PV Inverter Market Forecast to Hit $49 Billion by 2035

The global photovoltaic (PV) inverter market is expected to expand significantly, climbing from $18.6 billion in 2024 to $49.0 billion by 2035, according to new research from Transparency Market Research Inc. This represents a compound annual growth rate (CAGR) of 9.2% between 2025 and 2035.

The report highlights that the market’s expansion is being driven by the worldwide momentum toward decarbonisation and the rapid integration of renewable energy into power grids. Demand is rising across residential rooftop systems, commercial buildings, and utility-scale solar farms, as solar installations set new records globally.

In 2024, the Asia-Pacific region captured 53.6% of total market share, making it both the largest and fastest-growing regional market. China, India, and Southeast Asia are leading the way, supported by favourable policies, renewable energy targets, and incentives such as feed-in tariffs.

Key opportunities for the sector include the growing uptake of solar-plus-storage systems, the integration of PV with smart grids and electric vehicles, and broader digitalisation trends. However, the industry must also contend with challenges such as downward price pressures, regulatory hurdles, and the complexities of grid integration.

“As energy systems evolve toward distributed, flexible, and intelligent networks, inverters will remain the essential bridge—linking solar panels, energy storage, EV charging, and smart grid technologies,” the report noted.