and advanced inverter systems are fostering large-scale adoption across utility, commercial, and residential segments,” said Bhavana Sri Pullagura, senior power analyst at GlobalData.

Recent changes in trade policy, including US tariffs, are reshaping supply chains and accelerating localisation efforts across the APAC region.

“The global solar PV inverter market is rapidly evolving, fueled by increasing demand for utility-scale projects, hybrid solar-plus-storage systems, and stricter grid compliance and cybersecurity regulations, particularly in Europe and the US,” GlobalData said.

“The APAC region remains the primary production hub, whilst the Middle East and Africa are emerging as growth areas that require high-capacity and storage-ready inverters for large-scale projects and weak-grid integration,” it added.