Technology
Photovoltaic (PV) Inverter Market size is set to grow by USD 3.96 billion from 2024-2028, Rising demand for renewable energy boost the market, Technavio
Published
2 years agoon
By
NEW YORK, Aug. 7, 2024 /PRNewswire/ — The global photovoltaic (PV) inverter market size is estimated to grow by USD 3.96 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.78% during the forecast period. Rising demand for renewable energy is driving market growth, with a trend towards rapid growth of smart cities. However, high initial investment and maintenance costs for solar PV systems poses a challenge. Key market players include ABB Ltd., Canadian Solar Inc., Danfoss AS, DARFON ELECTRONICS CORP., Delta Electronics Inc., Eaton Corp. Plc, Enphase Energy Inc., Fronius International GmbH, General Electric Co., Huawei Technologies Co. Ltd., OMRON Corp., Powerone Micro Systems Pvt. Ltd., Schneider Electric SE, Siemens AG, Sineng Electric Co. Ltd., SMA Solar Technology AG, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd., SunPower Corp., and Yaskawa Solectria Solar.
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Photovoltaic (PV) Inverter Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 6.78%
Market growth 2024-2028
USD 3965.4 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
6.23
Regional analysis
APAC, Europe, North America, Middle East and Africa, and South America
Performing market contribution
APAC at 47%
Key countries
China, US, India, Japan, and Vietnam
Key companies profiled
ABB Ltd., Canadian Solar Inc., Danfoss AS, DARFON ELECTRONICS CORP., Delta Electronics Inc., Eaton Corp. Plc, Enphase Energy Inc., Fronius International GmbH, General Electric Co., Huawei Technologies Co. Ltd., OMRON Corp., Powerone Micro Systems Pvt. Ltd., Schneider Electric SE, Siemens AG, Sineng Electric Co. Ltd., SMA Solar Technology AG, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd., SunPower Corp., and Yaskawa Solectria Solar
Market Driver
The global photovoltaic (PV) inverter market is experiencing significant growth due to the increasing demand for smart cities. These cities prioritize sustainability, energy efficiency, and improved quality of life, leading to the integration of renewable energy sources, particularly solar energy. Photovoltaic inverters are essential for converting DC power generated by solar panels into AC power for powering buildings and infrastructure. Advanced energy management systems in smart cities utilize data and analytics to optimize energy use and reduce costs. Photovoltaic inverters contribute to these systems by enabling solar power integration into the grid and providing real-time data on energy generation and consumption. Additionally, smart cities require dependable and resilient power supplies, making photovoltaic inverters an attractive choice due to their high efficiency and reliability. They help reduce energy costs, provide backup power during emergencies, and support the integration of other renewable energy sources like wind and battery storage systems. The market for advanced and high-capacity PV inverters, designed for utility-scale applications, is particularly thriving due to the growing number of smart cities and urban areas adopting renewable energy sources like solar power. This trend is expected to continue, positively impacting the growth of the global PV inverter market during the forecast period.
The solar photovoltaic (PV) market, specifically the PV inverter segment, is experiencing significant growth due to increasing adoption of solar PV systems in homes and businesses. The Inflation Reduction Act in the US is boosting the solar industry, with companies like Silicon Ranch and First Solar leading the way. Central inverters from Sungrow dominate utility-scale solar power projects, while microgrids and local grids benefit from the flexibility and shading tolerance of solar inverters. Enhanced efficiency and cost-effective solutions are key trends, as the solar PV industry focuses on capturing more sunlight to produce usable electricity. Regulatory interventions and favorable customer preferences drive product adoption, with overall system performance and energy yields influencing solar PV deployments. The supply chain, including prices of components and raw materials, remains a critical factor in the industry’s healthy growth.
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Market Challenges
The photovoltaic (PV) inverter market faces challenges due to the high initial investment and maintenance costs associated with solar PV installations. Solar panels require a large area to generate significant electricity, leading to higher upfront costs. Intermittency issues necessitate installing more panels than necessary to meet energy needs, increasing both the initial investment and ongoing maintenance costs. Solar panels are primarily used for business purposes, and the owner is responsible for maintenance. Household inspections cost around USD0.023–USD0.03/Watt/year, posing a significant burden on residential users. This high cost may hinder the growth of the global PV inverter market during the forecast period.The Photovoltaic (PV) Inverter market is experiencing remarkable momentum due to the growing energy consumption and favorable solar conditions. Challenges such as energy management systems, higher power density, and improved efficiency require advanced technology solutions. Enphase Energy, a key player in the market, offers user-friendly and aesthetically pleasing Enphase IQ Microinverters with enhanced monitoring through mobile apps. Grid support features, reactive power control, and grid stabilization are essential for grid compatibility. Favorable incentive programs like net metering, FITs, and supportive governmental initiatives drive the growth of medium-scale solar installations in commercial and utility-scale sectors. Strict mandates and environmental regulations necessitate grid-supportive features, communication capabilities, and large-scale deployment. Inverter technologies like Enphase PVS-100 Inverters and Flex offer cost-efficient products and strategic local manufacturing for the microinverter industry. The clean energy transition continues with technological advancement and the integration of PV systems into smart homes.
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Segment Overview
This photovoltaic (pv) inverter market report extensively covers market segmentation by
Product 1.1 String1.2 Central1.3 MicroType 2.1 On-grid2.2 Off-gridGeography 3.1 APAC3.2 Europe3.3 North America3.4 Middle East and Africa3.5 South America
1.1 String- The Photovoltaic (PV) Inverter market is experiencing significant growth due to the increasing adoption of solar energy solutions. These inverters convert DC power from solar panels into AC power for use in homes and businesses. Key players in this market include SMA Solar Technology, Huawei Technologies, and Fronius International. They offer various product types such as string inverters, micro inverters, and power optimizers to cater to diverse customer needs. The market’s growth is driven by government incentives, falling solar panel prices, and technological advancements.
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Learn and explore more about Technavio’s in-depth research reports
The global Solar Photovoltaic Services market is witnessing robust growth, driven by increasing demand for renewable energy solutions. With advancements in technology and favorable policies, the market is expanding rapidly. Concurrently, the Solar PV Balance Of Systems (BOS) market is also thriving, as it includes essential components like inverters, mounting systems, and wiring that are crucial for solar installations. Together, these markets reflect a significant shift towards sustainable energy, with the Solar PV BOS market playing a pivotal role in optimizing system performance and efficiency.
Research Analysis
The Photovoltaic (PV) inverter market refers to the segment of the solar industry that produces and supplies inverters for solar photovoltaic (PV) systems. These inverters convert the direct current (DC) electricity generated by solar panels into alternating current (AC) power, which is compatible with the electrical systems used in homes and businesses. The market has seen significant growth due to the increasing adoption of solar energy systems worldwide. The Inflation Reduction Act in the US, for instance, provides incentives for renewable energy projects, including solar PV installations. Central inverters, manufactured by companies like Sungrow, are commonly used in large-scale solar power plants, while solar inverters are used for residential and commercial installations. First Solar, Solar Energy, and Silicon Ranch are among the leading solar energy companies that incorporate PV inverters in their projects. The utility frequency of AC power produced by these inverters must match the grid’s frequency for seamless integration.
Market Research Overview
The Photovoltaic (PV) inverter market is experiencing healthy growth as the adoption of solar PV systems continues to gain momentum in both industrialized economies and emerging countries. Solar PV inverters convert direct current (DC) electricity generated by solar panels into usable alternate current (AC) electricity for electrical systems in homes, businesses, and industries. The Inflation Reduction Act in the US, among other government programs, is driving the product adoption, with central inverters being a popular choice for utility-scale solar installations. Sungrow, Siemens, and Huawei are some notable industry participants in the market. The solar PV industry is witnessing a shifting consumer awareness towards cost reduction and commercial viability, leading to collaborations, investments, and regulatory interventions. The market is also seeing the emergence of microgrids, off-grid applications, and grid support features, including reactive power control and grid stabilization. The overall system performance, energy yields, and favorable incentive programs, such as net metering and FITs, are contributing to the remarkable momentum in the solar PV industry. With the growing energy consumption and the need for rural electrification projects, the market for solar PV inverters is expected to continue its swift industrial development. The market is also witnessing the emergence of residential PV inverters with user-friendly designs, smart home integration, and enhanced monitoring features. The use of batteries and energy management systems is becoming increasingly common to optimize the performance of solar PV systems. The industry is also seeing higher power density, improved efficiency, and enhanced grid compatibility, making solar PV inverters a cost-effective and flexible solution for various applications, including water pumping, telecommunications, and remote cabins.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
ProductStringCentralMicroTypeOn-gridOff-gridGeographyAPACEuropeNorth AmericaMiddle East And AfricaSouth America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
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RSPO Launches New Guidance to Leverage Sustainable Palm Oil Certification for IFRS® Sustainability Disclosure Standards
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KUALA LUMPUR, Malaysia, July 23, 2026 /PRNewswire/ — The Roundtable on Sustainable Palm Oil (RSPO) has released a guidance document, “Leveraging RSPO Principles and Criteria for IFRS® Sustainability Disclosure Standards”. This new resource supports certified sustainable palm oil producers to align their sustainability practices with the IFRS S1 and IFRS S2 disclosure standards that serve as the global framework for reporting sustainability-related financial information.
As more than 30 jurisdictions, representing around 60% of global GDP, move towards adoption of the IFRS Sustainability Disclosure Standards (IFRS SDS), companies are increasingly required to disclose how sustainability-related risks and opportunities affect their financial position and prospects.1
This resource provides a practical pathway for palm oil producers to respond to these requirements by leveraging their existing compliance with the RSPO Principles and Criteria (P&C), without duplicating efforts or creating parallel systems.
Informing investor-relevant disclosures: A four-step approach
Certification and the IFRS SDS serve different purposes. This guidance, developed with support from PwC Malaysia, provides a practical bridge between operational sustainability practices and financial disclosure expectations by helping members translate certification-related topics, metrics, and evidence to inform investor-relevant disclosures.
It sets out a four-step approach to IFRS SDS-aligned reporting, guiding RSPO Members on applicability, reporting boundaries, identification of sustainability-related risks and opportunities, and links to financial performance. It also includes seven practical examples, illustrating how the RSPO P&C requirements and implementation evidence can inform disclosures across key sustainability topics, from ethical conduct and legal compliance to environmental protection and worker health and safety.
Beyond growers, the guidance document also supports financial institutions by helping banks, insurers, and investors understand how palm oil sustainability issues, such as labour disputes and traceability gaps, can translate into financial risks, impacts, and opportunities, enabling clearer risk profiling and more informed financing decisions.
Joseph D’ Cruz, RSPO Chief Executive Officer, said: “As sustainability reporting becomes an integral pillar of financial performance, this guidance bridges certification and disclosure, providing RSPO members with a practical framework to demonstrate sustainability performance in ways that resonate with global capital markets. In line with the growing importance of sustainability disclosures in financing and investment decision-making processes, this guidance illustrates how RSPO Principles and Criteria practices can complement an organisation’s strategy and risk assessment processes.”
Andrew Chan, Partner, Sustainability Leader at PwC Malaysia, said: “This guidance responds to the broader shift towards measuring sustainability through a financial lens, with the adoption of the IFRS Sustainability Disclosure Standards (IFRS S1 and IFRS S2). For RSPO growers, this creates an opportunity to demonstrate how sustainability practices contribute to business resilience as well as value creation — building investor confidence for the long term.”
Importantly, the guidance also reflects RSPO’s longer term interest in progressively strengthening linkages with sustainability disclosure frameworks. As disclosure expectations continue to evolve, RSPO intends to further explore how certification-related data metrics and assurance processes can support broader and more integrated sustainability disclosures in the future.
The Guidance Document can be downloaded here.
For more information, visit www.rspo.org
About RSPO:
The Roundtable on Sustainable Palm Oil (RSPO) is a global partnership to make palm oil sustainable. Formed in 2004, the RSPO is a multi-stakeholder non-profit organisation that unites members from across the palm oil value chain, including oil palm producers, palm oil processors and traders, consumer goods manufacturers, retailers, banks and investors, environmental or nature conservation non-governmental organisations (NGOs), and social or developmental NGOs.
As a partnership for progress and positive impact, the RSPO facilitates global change to make the production and consumption of palm oil sustainable. To inspire change, we communicate the environmental and social benefits. To make progress, we catalyse collaboration. To provide assurance, we set the standards of certification.
The RSPO is registered as an international association in Zurich, Switzerland, with main offices in Malaysia and Indonesia, and offices in China, Colombia, Netherlands, United Kingdom and the United States.
About PwC:
At PwC, we help clients build trust and reinvent so they can turn complexity into competitive advantage. We’re a tech-forward, people-empowered network with more than 364,000 people in 136 countries and 137 territories. Across audit and assurance, tax and legal, deals and consulting, we help clients build, accelerate, and sustain momentum. Find out more at www.pwc.com
1
IFRS Foundation, ISSB Podcast February 2025
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SOURCE Roundtable On Sustainable Palm Oil
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Nordic Capital announces agreement to sell ArisGlobal to Dassault Systèmes, following its transformation into a scaled and AI-enabled life sciences platform
Published
36 minutes agoon
July 23, 2026By
WALTHAM, Mass., 23 July 2026 /PRNewswire/ — Nordic Capital today announced that it has entered into a definitive agreement to sell ArisGlobal, a leading provider of software to the life sciences industry, to Dassault Systèmes (Euronext Paris: FR0014003TT8) (Paris: DSY.PA). The transaction represents a full exit for Nordic Capital and marks the successful culmination of a partnership that has transformed ArisGlobal into a scaled, cloud-native and AI-enabled platform serving more than 200 life sciences companies, CROs and government health authorities worldwide.
Founded in 1989 and headquartered in Waltham, Massachusetts, ArisGlobal develops and delivers regulatory, safety, and quality software to a global client base that includes many of the world’s largest pharmaceutical and biotech organisations, as well as regulatory authorities. Its flagship LifeSphere® platform is a fully integrated, cloud-native suite that enables life sciences organisations to manage complex regulatory submissions, pharmacovigilance workflows and clinical data on a single platform, improving compliance, speed and operational efficiency. The platform also embeds advanced AI-enabled automation across core pharmacovigilance workflows, reducing manual processing and accelerating safety case management.
“Nordic Capital invested in ArisGlobal because the business had strong fundamentals, a loyal blue-chip client base and significant potential to modernise its technology and scale its commercial reach. Working closely with Aman and his team, Nordic Capital has supported the company’s transformation into a leading cloud-native platform for the life sciences industry with differentiated AI-enabled capabilities and a strengthened market position. Nordic Capital is proud of what has been achieved together with management and looks forward to seeing the company continue to grow under Dassault Systèmes ownership,” said Daniel Berglund, Partner and Head of Healthcare, Nordic Capital Advisors.
Nordic Capital first invested in ArisGlobal in 2019, partnering with the founding family and management team to pursue an ambitious development strategy. In 2021, Nordic Capital made a further investment in the company, reflecting its conviction in ArisGlobal’s growth potential and the progress achieved since the original partnership began. Throughout the ownership period, Nordic Capital worked closely with management to accelerate the SaaS transition, professionalise the go-to-market organisation, broaden the product offering and strengthen the leadership team.
The migration to a modern, cloud-native architecture created the foundation for ArisGlobal to become an early leader in the application of AI to drug safety. A key milestone was the development and launch of NavaX, ArisGlobal’s generative AI solution for safety case processing, which automates and accelerates core pharmacovigilance workflows and has been adopted by a number of the world’s leading pharmaceutical companies. NavaX has further differentiated ArisGlobal’s offering and marked an important step in the Company’s evolution into a broader, AI-enabled safety and regulatory software platform.
“The life sciences industry is at an inflection point as regulatory complexity is increasing, data volumes are growing and our clients need software that can keep pace. The partnership with Nordic Capital gave us the resources and the runway to build exactly that. NavaX and our expanded platform are the result of that ambition, and I am confident we are well placed for what comes next,” said Aman Wasan, CEO, ArisGlobal.
Alongside its technology transformation, ArisGlobal strengthened its management team and commercial organisation, while two strategic acquisitions broadened the Company’s platform capabilities. Today, ArisGlobal serves more than 200 enterprise customers, including half of the world’s top 50 biopharma companies, processes more than 12 million safety cases annually and is expected to generate approximately USD 175 million in revenue in 2026. As rising regulatory complexity and increasing volumes of adverse event reporting continue to drive demand for advanced life sciences software, ArisGlobal is well positioned for future growth through solutions that automate compliance workflows, reduce manual processing and enable organisations to manage regulatory risk more effectively.
The transaction brings together ArisGlobal’s leadership in AI-enabled safety and regulatory software with Dassault Systèmes’ capabilities across research, clinical development and manufacturing. Nordic Capital believes the combination represents a highly compelling strategic fit, pairing complementary capabilities to create a broader, end-to-end offering across the life sciences value chain. ArisGlobal will also benefit from Dassault Systèmes’ global scale, customer reach and investment capacity, providing a strong platform for its next phase of innovation and growth.
The transaction is subject to customary regulatory approvals and is expected to close in the second half of 2026.
Evercore and Jefferies LLC acted as financial advisors to ArisGlobal and Kirkland & Ellis acted as legal advisor to ArisGlobal.
Media contacts:
Nordic Capital
Katarina Janerud
Communications Manager, Nordic Capital Advisors
+46 8 440 50 50
katarina.janerud@nordiccapital.com
ArisGlobal
Morgan Scott
Vice President, Marketing & Communications and Chief of Staff
mscott@arisglobal.com
About ArisGlobal
ArisGlobal is a leading provider of software to the life sciences industry. Its LifeSphere® platform delivers integrated regulatory, safety, and quality solutions to more than 200 life sciences companies, CROs and government health authorities worldwide. Founded in 1989 and headquartered in Waltham, Massachusetts, ArisGlobal combines deep domain expertise with advanced technology to help clients improve compliance, accelerate development cycles and manage regulatory complexity at global scale. For more information, visit www.arisglobal.com.
About Nordic Capital
Nordic Capital is a leading international private equity investor and subsector specialist dedicated to building stronger, more resilient businesses through transformative, long-term growth in partnership with management teams. With over 35 years of experience, Nordic Capital currently manages approximately EUR 39 billion in assets, investing in middle-market companies across Northern Europe and North America. Rooted in its Nordic heritage and values, it combines global reach with local presence through dedicated sector investment advisory teams, bringing deep expertise across its core sectors: Healthcare, Technology & Payments, Financial Services, and Services & Industrial Tech. Through active ownership, strong operational capabilities, a global network of experts and technology-enabled transformation, Nordic Capital helps companies scale, innovate and become sustainable leaders. For more information, visit www.nordiccapital.com or connect on LinkedIn.
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Cognizant and Gulf Edge Announce Strategic Partnership to Accelerate Enterprise AI Adoption in Southeast Asia
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Partnership combines Cognizant’s global AI engineering capabilities with Gulf Edge’s sovereign digital infrastructure to capture the region’s growing demand for secure, scalable AI solutions.
BANGKOK, July 23, 2026 /PRNewswire/ — Cognizant (Nasdaq: CTSH), a leading AI builder and global technology services provider, and Gulf Edge Company Limited, the digital infrastructure arm of Thai energy and infrastructure conglomerate Gulf Development Public Company Limited (GULF) or Gulf Group, today announced a landmark strategic partnership. The alliance is designed to accelerate enterprise AI adoption and establish a resilient, AI-native digital economy in Thailand and the broader region.
As artificial intelligence (AI) rapidly reshapes industries, economies, and societies worldwide, the partnership aims to establish the foundational ecosystem needed to enable Thailand’s next phase of digital transformation. By combining trusted sovereign digital infrastructure with world-class AI engineering and enterprise transformation capabilities, Gulf Edge and Cognizant will help organizations deploy AI securely, responsibly, and at scale.
The collaboration brings together Gulf Edge’s leadership in digital infrastructure, energy, cloud, and strategic relationships across Thailand’s most important industries with Cognizant’s global expertise in AI, digital engineering, cloud modernization, data, and intelligent operations. Together, the two companies will deliver end-to-end AI capabilities spanning infrastructure, AI platforms, enterprise solutions, systems integration, and managed services.
The partnership will initially focus on accelerating AI adoption across key sectors including banking and financial services, energy and utilities, healthcare, telecommunications, manufacturing, and the public sector. Through industry-specific AI solutions, organizations will be able to improve operational efficiency, enhance customer experience, strengthen decision-making, automate complex business processes, and unlock new opportunities for innovation and growth.
Beyond enterprise transformation, Gulf Edge and Cognizant share a broader ambition of strengthening Thailand’s position as a regional AI hub. The partnership is expected to attract global technology expertise, stimulate investment in advanced digital capabilities, and create high-value employment opportunities across AI engineering, data science, cloud infrastructure, cybersecurity, and digital transformation. The two companies also plan to collaborate with universities, research institutions, technology partners, and public-sector organizations to develop AI talent, promote responsible AI adoption, and foster a sustainable innovation ecosystem for the country.
Mr. Sarath Ratanavadi, Chief Executive Officer, Gulf Development Public Company Limited, said, “Our partnership with Cognizant marks an important milestone in our vision of helping Thailand become an AI-native economy. By combining Gulf Edge’s strengths in digital infrastructure, energy, cloud, and deep understanding of the Thai market with Cognizant’s global expertise in enterprise AI, digital engineering, and transformation services, we are creating a comprehensive platform that enables organizations to adopt AI with confidence and generate measurable business outcomes. Together, we will develop secure, resilient, and future-ready sovereign digital infrastructure while delivering industry-specific AI solutions tailored to the needs of Thai enterprises and public institutions. We believe AI has the potential to transform every sector, creating new opportunities for productivity, innovation, and sustainable economic growth.”
Mr. Ganesh Ayyar, President of Asia Pacific & Japan (APJ), Cognizant, said, “As Thailand works toward its ambition of becoming an AI-native economy, we see this partnership as a meaningful way to help contribute to that vision, not just through the projects we deliver, but by building lasting AI and technology capability inside the country. With Gulf Edge’s market reach and Cognizant’s AI Builder strategy and global delivery capability, we are positioned to deliver transformative outcomes for Thai enterprises across every major sector.”
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Gulf Edge Company Limited is the digital infrastructure arm of Gulf Development Public Company Limited, Thailand’s leading energy and infrastructure conglomerate. Gulf Edge is building a robust digital ecosystem, spanning data centers, cloud services, satellite technology, and AI infrastructure, to accelerate Thailand’s digital transformation and position the country as a regional hub for the AI economy.
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