Inverter Market Size, Share, Growth & Industry Trends [2031]
Inverter Market Size, Share, Growth & Industry Trends [2031]
Segments - Inverter Market by Types (Solar Inverters, Vehicle Inverters, and Others), Power (Up to 10 kW, 10-15 kW, Above 100 kW, and Others), End-uses (Residential and Commercial), Applications (Automotive, Wind Turbines, Solar PVs, Uninterruptable Power Supply, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2022 – 2030
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| Report ID :EP-4428
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| 166 Pages
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Report Description
The global inverter market size was valued at around USD 71.34 billion in 2021 and is anticipated to reach USD 115.8 billion by 2030, expanding at a CAGR of around 5.5% during the forecast period, 2022 – 2030. The growth of the market is attributed to the increasing investments in renewable power generation technologies and green infrastructure.
Inverter, also known as power inverter, AC drive, or variable frequency drive (VFD), refers to an electronic device that converts direct current (DC) to alternating current (AC). The converted AC power can be supplied to various industries, residential buildings, and others using power grids. Most household appliances and electrical equipment utilize AC power. Inverters facilitate users in operating those appliances and equipment by efficiently converting DC power into AC power.
Inverters are static devices, which cannot generate electrical power. Inverters can be used as stand-alone devices, or they can be used as back power for other devices. Inverters facilitate users in saving energy, as they reduce energy consumption by up to 50% by controlling motor rotation. Inverters reduce the starting current, which results in extended life of devices, appliances, or equipment. Inverters are easy to install. They provide uninterrupted power to aid in the smooth running of connected devices, appliances, and equipment.
The COVID-19 pandemic situation affected negatively the inverter market, as the government restricted several business and industry activities. Several expansion projects in the renewable energy sector were halted, due to restrictions and lockdown imposed during the pandemic. Conversely, the current slack in the restrictions offers growth opportunities to the global inverter market.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing adoption of invertors across several industries is expected to drive the market during the forecast period.
- Rising awareness regarding various types of inverters available in the market fuels the market.
- Growing number of government policies and incentives to increase the adoption of solar inverters for various applications boosts the market.
- Rising demand for renewable power generation and energy efficiency spurs the market.
- Increasing technological advancements and growing affordability in the consumer electronics industry are estimated to drive the market during the forecast period.
- Increasing availability of cheap and low-quality products in a grey market is anticipated to restrain the growth of the market in the coming years.
- Safety risks associated with high DC voltages in PV inverters hamper the growth of the market.
- Growing demand for electric vehicles offers growth opportunities to the market players.
Scope of the Report
The report on the global inverter market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Inverter Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2021 |
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Historic Data |
2019–2020 |
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Forecast Period |
2022–2030 |
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Segmentation |
Types (Solar Inverters, Vehicle Inverters, and Others), Power (Up to 10 kW, 10-15 kW, Above 100 kW, and Others), End-uses (Residential and Commercial), and Applications (Automotive, Wind Turbines, Solar PVs, Uninterruptable Power Supply, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Sungrow Power Supply Co., Ltd.; Power Electronics S.L.; Huawei Technologies Co., Ltd.; SMA Solar Technology AG; Fronius International GmbH; Fimer Group; Altenergy Power System, Inc.; Schneider Electric SE; Darfon Electronics Corporation; Enphase Energy; TMEIC; OMRON Corporation; Tabuchi Electric Co., Ltd.; SolarEdge Technologies, Inc.; and Others |
Market Segment Insights
Vehicle inverters segment dominates the market
In terms of types, the market is divided into solar inverters, vehicle inverters, and others. The vehicle inverters segment is expected to spur the market during the forecast period, as consumers are shifting more toward electric vehicles than the traditional ones, due to rising awareness regarding the deteriorating environmental conditions. Electric vehicles aid consumers in decreasing vehicle emissions affecting the environment negatively. The rising adoption of electric vehicles is projected to boost the vehicle inverter segment in the coming years.
Up to 10 kW segment expands at a rapid pace
Based on power, the market is segregated into up to 10 kW, 10-15 kW, above 100 kW, and others. The up to 10 kW segment is estimated to expand during the forecast period, due to increasing usage of residential applications with below 10 kW power inverters. The growth of the segment can be attributed to the growing number of solar rooftop installations across the globe. Rising government initiatives for developing solar PV systems in countries such as China and India are anticipated to aid in the expansion of the market in the coming years.
Residential segment holds a large market share
On the basis of end-users, the market is segmented into residential and commercial. The residential segment is expected to register a significant CAGR in the coming years, owing to increasing government expenditure for developing infrastructure. The rising number of residential structures, increasing urbanization, and growing adoption of inverters among residential users are the key factors boosting the growth of the residential segment. Conversely, the commercial segment is anticipated to expand during the forecast period, due to the rising demand for uninterrupted power supply for gyms, shopping malls, offices, and other commercial spaces to ensure the smooth running of commercial activities and to avoid any financial losses caused by the interrupted power supply.
Automotive segment holds a key market share
In terms of applications, the market is segregated into automotive, wind turbines, solar PVs, uninterruptable power supply, and others. The automotive segment is expected to register a significant CAGR during the forecast period, due to the rising adoption of electric vehicles to regulate carbon emissions. Inverters are used in conventional vehicles as well for onboard power appliances. These are the key factors aiding the expansion of the automotive segment in the coming years.
Asia Pacific dominates the market
Based on regions, the market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is estimated to register a high CAGR during the forecast period, owing to increasing developments in the renewable energy sector. Growing investments in PV plants, increasing awareness regarding climate change, and rising inverter installation in the residential sector in countries such as India, China, Japan, and Australia are the key factors boosting the market in the region.
Segments
The global inverter market has been segmented on the basis ofTypes
- Solar Inverters
- Vehicle Inverters
- Others
- Up to 10 kW
- 10-15 kW
- Above 100 kW
- Others
- Residential
- Commercial
- Automotive
- Wind Turbines
- Solar PVs
- Uninterruptable Power Supply
- Others
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
- Sungrow Power Supply Co., Ltd.
- Power Electronics S.L.
- Huawei Technologies Co., Ltd.
- SMA Solar Technology AG
- Fronius International GmbH
- Fimer Group
- Altenergy Power System, Inc.
- Schneider Electric SE
- Darfon Electronics Corporation
- Enphase Energy
- TMEIC
- OMRON Corporation
- Tabuchi Electric Co., Ltd.
- SolarEdge Technologies, Inc.
- Others
Competitive Landscape
The global inverter market is highly fragmented with the presence of key players such as Sungrow Power Supply Co., Ltd.; Power Electronics S.L.; Huawei Technologies Co., Ltd.; SMA Solar Technology AG; Fronius International GmbH; Fimer Group; Altenergy Power System, Inc.; Schneider Electric SE; Darfon Electronics Corporation; Enphase Energy; TMEIC; OMRON Corporation; Tabuchi Electric Co., Ltd.; SolarEdge Technologies, Inc.; and others. They use business strategies such as collaborations, mergers, partnerships, acquisitions, and product launches to dominate the market. For example, in March 2022, Huawei Technologies Co., Ltd.; collaborated with Meienergy Technology Co., Ltd.; to provide a smart energy storage system for a plant in Ghana, which is developed by Meienergy Technology. In April 2022, Sungrow Power Supply Co., Ltd. supplied string inverters to an electric vehicle manufacturing base of XPENG, to provide the factory with clean energy.
Frequently Asked Questions
Sungrow Power Supply Co., Ltd.; Power Electronics S.L.; Huawei Technologies Co., Ltd.; SMA Solar Technology AG; Fronius International GmbH; Fimer Group; and Altenergy Power System, Inc. are some of the key players in the global inverter market.
Asia Pacific dominates the global inverter market.
Inverter, also known as power inverter, AC drive, or variable frequency drive (VFD), refers to an electronic device that converts direct current (DC) to alternating current (AC).
Automotive, wind turbines, solar PVs, uninterruptable power supply, and others are the applications of inverters.
The global inverter market size was valued at around USD 71.34 billion in 2021 and is anticipated to reach around USD 115.8 billion by 2030.
The global inverter market is estimated to register a CAGR of around 5.5% during the forecast period.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Inverter Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Inverter Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Inverter Market - Supply Chain
4.5. Global Inverter Market Forecast
4.5.1. Inverter Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Inverter Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Inverter Market Absolute $ Opportunity
5. Global Inverter Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Inverter Market Size and Volume Forecast by Types
5.3.1. Solar Inverters
5.3.2. Vehicle Inverters
5.3.3. Others
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Inverter Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Inverter Market Size and Volume Forecast by Applications
6.3.1. Automotive
6.3.2. Wind Turbines
6.3.3. Solar PVs
6.3.4. Uninterruptable Power Supply
6.3.5. Other
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Inverter Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Inverter Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Inverter Demand Share Forecast, 2019-2026
8. North America Inverter Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Inverter Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Inverter Market Size and Volume Forecast by Types
8.4.1. Solar Inverters
8.4.2. Vehicle Inverters
8.4.3. Others
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Inverter Market Size and Volume Forecast by Applications
8.7.1. Automotive
8.7.2. Wind Turbines
8.7.3. Solar PVs
8.7.4. Uninterruptable Power Supply
8.7.5. Other
8.8. Basis Point Share (BPS) Analysis by Applications
8.9. Y-o-Y Growth Projections by Applications
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Inverter Demand Share Forecast, 2019-2026
9. Latin America Inverter Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Inverter Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Inverter Market Size and Volume Forecast by Types
9.4.1. Solar Inverters
9.4.2. Vehicle Inverters
9.4.3. Others
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Inverter Market Size and Volume Forecast by Applications
9.7.1. Automotive
9.7.2. Wind Turbines
9.7.3. Solar PVs
9.7.4. Uninterruptable Power Supply
9.7.5. Other
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Inverter Demand Share Forecast, 2019-2026
10. Europe Inverter Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Inverter Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Inverter Market Size and Volume Forecast by Types
10.4.1. Solar Inverters
10.4.2. Vehicle Inverters
10.4.3. Others
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Inverter Market Size and Volume Forecast by Applications
10.7.1. Automotive
10.7.2. Wind Turbines
10.7.3. Solar PVs
10.7.4. Uninterruptable Power Supply
10.7.5. Other
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Inverter Demand Share Forecast, 2019-2026
11. Asia Pacific Inverter Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Inverter Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Inverter Market Size and Volume Forecast by Types
11.4.1. Solar Inverters
11.4.2. Vehicle Inverters
11.4.3. Others
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Inverter Market Size and Volume Forecast by Applications
11.7.1. Automotive
11.7.2. Wind Turbines
11.7.3. Solar PVs
11.7.4. Uninterruptable Power Supply
11.7.5. Other
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Inverter Demand Share Forecast, 2019-2026
12. Middle East & Africa Inverter Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Inverter Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Inverter Market Size and Volume Forecast by Types
12.4.1. Solar Inverters
12.4.2. Vehicle Inverters
12.4.3. Others
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Inverter Market Size and Volume Forecast by Applications
12.7.1. Automotive
12.7.2. Wind Turbines
12.7.3. Solar PVs
12.7.4. Uninterruptable Power Supply
12.7.5. Other
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Inverter Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Inverter Market: Market Share Analysis
13.2. Inverter Distributors and Customers
13.3. Inverter Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Sungrow Power Supply Co., Ltd.
13.4.2. Power Electronics S.L.
13.4.3. Huawei Technologies Co., Ltd.
13.4.4. SMA Solar Technology AG
13.4.5. Fronius International GmbH
13.4.6. Fimer Group
13.4.7. Altenergy Power System, Inc.
13.4.8. Schneider Electric SE
13.4.9. Darfon Electronics Corporation
13.4.10. Enphase Energy
Methodology
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