In 2024, over 1,300 GW of solar PV capacity was installed worldwide, with inverters contributing to nearly 20% of the total system cost. Solar PV inverters are crucial components in solar energy systems, converting direct current (DC) into alternating current (AC). 3. The top five vendors – Huawei, Sungrow, Ginlong Solis, Growatt, and GoodWe – shipped more than 200 GWac and accounted for 71% of total global PV inverter shipments in 2022, growing 8% from 2021. 96 billion in 2025 and is projected to grow from USD 19. 2% during the forecast period 2026-2034. Market revenue growth is driven by factors such as accelerating solar energy deployment, declining photovoltaic system costs, and supportive government. The PV inverter optimizes the performance of solar power systems, ensuring that maximum electricity is generated from sunlight.
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