The global solar PV modules and inverters market is projected to reach $115.8 billion by 2030, according to GlobalData. Growth is being driven largely by the Asia-Pacific (APAC) region, supported by strong policy initiatives, ambitious renewable energy goals, declining technology costs, and large-scale investments in solar manufacturing and innovation.
APAC Leads Global Solar Expansion
The global solar PV modules market will reach $80.7 billion by 2030.
The solar PV inverters market will grow to $35 billion by 2030.
The APAC solar PV modules market will expand from $38.8 billion in 2024 to $46.2 billion in 2030.
Bhavana Sri Pullagura, Senior Power Analyst at GlobalData, said the solar PV modules and inverters market is witnessing strong expansion as countries accelerate their transition to clean energy. She noted that government incentives and technological advancements in high-efficiency modules and advanced inverters are promoting large-scale adoption across utility, commercial, and residential sectors.
Regional Shifts and Trade Policy Impacts
Recent changes in US trade policy and tariffs are reshaping global solar supply chains and encouraging localization, particularly in the Americas. In Europe, the Middle East, and Africa (EMEA), market growth is influenced by regulatory frameworks that focus on quality standards, domestic industrial capacity, and strategic procurement, especially in the Middle East.
Pullagura observed that the US market has been affected by tariff adjustments and anti-dumping duties on imports from Southeast Asia, which have altered supply chains and led to higher module prices. She added that despite rising installations, module values in the Americas are expected to decline due to oversupply and falling production costs.
Growing Demand for Advanced Solar Inverters
The global solar PV inverter market is evolving rapidly with increasing demand for utility-scale solar projects, hybrid solar-plus-storage systems, and grid-compliant smart inverters.
The APAC region leads the inverter market with a value of $19.8 billion.
The Americas follow with $7.7 billion, and the EMEA region with $7.6 billion.
Emerging markets in the Middle East and Africa are driving demand for high-capacity, storage-ready inverters that can support large-scale installations and weak-grid integration.
Industrial Policies Reshaping Global Market Dynamics
National industrial policies, regulatory reforms, and procurement changes are defining the future of the global solar PV modules and inverters market. The APAC region is expanding its local manufacturing capacity, EMEA is focusing on quality and domestic production, and the US is adjusting trade policies while maintaining deployment momentum.
Baburajan Kizhakedath