CAGR 14% for hybrid inverters to 2032. Utility-scale to dominate 55% share by 2030. US inverter. IEA PVPS has released its latest Trends in Photovoltaic Applications 2025 report, revealing that the world's cumulative installed PV capacity surpassed 2 260 GW by the end of 2024, marking a 29% year-on-year increase. According to the report, 2024 was another record year for solar PV, with between. The inverter market is projected to reach USD 54. 33 billion in 2025, at a CAGR of 16. This is roughly the equivalent of adding China, the European Union and Japan's power generation capacity combined to the global energy mix.