Global Ground-Mounted Photovoltaic Inverter Market to Reach USD 1,059 Million by 2032, Exhibiting a CAGR of 6.8%
According to a new report from Intel Market Research, the global Ground-Mounted Photovoltaic Inverter market was valued at USD 663 million in 2024 and is projected to reach USD 1,059 million by 2032, growing at a robust CAGR of 6.8% during the forecast period (2025–2032). This growth is propelled by accelerating global investments in renewable energy infrastructure, technological advancements in solar power conversion, and supportive government policies worldwide.
What are Ground-Mounted Photovoltaic Inverters?
Ground-mounted photovoltaic inverters are critical power conversion devices designed specifically for utility-scale solar installations. These systems efficiently convert the direct current (DC) electricity generated by solar panels into grid-compatible alternating current (AC). The market primarily features three technology types: string inverters known for their modular design and fault tolerance, central inverters favored for large-scale projects due to their cost-effectiveness at high capacities, and microinverters which optimize performance at the panel level.
These inverters form the backbone of ground-mounted solar farms, which are increasingly preferred over rooftop installations for their superior scalability and efficiency in utility-scale applications. The technology has evolved significantly to incorporate advanced features like maximum power point tracking (MPPT), smart monitoring capabilities, and grid-support functionalities that ensure stable integration with existing power infrastructure.
📥 Download Sample Report: Ground-Mounted Photovoltaic Inverter Market - View in Detailed Research Report
Key Market Drivers
1. Global Renewable Energy Transition Accelerates Demand
The worldwide shift toward renewable energy sources continues to drive unprecedented demand for ground-mounted photovoltaic inverters. With solar power accounting for the largest share of renewable energy investments—exceeding $500 billion annually—utility-scale solar projects are expanding rapidly across all regions. Governments are implementing favorable policies including feed-in tariffs, tax credits, and renewable portfolio standards that encourage large-scale solar deployments. Inverter manufacturers are responding by developing higher-capacity models exceeding 3MW per unit to meet the requirements of these expanding solar farms.
2. Technological Advancements Enhance System Performance
Continuous innovation in inverter technology significantly contributes to market growth. Modern ground-mounted inverters now achieve conversion efficiencies regularly exceeding 99% in premium models, while recent advancements include advanced cooling systems that extend product lifespan and hybrid capabilities that integrate with energy storage solutions. The transition from central to string inverters in large installations is gaining momentum due to their superior shade tolerance and module-level monitoring features. Manufacturers are increasingly incorporating artificial intelligence for predictive maintenance and IoT connectivity for real-time performance optimization, making solar projects more attractive to investors and operators.
3. Declining Solar Energy Costs Boost Competitiveness
The levelized cost of electricity from utility-scale solar has decreased by more than 80% over the past decade, making ground-mounted systems increasingly competitive with conventional power sources. This cost reduction, combined with rising electricity prices in many regions, is driving accelerated deployment of ground-mounted solar arrays. Inverters represent one of the most significant cost components in these systems, and manufacturers are achieving economies of scale that allow them to offer more competitive pricing while maintaining quality. The growing adoption of bifacial solar modules, which require compatible inverter technology, is creating additional opportunities for market expansion.
Market Challenges
Supply chain disruptions: The global semiconductor shortage continues to affect inverter manufacturers, leading to extended lead times and component price increases for critical components like IGBTs and microcontrollers
Land availability constraints: Suitable land availability is becoming a significant constraint in many regions due to agricultural preservation policies, environmental concerns, and competing land uses
Grid integration complexities: Increasing solar penetration creates technical challenges for grid operators, particularly regarding voltage regulation and frequency control
Intense price competition: Market prices are declining by approximately 7-10% annually, squeezing manufacturer margins while maintaining quality standards
Opportunities Ahead
The global transition toward renewable energy presents substantial growth opportunities, particularly in emerging markets across Asia, Africa, and Latin America. These regions benefit from abundant solar resources and growing electricity demand, coupled with improving regulatory frameworks. Many governments are implementing competitive auction systems that have driven solar power prices below $0.02 per kWh in some cases.
The integration of energy storage with solar power plants is driving demand for inverters capable of managing both DC-coupled and AC-coupled storage configurations. These hybrid systems enable greater flexibility in power management and improve project economics through ancillary services revenue streams. Manufacturers are developing inverters with higher voltage ratings to reduce balance-of-system costs in storage applications.
Digitalization presents another significant opportunity, with manufacturers increasingly offering premium digital services that leverage data analytics and machine learning to optimize system performance. These value-added services allow inverter suppliers to differentiate their offerings and establish ongoing revenue streams beyond the initial hardware sale.
📥 Download Sample PDF: Ground-Mounted Photovoltaic Inverter Market - View in Detailed Research Report
Regional Market Insights
Asia-Pacific: Dominates the global market with China as the largest producer and consumer, supported by ambitious carbon neutrality goals and extensive investments in utility-scale solar farms
North America: Represents a mature market characterized by high regulatory standards and strong focus on reliability and grid compliance, driven by the Investment Tax Credit and state-level renewable mandates
Europe: Propelled by the European Union's stringent Green Deal objectives and strong push for energy independence, with well-established solar infrastructure in Germany, Spain, and the Netherlands
Latin America: Shows promising growth with Brazil and Chile leading through competitive energy auction mechanisms and abundant solar resources
Middle East & Africa: Presents immense potential fueled by ambitious national visions like Saudi Arabia's Vision 2030 and the UAE's Energy Strategy 2050
Market Segmentation
By Type
String Inverters
Central Inverters
Microinverters
By Application
Utility-Scale Solar Farms
Commercial & Industrial Projects
Public Infrastructure
Agricultural Applications
By Power Rating
Below 100 kW
100 kW - 1 MW
Above 1 MW
By Connectivity
On-Grid Systems
Off-Grid Systems
Hybrid Systems
By Region
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
📘 Get Full Report: Ground-Mounted Photovoltaic Inverter Market - View in Detailed Research Report
Competitive Landscape
The global ground-mounted photovoltaic inverter market features a moderately fragmented competitive landscape with several established players competing through technological advancements and geographic expansion. While Chinese manufacturers have gained significant market share through competitive pricing strategies, European and American companies maintain strong positions through technological leadership and brand reputation.
The report provides in-depth competitive profiling of key players, including:
SMA Solar Technology AG (Germany)
SolarEdge Technologies (Israel)
Sungrow Power Supply Co. (China)
Hoymiles (China)
Ginlong (Solis) Technologies (China)
Fimer Group (Italy)
Ingeteam Power Technology (Spain)
Siemens Energy (Germany)
Delta Energy Systems (Germany)
Growatt New Energy (China)
GoodWe Technologies (China)
Chint Power Systems (China)
Report Deliverables
Global and regional market forecasts from 2025 to 2032
Strategic insights into technological developments and innovation trends
Market share analysis and SWOT assessments of key players
Pricing trend analysis and cost structure breakdown
Comprehensive segmentation by type, application, power rating, and geography
📘 Get Full Report: Ground-Mounted Photovoltaic Inverter Market - View in Detailed Research Report
📥 Download Sample PDF: Ground-Mounted Photovoltaic Inverter Market - View in Detailed Research Report
About Intel Market Research
Intel Market Research is a leading provider of strategic intelligence, offering actionable insights in energy technology, renewable infrastructure, and industrial automation. Our research capabilities include:
Real-time competitive benchmarking
Global technology adoption monitoring
Country-specific regulatory and policy analysis
Over 500+ energy and technology reports annually
Trusted by Fortune 500 companies, our insights empower decision-makers to drive innovation with confidence.
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