Renewable energy markets for solar and grid-forming inverters projected to grow

The global renewable energy sector is seeing significant growth in both solar power and grid-forming inverter markets. The global solar energy market is projected to nearly double from $492.7 billion in 2025 to $974.7 billion by 2031, representing a compound annual growth rate of 10.8%. This expansion is supported by declining electricity costs, government policies, and the integration of solar power with battery storage and electric vehicle infrastructure. The Asia-Pacific region currently holds the largest share of the solar market at 57.8%, driven by manufacturing capacity in China, India, and Southeast Asia.

Simultaneously, the grid-forming inverter market is expected to grow from $858.53 million in 2025 to an estimated $1,730.23 million by 2034. This growth is fueled by increasing electricity demand, grid modernization, and decarbonization initiatives. The Asia-Pacific region also dominates this sector, holding a 57.62% market share in 2025. Both markets are being shaped by advancements in energy technology and a global shift toward sustainable power generation and energy security.