PV inverters market to reach $49.0b by 2035

The expansion is being fuelled by the push for decarbonisation and RE integration.

The global market for photovoltaic inverters is projected to reach $49.0b by 2035, jumping from $18.6b in 2024.

According to a new analysis by Transparency Market Research Inc., this growth reflects a compound annual growth rate of 9.2% from 2025 to 2035.

“The PV inverters market is being shaped by a strong global push for decarbonisation and renewable energy integration into national grids. Solar installations are growing at record pace, spanning residential rooftop systems, commercial buildings, and utility-scale solar farms,” the company said.

Asia-Pacific accounted for 53.6% of the market share in 2024. It is the largest and fastest-growing market, led by China, India, and Southeast Asia, thanks to favourable policies, feed-in tariffs, and renewable targets.

Some of the opportunities in the market are the increasing adoption of solar-plus-storage solutions, smart grid and EV integration, and digitalisation.

Meanwhile, market players should address price pressures, grid integration complexities, and regulatory compliance to fuel growth.

“As the world shifts toward distributed, flexible, and intelligent energy networks, inverters will serve as the critical link connecting solar panels, batteries, EV chargers, and smart grids,” the report said.