Utility Scale PV Inverter Market - Databook 2025 to 2034

The global utility scale PV inverter market size surpassed USD 13,420 million in 2024 and is predicted to reach around USD 25,670 million by 2034, registering a CAGR of 6.7% from 2025 to 2034.

Highlights of the Utility Scale PV Inverter Market

• By product, the string segment held a dominant presence in the market in 2024.
• By product, the central segment is expected to grow at the fastest rate during the forecast period.
• By voltage, the 1500 V segment accounted for the largest market share of 57% in 2024.
• By voltage, the central segment is anticipated to grow with the highest CAGR during the studied years.
• Asia Pacific dominated the global utility scale PV inverter market in 2024.
• North America is expected to show the fastest growth in the market in the projected years.

Industry Valuation and Growth Rate Projection

A utility scale PV inverter is a specialized device that is designed for maximum power conversion from Direct Current (DC) to alternating current (AC) for a large-scale solar photovoltaic (PV) system. It includes features for remote monitoring, commissioning, and maintenance. There are two types of inverters: string (utility scale projects) and central (large-scale plants).

The increase in demand for renewable energy is contributing to the growth of the utility scale PV inverter market. The new capacity of PV systems installed in the world, according to IRENA, in 2023 exceeds 1000 GW, the growth of which is mainly due to the expansion of utility scale power stations. Government initiatives and incentives for large scale solar projects are also contributing to the growth of the market.

   Utility Scale PV Inverter Market: Stats and Figures

• The IEA's 2023 report highlights a remarkable surge in global annual renewable capacity additions, which soared by nearly 50% to approximately 510 gigawatts (GW) in 2023.
• Renewable energy consumption in the power, heat, and transport sectors increases nearly 60% over 2024-2030.
• The increase in renewable energy consumption boosts the share of renewables in final energy consumption to nearly 20% by 2030, up from 13% in 2023.
• The global PV cumulative capacity grew to 1.6 TW in 2023, up from 1.2 TW in 2022, with 407.3 GW to 446 GW of new PV systems commissioned – and in the order of an estimated 150 GW of modules in inventories across the world

How AI Has Benefitted the Utility Scale PV Inverter Market 

Artificial Intelligence is important in utility-scale PV inverter technology in the sense that it improves energy conversion and optimizes the system.

• Through machine learning, inverters are able to use real-time weather data to analyze weather conditions, maximize energy harvesting, and reduce energy loss.
• AI enhances efficiency through the optimization of voltage and frequency control in inverters, which is critical as the incorporation of renewable energy into the grid continues to grow.
• AI is taking a strategic position in enhancing energy production prediction and the sustainability of renewable energy, thus cutting the downtime by 70%.
• AI is predicted to drive the growth of the renewable energy sector, thus giving a boost to the utility scale PV inverter market as well.

Industry Leader Announcements

• Ed Torres, Business Leader, GE Vernova Solar & Storage Solutions business said

“Inverters are critical to increasing solar capacity and ensuring efficient energy conversion. Our latest innovations will help solar farms maximize output and reliability, playing a key role in meeting growing energy demands and advancing renewable energy adoption.”

• Thompson Meng, Vice President of Sungrow PV & ESS BG, remarked,

“WFES 2025 underscores the pivotal role renewable energy plays in building a sustainable future, particularly in the Middle East. We look forward to sharing valuable insights, forging strategic partnerships, and demonstrating how Sungrow’s cutting-edge solutions are empowering businesses and communities globally.” 

 Geographical Insights

APAC

Asia-Pacific dominated the utility scale PV inverter market in the world in the year 2024. The rapidly expanding solar power capacity and supportive policies for solar technology drive the market of utility scale PV inverters. APAC region is anticipated to have the highest number of solar installations by the end of the year, fueled by large scale IP projects in China and India.

• China remains at the forefront of the global market with more than an 80% share in the manufacturing stages of solar panels. China has invested over US$ 50 billion in new PV supply capacity and has contributed in creating more than 300000 jobs across the solar PV value chain.

North America

North America is anticipated to have the fastest growth in the projected period of 2025-2034 with its investments and initiatives by the government. The huge demand for green energy in North America drives the market for utility scale PV inverters. The government is expected to make a huge investment so as to increase the use of clean energy and move society towards renewable power to achieve climate targets.

Europe

The European solar inverter market showed notable growth and is expected to grow substantially in the coming years. The increasing demand for solar energy solutions, renewable energy targets, and investment by companies in new and innovative products drive the growth of the European market.

 Recent Developments

• In October 2024, Hopewind displayed its cutting-edge portfolio of high-performance string inverters at the Renewable Energy India Expo (REI 2024). The highlight of the event was Hopewind’s groundbreaking 385kW string inverter that offers the highest nominal power output for utility-scale PV solutions.
• In August 2023, Siemens established a new factory in the U.S. to manufacture 800 MW of utility scale string inverters annually, starting in 2024. Operated in partnership with Sanmina, the facility is producing Blueplanet string inverters, enhancing Siemens' capacity to meet the growing demand for utility scale solar solutions in the U.S.
• September 11, 2024 – GE Vernova Inc. today announced the launch of its new 6 MVA, 2000-volt direct current utility-scale inverter. It has a multi-megawatt pilot installation in North America, and the initiative is aimed at further reducing solar energy costs and accelerating the transition to renewable energy.

Competitive Landscape 

The utility scale PV inverter market is a highly competitive market where players like GE Vernova, Eaton, Huawei Technologies, Canadian Solar, and Fimer Group hold the major market share. The market also experiences new and emerging business players with innovative and distinct products and services to boost the use of renewable resources, fostering a dynamic and competitive environment.

The market is dominated by several companies, but the companies that are renowned for their contribution in the market are listed below:

• Company Name: GE Vernova 
• Year of Incorporation: 2008 
• Headquarters: Cambridge, Massachusetts, U.S. 

GE Vernova has accomplished a revenue of US$ 34,935 million in the year 22024 and is expected to grow at a rapid rate. It is one of the leading companies in market, with its major operations in North America and its fair competition worldwide.

• Company Name: Eaton 
• Year of Incorporation: 1911 
• Headquarters: Dublin, Ireland 

Eaton Corporation is an American Irish-domiciled multinational power management company that ascertained revenue of US$ 24,878 million in the year 2024 and is expected to grow rapidly in the forecasted period of 2025-2034. It is one of the leading companies to contribute to the market for utility scale PV inverter.

• Company Name: Huawei Technologies 
• Year of Incorporation: 1987 
• Headquarters: Shenzhen, Guangdong, China. 

Huawei Technologies is a global leader in ICT, infrastructure, and smart devices and offers smart PV and energy storage solutions for utility scale PV plants. Huawei Technologies recorded revenue of US$ 99,448 million in the year 2024.