Overview and Scope
Inverters refer to a circuit that converts DC current from sources such as batteries or fuel cells into AC current and is also responsible for controlling speed and torque for electric motors.
Sizing and Forecast
The inverter market size has grown rapidly in recent years. It will grow from $17.32 billion in 2023 to $20.43 billion in 2024 at a compound annual growth rate (CAGR) of 17.9%. The growth in the historic period can be attributed to increasing adoption of renewable energy sources, government incentives, rising energy consumption, consumer electronics boom, automotive electrification.
The inverter market size is expected to see rapid growth in the next few years. It will grow to $38.12 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%. The growth in the forecast period can be attributed to increasing deployment of smart grid systems, 5G technology deployment, increasing emphasis on resilient power solutions, climate change mitigation, expanding electrification initiatives. Major trends in the forecast period include hybrid inverter systems, digitalization and IoT integration, energy management platforms, advanced cooling technologies, customized solutions for industries.
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Segmentation & Regional Insights
The inverter market covered in this report is segmented –
1) By Inverter Type: Solar Inverter, Vehicle Inverter, Other Types
2) By Connection Type: On-Grid, Off-Grid
3) By Phase: Single Phase, Three Phase
4) By Sales Channel: Direct, Indirect
5) By End-User: Residential, Industrial, Commercial
Asia-Pacific was the largest region in the inverter market in 2023. The regions covered in the inverter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing demand for electric vehicles (EVs) is expected to propel the growth of the inverter market going forward. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries and that operates on electric motors and charges its batteries with electricity rather than utilizing fossil fuels. An inverter is used in an EV that changes the speed at which the motor rotates by adjusting the frequency of the alternating current. For instance, in 2023, according to the International Energy Agency, a France-based intergovernmental organization for the global energy system, in the year 2022, the global sales of electric cars surpassed the remarkable milestone of 10 million units. Notably, electric vehicles accounted for a notable 14% share of all new car purchases, indicating a substantial increase from the approximately 9% recorded in the previous year, 2021.Therefore, increased demand for electric vehicles is driving the inverter market.
Key Industry Players
Major companies operating in the inverter market report are Mitsubishi Electric Corporation, Huawei Technologies Co. Ltd., General Electric Company, Schneider Electric SE, Eaton Corporation, Delta Electronics Inc., OMRON Corporation, Chint Group Co. Ltd., Sungrow Power Supply Co. Ltd., Yaskawa Electric Corporation, KOSTAL Solar Electric GmbH, SolarEdge Technologies Inc., Enphase Energy Inc., Advanced Energy Industries Inc., TMEIC Corporation, Fronius International GmbH, Ingeteam India Pvt. Ltd., Ginlong Technologies Co. Ltd., KSTAR New Energy Co. Ltd., Satcon Technology Corporation, Sineng Electric Co. Ltd., Growatt New Energy Technology Co. Ltd., Hitachi Hi-Rel Power Electronics Pvt. Ltd., Tabuchi Electric Co. Ltd., GoodWe Power Supply Technology Co. Ltd., KACO new energy GmbH, Xantrex Technology Inc., FIMER S.p.A, SMA Solar Technology AG, Power Electronics S.L.
The inverter market report table of contents includes:
1. Executive Summary
2. Inverter Market Characteristics
3. Inverter Market Trends And Strategies
4. Inverter Market – Macro Economic Scenario
5. Global Inverter Market Size and Growth
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32. Global Inverter Market Competitive Benchmarking
33. Global Inverter Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Inverter Market
35. Inverter Market Future Outlook and Potential Analysis
36. Appendix
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