Top Players in the Solar PV Inverter Market

The global solar PV inverter market reached a value of US$ 8.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 12.3 Billion by 2032, exhibiting a CAGR of 4.4% during 2024-2032. As per the analysis by the IMARC Group, the solar PV inverter is undergoing several changes to revolutionize energy production, maximize revenue, decrease environmental impact, and improvise product reliability and efficiency. One such trend is the optimization of direct current/alternating current (DC/AC) through balance of system (BoS), which encompasses all components of a photovoltaic (PV), including wiring, switches, a mounting system, solar inverters, and a battery bank. This, in turn, has resulted in better thermal management, higher power ratings, improved maintenance aspects, and cost-effectiveness, which is optimum for residential, commercial, and small-utility plants. In confluence with this, key players are introducing smart inverters equipped with voltage and frequency sensors that function autonomously. This allows the system to have a two-way communication with utility control centers, which aids in maximizing energy yields even in challenging environments.

Additionally, recent improvements in semiconductor power devices, such as replacing silicon-based (Si-based) power switches with gallium nitride (GaN)-based switches, has made solar PV inverters more systematic and portable. This can be attributed to lower on-resistance conductance losses, lesser capacitance, and reduced energy loss during charge-discharge cycle achieved through such an advancement.

Moreover, manufacturers are launching multi-level topologies to incorporate several unique features of PV systems, such as intrinsic boost capabilities, isolation, good power decoupling, single storage solar power conversion, and dual grounding function. This is helping users in reducing switching losses, voltage stress on the insulated-gate bipolar transistors (IGBT), and magnetics requirement, thereby enhancing product efficiency. Apart from this, lowering costs of solar inverters, rising investments in renewable energy, growing need for rural electrification, and increasing government support are some other factors expanding the installation of solar PV inverters across the globe.

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List of Top Solar PV Inverter Manufacturers in the World:

Huawei Technologies Co. Ltd

Establishment: 1987
Headquarter: Shenzhen, China
Website: https://www.huawei.com

Huawei Technologies Co. Ltd is a privately-owned, multinational technology corporation that is engaged in the designing, development, and selling telecommunications equipment, smart devices, and consumer electronics. It primarily functions through the enterprise, carrier, and consumer devices segments. Huawei research and engineer’s transmission networks, servers, mobile and wireless communications, intelligent power supply, video conference, internet access, storage, security, and other networking products. In addition to this, the company offers business consulting, assurance, network integration, managed learning, global delivery, and other services. Huawei has its operations set up worldwide, including Argentina, Chile, Mexico, Colombia, Ecuador, Peru, and Brazil.

Sungrow Power Supply Co Ltd

Establishment: 1997
Headquarter: Hefei, China 
Website: https://en.sungrowpower.com

Sungrow Power Supply Co. Ltd. is a renewable energy company that manufactures power supply equipment for solar PV and wind power projects. It is one of the global leaders in the research and development (R&D) of solar inverters with a broad product portfolio offering energy storage systems and PV inverter solutions for utility-scale, commercial, and residential applications. The company also offers several other services, such as construction, development, micro grid storage solutions, operation management, and grid support and residential storage solutions. Sungrow is focusing on providing clean power to its consumers through the adoption of advanced technologies and sustainable production practices.

SMA Solar Technology AG

Establishment: 1981
Headquarter: Germany
Website: https://www.sma.de

SMA Solar Technology AG is a solar energy equipment supplier that is primarily involved in the production and manufacturing of solar inverters and altering current converters for photovoltaics systems with grid connections, off-grid power supply, and backup operations. Other products include intelligent energy management systems, battery-storage solutions, digital energy services, and maintenance services for PV diesel hybrid applications. It also develops technologically leading system solutions, such as intelligent optimization, grid integration of solar power, and the integration of batteries for more effective use of renewable energies. The company’s business model is driven by technological progress as it has setup flexible manufacturing plants for solar inverters in Germany and North America.

SolarEdge Technologies Inc

Establishment: 2006
Headquarter: Israel
Website:  https://www.solaredge.com

SolarEdge Technologies Inc is a provider of intelligent inverter solutions, such as solar power optimization, direct current (DC) optimized inverter systems, and PV monitoring solutions for solar PV installations worldwide. It offers inverters, optimizers, monitoring equipment, tools, communication devices, and smart energy management solutions to be utilizes in residential, commercial, power harvesting, automation machines, e-mobility, and small-utility scale solar installations. SolarEdge markets these products through distributors, electrical equipment wholesalers, and PV module manufacturers. Along with this, it provides pre-sales support, ongoing trainings, and technical support to its consumers with operations set up in the Middle East, North America, Europe, Israel, and Asia.

TBEA Xinjiang SunOasis Co., Ltd.

Establishment: 2000
Headquarter: China
Website: https://www.tbea.com

TBEX Xinjiang SunOasis Co., Ltd. is one of the leading global green and smart energy service provider. Some of its products include PV, wind power, energy internet, and power electronics. It also offers its clients with integrated solutions, such as clean energy project development, construction, investment and financing, design, and debugging. Apart from this, the company is devoted to contributing to sustainable development through its smart, efficient, and green energy products and solutions.

Delta Energy Systems Inc.

Establishment: 1996
Headquarter: New York, United States
Website: https://www.deltaenergysystems.com

Delta Energy Systems Inc. is a provider of power and thermal management solutions. It manufactures electronic coils and transformers through its power electronics, automation, and infrastructure business categories. Delta primarily serves the automotive, industrial, medical, electrical vehicle (EV), and service network providers worldwide. Other than this, the company’s mission is to provide innovative, clean, and energy-efficient solutions to decrease the overall carbon footprint.

Kstar New Energy Co. Ltd

Establishment: 1993
Headquarter: Bangkok, Thailand
Website: https://www.kstar.com

Kstar New Energy Co. Ltd., a subsidiary of Kstar, is engaged in the designing and manufacturing of renewable energy products, such as solar inverters and uninterrupted power supply systems (UPS). It also supplies off-grid and hybrid inverters, fuel cells, solar chargers, and wind inverters for large-scale utility, residential, and industrial new energy plants. The company markets these products worldwide, including Lebanon, Qatar, North Africa, and Cyprus through a well-established network of distributors.

Sineng Electric Co. Ltd

Establishment: 2012
Headquarter: China
Website: https://en.si-neng.com

Sineng Electric Co. Ltd. mainly specializes in the R&D, manufacturing, marketing, and service of solar energy equipment. It utilizes power electronic conversion technology to provide solutions for PV power generation and electrochemical energy storage access to power quality management and power grid installations. Some of the company’s main products include grid connected PV inverter, power conversion system (PCS), active power filter (APF), static bar generator (SVG), smart power quality correct device (SPC), and energy storage systems. In addition to this, Sineng distributes its products globally covering Southeast Asia, India, the Middle East, Africa, and South America.

Enphase Energy Inc.

Establishment: 2006
Headquarter: California, United States
Website: https://www4.enphase.com

Enphase Energy Inc. designs, develops, manufactures, and sells software-driven home energy solutions and web-based monitoring that helps manage energy generation, storage and control, and communications across the solar PV industry. The company offers semiconductor-based microinverter, which converts energy at a single solar module level and combines it with its networking and software technologies to provide advanced energy monitoring and control. Enphase also sells AC battery storage systems that is integrated with IQ platform and energy management offerings, which uses sole technology platform for managing the whole solution. The company sells its solutions to solar distributors, installers, original equipment manufacturers (OEM), strategic partners, and homeowners through its online stores and legacy product upgrade program.

ABB Ltd

Establishment: 1988
Headquarter:Switzerland
Website: https://global.abb

AAB ltd. provides power and automation technologies that enables utility and industry consumers to improve their performance, while lowering environmental impact. The Company's segments include Electrification Products, Robotics and Motion, Industrial Automation, Power Grids, and Corporate and Other. It mainly undertakes engineering and construction projects with the manufacturing of heavy industrial equipment, primarily catering to energy production, power transmission, transportation, process automation, and pollution control fields. Some of its products include low and medium-voltage switchgear, breakers, switches, generators, robots, power and automation products, and service and software solutions.

About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the solar PV inverter market, which has enabled clients to set up and expand their businesses successfully. Some of the company’s offerings include:

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