Global String Inverter Market Size Study & Forecast, by Product (On-grid and Off-grid), Phase (Single and Three), Application (Residential, Commercial, Industrial, Utilities) and Regional Forecasts 2025-2035

Description

The Global String Inverter Market, valued at USD 5.42 billion in 2024, is projected to expand at a CAGR of 7.28% during the forecast period of 2025-2035. Functioning as a critical balance-of-system component, a string inverter converts direct current (DC) generated by solar photovoltaic panels into usable alternating current (AC), enabling smooth integration with residential, commercial, and utility-scale power infrastructures. As solar penetration widens and grid modernization accelerates, string inverters have emerged as indispensable technologies that uplift energy efficiency, streamline power management, and support the transition toward decarbonized ecosystems. Market growth is being fueled by rapid solar installations worldwide, cost declines in PV components, and soaring investments in distributed energy resources. Furthermore, governmental clean-energy mandates and supportive policy frameworks continue to push the market toward long-term expansion.

Driven by an escalating global shift toward renewable power generation, demand for string inverters has accelerated dramatically. Their ability to enhance system reliability, optimize power conversion, and reduce operational downtime has turned them into a cornerstone of modern solar architectures. According to the International Energy Agency, global solar PV capacity additions are expected to reach unprecedented highs through 2035, with distributed PV systems accounting for an increasingly dominant share. As solar adoption spreads across emerging economies-coupled with aggressive sustainability targets and corporate net-zero commitments-string inverters are being deployed not only in small-scale rooftop projects but also in expansive commercial facilities and utility-grade installations. However, the rising adoption of microinverters and power optimizers could create a competitive challenge for conventional string inverter designs over the forecast period.

The detailed segments and sub-segments included in the report are:

By Product:

On-grid
Off-grid

By Phase:

Single
Three

By Application:

Residential
Commercial
Industrial
Utilities

By Region:

North America

U.S.
Canada

Europe

UK
Germany
France
Spain
Italy
Rest of Europe

Asia Pacific

China
India
Japan
Australia
South Korea
Rest of Asia Pacific

Latin America

Brazil
Mexico

Middle East & Africa

UAE
Saudi Arabia
South Africa
Rest of Middle East & Africa

Single-phase string inverters are expected to dominate the market ecosystem, largely driven by their extensive use across residential installations. With homeowners increasingly transitioning toward solar-powered systems-motivated by incentives, declining equipment prices, and heightened environmental consciousness-single-phase inverters continue to command a substantial share. Their user-friendly configuration, lower installation complexity, and compatibility with small-scale PV setups reinforce their market leadership. Nonetheless, three-phase inverters are rapidly gaining momentum. As industrial and large commercial facilities ramp up their solar footprint, three-phase units are projected to become the fastest-growing segment due to their ability to handle high-voltage loads and deliver superior efficiency across expansive installations.

From a revenue standpoint, on-grid string inverters currently generate the largest share of market income, owing to their dominance in grid-connected solar projects across both mature and emerging regions. Advancements in smart-grid technologies, grid-tied energy storage solutions, and advanced MPPT (Maximum Power Point Tracking) functionalities have further strengthened the adoption of on-grid systems. Meanwhile, off-grid inverters are gradually emerging as a high-growth opportunity, propelled by rural electrification initiatives, rising energy independence goals, and the heightened need for remote, standalone solar systems capable of powering essential infrastructure in off-grid communities. This dual growth underscores a dynamic landscape: on-grid remains the revenue leader, while off-grid accelerates as a pivotal enabler of decentralized power networks.

The regional landscape of the Global String Inverter Market reveals a diverse growth trajectory. North America dominated the market in 2025, buoyed by robust solar deployment across the United States, mature technological capabilities, progressive utility-scale solar projects, and large-scale investments in renewable grid infrastructure. Europe follows closely, supported by its stringent clean-energy directives and rapid solar photovoltaic expansion across Germany, Spain, and Italy. Asia Pacific, however, is poised to be the fastest-growing region during 2025-2035. Rapid industrialization, escalating energy demand, government-backed solar capacity expansion in China and India, and accelerating urban development continue to propel regional growth. Meanwhile, Latin America and the Middle East & Africa are emerging as high-potential territories due to rising energy diversification initiatives and increased foreign investments in regional solar infrastructure.

Major market players included in this report are:

SMA Solar Technology AG
ABB Ltd.
SolarEdge Technologies Inc.
Huawei Technologies Co., Ltd.
Sungrow Power Supply Co., Ltd.
Schneider Electric SE
Delta Electronics, Inc.
Fronius International GmbH
KACO New Energy GmbH
Enphase Energy, Inc.
GoodWe Technologies Co., Ltd.
Growatt New Energy
Ginlong Solis Technologies
Hitachi Energy
TMEIC Corporation

Global String Inverter Market Report Scope:

Historical Data - 2023, 2024
Base Year for Estimation - 2024
Forecast period - 2025-2035
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope - Free report customization (equivalent to up to 8 analysts' working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments and countries in recent years and to forecast values for the coming decade. Designed to incorporate both qualitative and quantitative dimensions, the report evaluates the underlying factors that will shape market growth, including drivers, constraints, and emerging opportunities in micro-markets for stakeholders. In addition, the study offers a detailed competitive landscape, showcasing product portfolios, strategic initiatives, and innovation roadmaps of prominent players. The detailed segments and sub-segments of the market are explained above.

Key Takeaways:

Market Estimates & Forecast for 10 years from 2025 to 2035.
Annualized revenues and regional-level analysis for each market segment.
Detailed analysis of the geographical landscape with country-level insights across key regions.
Competitive landscape profiling major industry participants.
Evaluation of strategic business decisions and future market pathways.
Comprehensive understanding of market structure dynamics.
In-depth demand-side and supply-side market assessment.

Chapter 1. Global String Inverter Market Report Scope & Methodology

1.1. Research Objective
1.2. Research Methodology
- 1.2.1. Forecast Model
- 1.2.2. Desk Research
- 1.2.3. Top Down and Bottom-Up Approach
1.3. Research Attributes
1.4. Scope of the Study
- 1.4.1. Market Definition
- 1.4.2. Market Segmentation
1.5. Research Assumption
- 1.5.1. Inclusion & Exclusion
- 1.5.2. Limitations
- 1.5.3. Years Considered for the Study

Chapter 2. Executive Summary

2.1. CEO/CXO Standpoint
2.2. Strategic Insights
2.3. ESG Analysis
2.4. key Findings

Chapter 3. Global String Inverter Market Forces Analysis

3.1. Market Forces Shaping The Global String Inverter Market (2024-2035)
3.2. Drivers
- 3.2.1. solar penetration widens and grid modernization accelerates
- 3.2.2. streamline power management
3.3. Restraints
- 3.3.1. the rising adoption of microinverters
3.4. Opportunities
- 3.4.1. shift toward renewable power generation

Chapter 4. Global String Inverter Industry Analysis

4.1. Porter's 5 Forces Model
- 4.1.1. Bargaining Power of Buyer
- 4.1.2. Bargaining Power of Supplier
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. Porter's 5 Force Forecast Model (2024-2035)
4.3. PESTEL Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
4.4. Top Investment Opportunities
4.5. Top Winning Strategies (2025)
4.6. Market Share Analysis (2024-2025)
4.7. Global Pricing Analysis And Trends 2025
4.8. Analyst Recommendation & Conclusion

Chapter 5. Global String Inverter Market Size & Forecasts by Product 2025-2035

5.1. Market Overview
5.2. Global String Inverter Market Performance - Potential Analysis (2025)
5.3. On-grid
- 5.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.3.2. Market size analysis, by region, 2025-2035
5.4. Off-grid
- 5.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.4.2. Market size analysis, by region, 2025-2035

Chapter 6. Global String Inverter Market Size & Forecasts by Phase 2025-2035

6.1. Market Overview
6.2. Global String Inverter Market Performance - Potential Analysis (2025)
6.3. Single
- 6.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.3.2. Market size analysis, by region, 2025-2035
6.4. Three
- 6.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.4.2. Market size analysis, by region, 2025-2035

Chapter 7. Global String Inverter Market Size & Forecasts by Application 2025-2035

7.1. Market Overview
7.2. Global String Inverter Market Performance - Potential Analysis (2025)
7.3. Residential
- 7.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.3.2. Market size analysis, by region, 2025-2035
7.4. Commercial
- 7.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.4.2. Market size analysis, by region, 2025-2035
7.5. Industrial
- 7.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.5.2. Market size analysis, by region, 2025-2035
7.6. Utilities
- 7.6.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.6.2. Market size analysis, by region, 2025-2035

Chapter 8. Global String Inverter Market Size & Forecasts by Region 2025-2035

8.1. Growth String Inverter Market, Regional Market Snapshot
8.2. Top Leading & Emerging Countries
8.3. North America String Inverter Market
- 8.3.1. U.S. String Inverter Market
  - 8.3.1.1. Product breakdown size & forecasts, 2025-2035
  - 8.3.1.2. Phase breakdown size & forecasts, 2025-2035
  - 8.3.1.3. Application breakdown size & forecasts, 2025-2035
- 8.3.2. Canada String Inverter Market
  - 8.3.2.1. Product breakdown size & forecasts, 2025-2035
  - 8.3.2.2. Phase breakdown size & forecasts, 2025-2035
  - 8.3.2.3. Application breakdown size & forecasts, 2025-2035
8.4. Europe String Inverter Market
- 8.4.1. UK String Inverter Market
  - 8.4.1.1. Product breakdown size & forecasts, 2025-2035
  - 8.4.1.2. Phase breakdown size & forecasts, 2025-2035
  - 8.4.1.3. Application breakdown size & forecasts, 2025-2035
- 8.4.2. Germany String Inverter Market
  - 8.4.2.1. Product breakdown size & forecasts, 2025-2035
  - 8.4.2.2. Phase breakdown size & forecasts, 2025-2035
  - 8.4.2.3. Application breakdown size & forecasts, 2025-2035
- 8.4.3. France String Inverter Market
  - 8.4.3.1. Product breakdown size & forecasts, 2025-2035
  - 8.4.3.2. Phase breakdown size & forecasts, 2025-2035
  - 8.4.3.3. Application breakdown size & forecasts, 2025-2035
- 8.4.4. Spain String Inverter Market
  - 8.4.4.1. Product breakdown size & forecasts, 2025-2035
  - 8.4.4.2. Phase breakdown size & forecasts, 2025-2035
  - 8.4.4.3. Application breakdown size & forecasts, 2025-2035
- 8.4.5. Italy String Inverter Market
  - 8.4.5.1. Product breakdown size & forecasts, 2025-2035
  - 8.4.5.2. Phase breakdown size & forecasts, 2025-2035
  - 8.4.5.3. Application breakdown size & forecasts, 2025-2035
- 8.4.6. Rest of Europe String Inverter Market
  - 8.4.6.1. Product breakdown size & forecasts, 2025-2035
  - 8.4.6.2. Phase breakdown size & forecasts, 2025-2035
  - 8.4.6.3. Application breakdown size & forecasts, 2025-2035
8.5. Asia Pacific String Inverter Market
- 8.5.1. China String Inverter Market
  - 8.5.1.1. Product breakdown size & forecasts, 2025-2035
  - 8.5.1.2. Phase breakdown size & forecasts, 2025-2035
  - 8.5.1.3. Application breakdown size & forecasts, 2025-2035
- 8.5.2. India String Inverter Market
  - 8.5.2.1. Type breakdown size & forecasts, 2025-2035
  - 8.5.2.2. Application breakdown size & forecasts, 2025-2035
- 8.5.3. Japan String Inverter Market
  - 8.5.3.1. Product breakdown size & forecasts, 2025-2035
  - 8.5.3.2. Phase breakdown size & forecasts, 2025-2035
  - 8.5.3.3. Application breakdown size & forecasts, 2025-2035
- 8.5.4. Australia String Inverter Market
  - 8.5.4.1. Product breakdown size & forecasts, 2025-2035
  - 8.5.4.2. Phase breakdown size & forecasts, 2025-2035
  - 8.5.4.3. Application breakdown size & forecasts, 2025-2035
- 8.5.5. South Korea String Inverter Market
  - 8.5.5.1. Product breakdown size & forecasts, 2025-2035
  - 8.5.5.2. Phase breakdown size & forecasts, 2025-2035
  - 8.5.5.3. Application breakdown size & forecasts, 2025-2035
- 8.5.6. Rest of APAC String Inverter Market
  - 8.5.6.1. Product breakdown size & forecasts, 2025-2035
  - 8.5.6.2. Phase breakdown size & forecasts, 2025-2035
  - 8.5.6.3. Application breakdown size & forecasts, 2025-2035
8.6. Latin America String Inverter Market
- 8.6.1. Brazil String Inverter Market
  - 8.6.1.1. Product breakdown size & forecasts, 2025-2035
  - 8.6.1.2. Phase breakdown size & forecasts, 2025-2035
  - 8.6.1.3. Application breakdown size & forecasts, 2025-2035
- 8.6.2. Mexico String Inverter Market
  - 8.6.2.1. Product breakdown size & forecasts, 2025-2035
  - 8.6.2.2. Phase breakdown size & forecasts, 2025-2035
  - 8.6.2.3. Application breakdown size & forecasts, 2025-2035
8.7. Middle East and Africa String Inverter Market
- 8.7.1. UAE String Inverter Market
  - 8.7.1.1. Product breakdown size & forecasts, 2025-2035
  - 8.7.1.2. Phase breakdown size & forecasts, 2025-2035
  - 8.7.1.3. Application breakdown size & forecasts, 2025-2035
- 8.7.2. Saudi Arabia (KSA) String Inverter Market
  - 8.7.2.1. Product breakdown size & forecasts, 2025-2035
  - 8.7.2.2. Phase breakdown size & forecasts, 2025-2035
  - 8.7.2.3. Application breakdown size & forecasts, 2025-2035
- 8.7.3. South Africa String Inverter Market
  - 8.7.3.1. Product breakdown size & forecasts, 2025-2035
  - 8.7.3.2. Phase breakdown size & forecasts, 2025-2035
  - 8.7.3.3. Application breakdown size & forecasts, 2025-2035

Chapter 9. Competitive Intelligence

9.1. Top Market Strategies
9.2. SMA Solar Technology AG
- 9.2.1. Company Overview
- 9.2.2. Key Executives
- 9.2.3. Company Snapshot
- 9.2.4. Financial Performance (Subject to Data Availability)
- 9.2.5. Product/Services Port
- 9.2.6. Recent Development
- 9.2.7. Market Strategies
- 9.2.8. SWOT Analysis
9.3. ABB Ltd.
9.4. SolarEdge Technologies Inc.
9.5. Huawei Technologies Co., Ltd.
9.6. Sungrow Power Supply Co., Ltd.
9.7. Schneider Electric SE
9.8. Delta Electronics, Inc.
9.9. Fronius International GmbH
9.10. KACO New Energy GmbH
9.11. Enphase Energy, Inc.
9.12. GoodWe Technologies Co., Ltd.
9.13. Growatt New Energy
9.14. Ginlong Solis Technologies
9.15. Hitachi Energy
9.16. TMEIC Corporation