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Inverter Market Size, Share, Growth & Industry Trends [2031]

Inverter Market

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Segments - 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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Aamir Ansari

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Swapnil Hedau

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.

Attributes	Details
Report Title	Inverter Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2021
Historic Data	2019–2020
Forecast Period	2022–2030
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)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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 of

Types

Solar Inverters
Vehicle Inverters
Others

Power

Up to 10 kW
10-15 kW
Above 100 kW
Others

End-uses

Residential
Commercial

Applications

Automotive
Wind Turbines
Solar PVs
Uninterruptable Power Supply
Others

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

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.

Table Of Content

1. Executive Summary
2. 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 (000â€™ 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

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