Lowest Price Guaranteed
Slides
172
Last Updated
November 2024
View Count
11683
The inverter market size is projected to grow from $36.39 billion in 2024 to $145.03 billion by 2035, representing a CAGR of 13.39% during the forecast period 2024-2035.
 |
To learn more about this report, request a free sample copy
The new research study consists of industry trends, detailed market analysis, key market trends of the inverter market, SWOT analysis and value chain analysis.
The inverter market is powering the future with efficiency and innovation. The inverter market is emerging as a critical component in the global shift towards sustainable energy solutions. Inverters play a pivotal role in unlocking the full potential of renewable energy sources which makes them an increasingly essential aspect of modern energy infrastructure. Inverter is a type of electronic machine, which uses semiconductor and designed to convert direct current (DC) into alternating current (AC). Often, direct current is lower while AC is equal to the grid supply voltage which can be 120V or 240V. The market has a variety of inverters based on the shape of the switching waveform such as grid-tied inverters, off-grid inverters, hybrid-inverters, microinverters and others. These inverters have different circuit configurations, efficiency, and advantages. From residential homes to large-scale industrial facilities, the advantages of inverter technology are strengthening industries.
Additionally, one of the key benefits of inverters is their ability to provide a consistent and stable power supply, even in the face of fluctuations in the grid or renewable energy sources. This feature drives the popularity of inverters in residential and commercial spaces. With regard to this, to leverage this opportunity, stakeholders are providing a unique set of set of features and capabilities. Consequently, with continuous technological advancements, as the demand for energy and renewable energy continues to grow, the inverter market is anticipated to witness noteworthy growth during this forecast period.
The market report presents an in-depth analysis of the various service providers that are involved in offering inverter market, across different segments, as defined in the table below:
| Key Report Attributes | Details | |
| Historical Trend | 2019-2023 | |
| Base Year | 2023 | |
| Forecast Period | 2024-2035 | |
| Market Size Value in 2024 | $ 36.39 Billion | |
| Market Size Value by 2035 | $ 145.03 Billion | |
| Growth Rate | CAGR of 13.39% from 2024 to 2035 | |
| Type of Product |
|
|
| Type of Power Rating |
|
|
| Type of Voltage |
|
|
| Type of Connection |
|
|
| Type of Sales Channel |
|
|
| Type of End User |
|
|
| Geographical Regions |
|
|
| Leading Market Players |
|
|
| PowerPoint Presentation (Complimentary) |
Available | |
| Customization Scope | 15% Free Customization | |
| Excel Data Packs (Complimentary) |
|
|
The global inverter market is segmented into various types of products, such as central inverters, hybrid inverters, microinverters, and string inverters. According to our analysis, central inverter segment will augment the segment's growth with the largest market share during this forecast period. The growing installation of solar photovoltaic systems in residential, commercial, and utility-scale projects is estimated to be a primary factor in boosting the segment growth. However, the string inverter segment is anticipated to grow at the fastest CAGR throughout this projection period owing to its cost-effectiveness, simplicity and reliability and wide applicability like rooftops, small commercial buildings and community solar projects.
Based on the type of power rating, the global inverter market is split into different types of power rating such as below10k W, 10kW-50kW, 50-100kW, and above 100kW. Among the categories, the 10kW -50kW segment is expected to gain the maximum market share and will dominate the segment till 2035. The versatility and wide range of applications make it the most popular option, thriving the segment growth. Moreover, above 100kW is projected to expand at a higher CAGR driven by the rising demand from utility-scale solar projects where high-power inverters are vital in generating huge amounts of electricity to be fed into the grid.
The global inverter market is fragmented into multiple types of voltage ratings namely high, low, and medium. The high voltage segment is anticipated to dominate the segment with the highest market share over this forecast period. The expanding power generation with the distribution and transmission sector to meet the rising electricity demand, fosters segment growth. This has increased the size of photovoltaic plants in commercial, industrial and utility installations which will propel the thigh output voltage to invert market demand. While low-voltage inverts are predicted to experience a faster growth rate in the upcoming decade. The diverse use of low-voltage in residential to small medium-sized commercial solar installations is ascribed to support the growth of the low-voltage inverters market.
On the basis of the type of connection, the inverter market is bifurcated into grid-tied and stand-alone connections. As per our research, the grid-tied segment is projected to hold the majority of the market shares and will drive the segment growth until 2035. The high adoption of solar power systems in residential applications is grid-tied systems that fuel the segment demand, thereby aiding the market demand. In addition, the rise in rooftop installations and large-scale installations to ensure a consistent and reliable power supply are the factors attributed to uplifting the segment growth. Therefore, the grid-tied segment is expected to grow at a steady CAGR in the coming years.
Based on the types of distribution channels, the global inverter market is segmented into direct sales and indirect sales. According to our analysis, the direct sales channel leads the segment with the major market shares. Direct sales allow manufacturers to deliver customized inverter solutions that meet the specific requirements of large projects and their technical expertise offers direct technical support which is vital for complex installations and large-scale projects. Therefore, these factors are accredited to escalate the segment growth at a higher CAGR during this forecast period.
This segment explains the distribution of the inverter market into several end users which include automotive, photovoltaic plants, residential, and others. The residential segment is estimated to acquire the maximum market share and will lead the segment throughout the forecast period. Factors, such as heightened demand for rooftop solar installations and government incentives like tax credits, and rebates to promote clean energy are the factors driving the demand for invert in residential sector. Whereas the automotive sector is predicted to experience a significant growth rate due to a rise in the adoption of electric vehicles where inverters play a pivotal role in converting direct current from the inverter into alternative current for the electric motor.
This segment highlights the distribution of the Inverter Market across various geographical regions such as North America, Europe, Asia, Latin America, Middle East, North Africa, and the Rest of the World. According to our analysis, Asia exhibits dominance in the market with the majority of the inverter market share in the global marketplace. In terms of production and demand, Asia upsurges the leads the market owing to the growing number of consumers who are inclined towards electric vehicles, and solar energy. Furthermore, North America is projected to drive the market at a higher CAGR during this forecast period due to the higher adoption of clean energy solutions, strong government initiatives, tax incentives, and environmental concerns.
The “Inverter Market, Till-2035: Distribution Type of Product (Central Inverter, Hybrid Inverter, Micro Inverter, String Inverter) Type of Power Rating (Below10k W, 10-50kW, 50-100kW, and Above 100kW), Type of Voltage (High, Low, Medium), Type of Connection (Grid-Tied and Stand Alone), Type of Sales Channel (Direct and Indirect) Type of End-User (Automotive, Photovoltaic Plants, Residential, and Others), Geographical Regions (North America, Europe, Asia, Latin America and Middle East and North Africa and Rest of the World): Industry Trends and Global Forecasts “report features an extensive study of the current market landscape, market size and future opportunity within their inverter market, during the given forecast period. The market report highlights the efforts of several stakeholders involved in this rapidly emerging segment of the service providers industry. Key takeaways of the inverter market report are briefly discussed below.
The expansion of the inverter industry with ongoing advancements in inverter technology, such as smart inverters and microinverters is one of the latest industry trends. Integration of innovative technologies that enable remote monitoring, diagnostics, and control, making it popular among end users. Apart from this, rising trend of integrating inverters with battery storage systems to offer reliable and uninterrupted power supply advances the market scope. In addition, utilization of large-scale storage systems in conjunction with inverters to stabilize the grid and manage renewable energy sources more effectively. As a consequence of this, by following market trends, in June 2024, Holymiles, (a Chinese inverter maker) introduced an efficient three-phase microinverter. The product features a wide MPPT voltage range which span around 12V to 136V.
The inverter market faces intense competition from several multinational companies and regional players. Established companies such as SMA, Huawei, Sungrow, and others are influencing the market growth with their innovative and broad product portfolio and strong R&D in solar inverters. It is interesting to note that the top five players capture the majority share of the market. Through strategic initiatives, like mergers and acquisitions, and a focus on changing customers’ needs, and strong efforts for geographical expansion, these companies strive to maintain their leading position in the global marketplace. For instance, in July 2024 Sungrow, (a global leader in PV inverter and energy storage systems) signed a deal with Hero Future Energies to supply 850 MW inverter. Through this deal Sungrow aims to expand its remarkable presence in India’s flouring clean energy space.
The increasing adoption of renewable energy sources is one of the notable factors in driving the inverter market growth. The rise in the use of solar and wind energy as sustainable power sources substantially contribute to uplifting the demand for inverters. Secondly, the surging demand for energy due to rapid urbanization and industrialization, specifically, in emerging economies, leads to heightened energy demand. Moreover, continuous technological advancements in smart inverter and energy storage integration are likely to fuel market development during this forecast period.
With respect to regional insights, Asia is likely to dominate the market for inverters. Primarily, rapid urbanization and industrialization is one of the key market drivers. The fastest emerging economies in countries like China and India and their rising investment in renewable energy are accredited to foster the inverter market growth. Also, the expanding demand for energy due to the large and growing population in the region strengthens the inverter market development. Besides, China’s massive investment in solar and wind energy and the world’s largest production of solar panels and inverters are ascribed to the region’s market dominance. Additionally, large-scale renewable energy projects and their investment in clean energy will likely continue to retain the region’s position in the global market for inverters throughout this forecast 2024-2035.
Examples of key service providers involved in the inverter market (which have also been captured in this market report, arranged in alphabetical order) include ABB (Switzerland), Delta (Taiwan), Enphase (USA), Fronius (Austria), General Electric (USA), Huawei (China), Power Electronics (Spain), Schneider (France), SMA (Germany), SolarEdge (Israel), Sungrow (China), and TMEIC (Japan). This market report includes an easily searchable Excel database of all the companies who have adopted the Inverter Market.
The market report presents an in-depth analysis, highlighting the capabilities of various companies engaged in this domain, across different segments. Amongst other elements, the market report includes:
At Roots Analysis, we genuinely care about your success and understand that your business requirements are unique. While our market research reports provide valuable insights, we recognize that they might not cover every aspect you need to make well-informed strategic decisions. To account for that, we offer 15% free report customization tailored to your specific needs. Whether you require additional quantitative analysis, qualitative insights, or any other information related to the inverter market, reach out us today at: support@rootsanalysis.com