Inverter Market Overviews
Global Inverter Market size was valued at USD 19.10 Bn. in 2023 and is expected to reach USD 54.31 Bn. by 2030, at a CAGR of 16.1%.
An inverter converts DC voltage to AC voltage, which is usually used to supply electricity from sources such as batteries and solar panels. The output AC voltage usually matches the grid supply voltage of 120V or 240V, depending on the country. Inverters act as standalone units or backup power supplies in applications such as solar power with separate battery charging. They are also installed in larger systems such as power supply units (PSUs) or uninterruptible power supplies (UPSs), where the inverter input comes from DC-rectified AC mains.
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Inverter Market Scope and Methodology:
The rapid deployment of smart inverters is a growing trend in the inverter market, driven by the increasing integration of solar and other distributed energy (DER) into the electricity grid. Unlike traditional inverters, which only convert direct current (DC) from solar panels to alternating current (AC) for consumer use, smart inverters offer voltage regulation, frequency support, and ride-through. These features are important as the number of DERs in the grid increases, and the inverter efficiency needs to increase.
Inverter Market Regional Insights
Asia Pacific dominated the Inverter Market in 2023 and is expected to continue its dominance over the forecast period. Rapid industrialization and urbanization in countries such as China, India, Japan and South Korea are increasing energy demands, and there is a need to adopt efficient and sustainable energy solutions. China has been heavily investing in renewable energy and becoming the largest producer of solar panels and wind turbines in the world.
Inverter Market Segmentation
Based on Type, the market is segmented into String Inverters, Central Inverters, Microinverters and Others. String Inverters held the largest Inverter Market share in 2023. String inverters are an attractive option for both residential and commercial applications due to their low cost compared to other types, such as microinverters and central inverters. The technology behind string inverters is well-established and reliable, resulting in low maintenance costs and longevity. This reliability and ease of maintenance further contribute to their widespread acceptance. String inverters also offer a straightforward installation process, which simplifies deployment and reduces installation time and labor costs.
Inverter Market Key Players
Enphase Energy ( Fremont, California, USA)
SolarEdge Technologies (Milpitas, California, USA)
SunPower Corporation ( San Jose, California, USA)
OutBack Power Technologies ( Arlington, Washington, USA)
SMA America ( Rocklin, California, USA )
Schneider Electric ( Andover, Massachusetts, USA)
General Electric (GE Renewable Energy) ( Schenectady, New York, USA)
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Key questions answered in the Inverter Market are:
- What is Inverter ?
- What was the Inverter market size in 2023?
- What is the growth rate of the Inverter Market?
- Which are the factors expected to drive the Inverter market growth?
- What are the different segments of the Inverter Market?
- What growth strategies are the players considering to increase their presence in Inverter ?
- What are the upcoming industry applications and trends for the Inverter Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Inverter Market?
- Who are the leading companies and what are their portfolios in Inverter Market?
- What segments are covered in the Inverter Market?
- Who are the key players in the Inverter market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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