Global Inverter Market Size By Output Power Rating (Below 10 kW, 10-50 kW, 50-100 kW), By End-User (Residential, Automotive, Photovoltaic (PV) Plants), By Geographic Scope And Forecast

Inverter Market Size And Forecast

Inverter Market size was valued at USD 16.1 Billion in 2022 and is projected to reach USD 50.6 Billion by 2030 growing at a CAGR of 15.4% from 2023 to 2030.

The devices used to convert DC electricity into AC electricity are included in the Global Inverter Market, allowing for the effective use of power in electronic gadgets, electric cars, and renewable energy systems. The industry is being pushed by both the development of power electronics technology and the rising need for sustainable energy. The Global Inverter Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Inverter Market Definition

The market for devices that change direct current (DC) power into alternating current (AC) electricity is referred to as the “global Inverter Market.” From electronic gadgets and electric vehicles to renewable energy sources, inverters are essential in many different applications. They are essential for making it possible to use electricity in various contexts safely and effectively. Inverters are used in renewable energy systems, such as solar photovoltaic (PV) installations and wind turbines, to transform the DC electricity produced by these sources into AC electricity that may be utilized locally or supplied to the power grid. This conversion makes it possible to use clean, sustainable electricity and to integrate renewable energy sources into the current electrical infrastructure. Electronic gadgets like computers, household appliances, and consumer electronics frequently employ inverters as well. Although they frequently receive their power from DC sources like batteries or power supplies, these devices generally need electrical power to function.

In these circumstances, inverters are used to transform the DC power into AC power, allowing the gadgets to operate as intended. Grid-tied inverters, off-grid inverters, microinverters, and hybrid inverters are a few examples of the many products available in the Global Inverter Market. Off-grid inverters are utilized in independent systems that are not linked to the utility grid, whereas grid-tied inverters are typically used in renewable energy systems to connect them to the grid. Microinverters, which are small inverters positioned at the level of each solar panel, offer improved performance and monitoring capabilities. Grid-connected and stand-alone operations are both made possible by hybrid inverters, which integrate the features of grid-tied and off-grid inverters. Inverters also have a big impact on the Electric Vehicle (EV) Market.

High-voltage DC batteries are used to power electric automobiles and other EVs, but the electric motors need to be driven by AC current. Inverters enable the efficient operation of the electric propulsion systems in EVs by converting the DC power from the batteries into AC power. Grid-tied inverters, off-grid inverters, microinverters, and hybrid inverters are a few examples of the many products available in the global Inverter Market. Off-grid inverters are utilized in independent systems that are not linked to the utility grid, whereas grid-tied inverters are typically used in renewable energy systems to connect them to the grid. Microinverters, which are small inverters positioned at the level of each solar panel, offer improved performance and monitoring capabilities. Grid-connected and stand-alone operations are both made possible by hybrid inverters, which integrate the features of grid-tied and off-grid inverters.

Global Inverter Market Overview

The Global Inverter Market is a booming market that is supported by several important aspects. The market’s growth and development are shaped by several drivers and restraints. The global Inverter Market is a dynamic and growing industry that plays a crucial role in various sectors such as renewable energy, automotive, industrial automation, and consumer electronics. By converting direct current (DC) into alternating current (AC), inverters enable the efficient use of energy in a variety of applications. The market for inverters is being significantly stimulated by the growing use of renewable energy sources like solar and wind power. The conversion of DC electricity produced by solar panels and wind turbines into usable AC power is made possible by inverters, which are crucial parts of these devices. Globally, governments have implemented stringent energy efficiency laws to reduce carbon emissions and encourage environmentally friendly consumption of energy.

By improving power conversion and minimizing energy losses, inverters significantly contribute to improving energy efficiency. The Inverter Market benefits from continuous technological advancements, such as the development of more efficient and compact inverters with improved power density. Advancements in semiconductor technology, including wide bandgap materials like silicon carbide (SiC) and gallium nitride (GaN), contribute to the efficiency and performance improvements of inverters. The need for inverters is being driven by the increase in electric cars (EVs) and hybrid electric vehicles (HEVs). To facilitate the electrification of transportation, inverters are used in EVs to convert DC power from batteries into AC power to operate the electric motor. Despite the growth prospects, the global market for application integration has some limitations and difficulties. The upfront expenditures of inverters can be a major barrier, especially in large-scale applications like solar farms or industrial projects.

High-capacity inverters’ initial cost may deter some potential customers or delay their adoption in specific industries. The inverter industry has a number of technological difficulties, including voltage stability, electromagnetic interference, and heat dissipation. Inverter manufacture may become more complicated and expensive as a result of the ongoing research and development necessary to overcome these obstacles. The market for inverters is fiercely competitive, with many suppliers and manufacturers vying for market dominance. Companies engaged in the business may experience pricing pressure and decreased profit margins as a result of this fierce competition. Integration of inverters with renewable energy sources might be difficult in areas with limited or old grid infrastructure. It takes time and money to upgrade the grid infrastructure to support the widespread deployment of inverters and renewable energy sources.

Global Inverter Market Segmentation Analysis

The Global Inverter Market is segmented on the basis of Output Power Rating, End-User, and Geography.

Inverter Market, By Output Power Rating

• Below 10 kW
• 10-50 kW
• 50-100 kW
• Above 100 kW

Based on Output Power Rating, the market is bifurcated into Below 10 kW, 10-50 kW, 50-100 kW, and Above 100 kW. The below 10 kW segment holds the largest market share and is estimated to witness the highest CAGR during the forecast period. Residential applications frequently employ inverters with power ratings under 10 kW. The market’s expansion can be primarily attributed to the rise in solar rooftop installations in various nations. Government initiatives and programs to create solar PV systems, particularly in Asia Pacific nations like China and India, are promoting the growth of the below 10 kW market.

Inverter Market, By End-User

• Residential
• Automotive
• Photovoltaic (PV) Plants
• Others (Industrial, Commercial, and Utilities)

Based on End-User, the market is bifurcated into Residential, Automotive, Photovoltaic (PV) Plants, and Others (Industrial, Commercial, and Utilities). The segment for automotive has one of the largest market shares and is anticipated to grow at the fastest rate over the coming years. Due to the implementation of emission rules to reduce traditional vehicle emissions, the use of electric vehicles is increasing significantly. The inverters are also utilized in conventional automobiles for onboard power appliances in addition to electric vehicles. Thus, these variables are responsible for the rising need for car inverters, which is anticipated to drive the automotive sector’s expansion.

Inverter Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

On the basis of Geography, the Global Inverter Market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Due to the presence of prominent players that provide cutting-edge solutions and make significant investments in managed services, Asia Pacific held the largest regional share of the market for managed services in 2022 and is predicted to maintain that position during the forecast period. Due to growing efforts to combat climate change and net zero goals, the Asia Pacific Inverter Market is experiencing substantial changes in the renewable energy sector, which has fueled demand for inverters across the region’s nations. The market is expanding as a result of growing investments in photovoltaic (PV) plants, an increase in residential installations, and a switch to electric cars for transportation in nations like China, India, Japan, and Australia.

Key Players

The “Global Inverter Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Huawei, SolarEdge, Sungrow Power Supply, Darfon, Schneider Electric, SMA Group, Fronius International, Enphase Energy, SolaX, Growatt, Power Electronics, Fimer Spa, Altenergy Power System Inc., Denso Corporation, Siemens.

Our market analysis offers detailed information on major players wherein our analysts provide insight into the financial statements of all the major players, product portfolio, product benchmarking, and SWOT analysis. The competitive landscape section also includes market share analysis, key development strategies, recent developments, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In March 2022, With Meinergy Technology, the major PV developer in West Africa, Huawei Digital Power Technologies signed a strategic partnership agreement. According to the contract, Huawei Digital Power will offer a comprehensive smart PV & energy storage system (ESS) solution for the 500 MWh utility-scale ESS project and 1 GW utility-scale PV plant that Meinergy is developing in Ghana. The two parties have worked closely together to create remarkable business achievements in utility-scale PV facilities, the integration of PV and hydropower, energy storage, and residential PV in Ghana.
• In June 2021, Krannich Solar, one of the top wholesalers of photovoltaics, and Sungrow, the world’s leading expert in solar inverters, today announced that they have formalized a distribution relationship for the European market. Krannich will work together with Sungrow in the future in all of our European operations, and will formally distribute Sungrow inverters. Germany, France, Spain, Switzerland, the Netherlands, Belgium, Sweden, Poland, Austria, Greece, and Turkey are therefore some of the important markets.

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