The Business Research Company’s Inverter Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Inverter Global Market Report 2023 evaluates inverter market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global inverter market size is expected to grow from $14.63 billion in 2022 to $17.45 billion in 2023, at a compound annual growth rate (CAGR) of 19.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global inverter is expected to grow to $32.33 million in 2027 at a CAGR of 16.7%.
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 April 2021, according to the International Energy Agency, a France-based intergovernmental organisation for the global energy system, the number of electric vehicles sold worldwide reached 10 million, an increase of 43% from the previous year. There were about 3 million new electric vehicle registrations in 2020. Europe took the lead for first place with 1.4 million new registrations. China registered 1.2 million new electric automobiles after the United States registered 2.95k. Therefore, increased demand for electric vehicles is driving the inverter market.
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The inverter market segments in the report are:
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
The table of contents in TBRC’s inverter market report includes:
1. Executive Summary
2. Inverter Market Characteristics
3. Inverter Market Trends And Strategies
4. Inverter Market – Macro Economic Scenario
5. Inverter Market Segmentation
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26. Africa Inverter Market
27. Inverter Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Inverter Market
29. Inverter Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Huawei Technologies Co. Ltd
- Sungrow Power Supply Co. Ltd
- SMA Solar Technology AG
- OMRON Corporation
- Schneider Electric SE
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