Inverter Market Size, Share, Trends, Growth Outlook

 

The Global Inverter Market Size is estimated to register 15.2% growth over the forecast period from 2024 to 2030.

 

The market growth is driven by an increasing rise of microgrids, localized energy systems that can operate independently from the main grid or in conjunction with it, is driving demand for specialized inverters. Inverters play a crucial role in microgrid operation by managing the flow of electricity between various distributed energy resources, such as solar panels, wind turbines, diesel generators, and energy storage systems. With increasing concerns about grid reliability, energy security, and resilience against natural disasters and cyber threats, the deployment of microgrids is gaining momentum. Inverters tailored for microgrid applications, capable of islanding and grid synchronization, are in high demand to support this trend. Leading Companies focusing on Advanced Energy Management, Grid-Interactive Hybrid Systems, Integration with Electric Vehicle Charging Infrastructure, and others to boost market shares in the industry.

 

Inverter Market Overview

The inverter market is experiencing rapid growth and innovation driven by several key factors. Firstly, the increasing adoption of renewable energy sources such as solar and wind power is boosting demand for inverters, which are crucial for converting their direct current output into usable alternating current electricity. Additionally, the electrification of transportation, particularly the rise of electric vehicles, is driving the need for inverters in vehicle drivetrains and charging infrastructure. Furthermore, the development of smart grid technologies and the integration of energy storage systems with inverters are opening up new opportunities for grid optimization and resilience. Technological advancements, including wide-bandgap semiconductors and digital control systems, are further shaping the market, leading to more efficient and intelligent inverters for various applications. Overall, the inverter market is poised for significant expansion as the world transitions towards cleaner energy sources and smarter grid solutions.

 

Inverter Market Dynamics

Inverter Market Trends- The market for inverters, which convert renewable energy sources like solar and wind power into usable electricity, plays a crucial role in integrating these sustainable resources into existing power grids.

The inverter market, crucial for converting renewable sources like solar and wind energy into usable electricity, holds pivotal importance in integrating sustainable resources into existing power grids. With the global push towards renewable energy gaining momentum, there's a heightened demand for inverters to efficiently transform the variable output of solar panels and wind turbines into stable AC power for distribution. Furthermore, inverters play a vital role in ensuring grid stability by managing the intermittent nature of renewable energy generation, guaranteeing a consistent power supply despite fluctuations in sunlight or wind conditions. This reliance on inverters underscores their significance in transitioning towards a more sustainable and resilient energy infrastructure. Moreover, ongoing advancements in inverter technology, including enhanced efficiency and grid integration capabilities, are fueling innovation and broadening the applications beyond traditional electricity generation. Consequently, the inverter market is evolving rapidly to cater to the escalating needs of the renewable energy sector, thereby facilitating the global transition towards a cleaner and more sustainable energy future.

 

Market Driver- Smart grid technologies are driving demand for inverters in the inverter market.

Smart grid technologies drive the demand for inverters in today's market, marking a crucial shift towards intelligent energy distribution and management systems. Inverters assume a central role by facilitating bidirectional energy flow and ensuring grid stability in this evolving landscape. Their integration with smart grid solutions enables seamless grid interaction, providing essential features like voltage regulation, reactive power control, and frequency synchronization. Additionally, these advanced inverters actively engage in demand response initiatives, bolster grid resilience, and facilitate the seamless integration of renewable energy sources. The global focus on energy efficiency, grid reliability, and sustainability is accelerating the adoption of smart grid technologies, thereby amplifying the need for sophisticated inverters tailored to smart grid applications. As utilities and grid operators worldwide modernize their infrastructure, the significance of inverters as pivotal components of smart grid functionality is set to escalate further.

 

Market Opportunity- The inverter market is booming thanks to the electrification of transportation.

The surge in electric vehicle (EV) adoption, fueled by stringent emissions regulations and a growing focus on sustainability, is driving remarkable growth and innovation in the inverter market. Inverters, pivotal in EV drivetrains, convert direct current (DC) from the vehicle's battery into alternating current (AC) to power the electric motor. The rapid expansion of EV charging infrastructure presents fresh opportunities for inverter manufacturers, as reliable inverters are indispensable for charging stations to efficiently deliver power to EVs. With significant investments from automotive giants and ongoing technological advancements lowering battery and power electronics costs, transportation electrification is not only transforming the automotive sector but also spurring unprecedented expansion in the inverter market. Furthermore, advanced inverters with bidirectional charging capabilities are facilitating the development of vehicle-to-grid (V2G) systems, allowing EVs to function as mobile energy storage units and contribute to grid stabilization. As the pace of electrification accelerates, the inverter market stands ready to leverage this shift towards cleaner and sustainable transportation solutions.

 

Market Share Analysis- Residential Inverter Market will register the fastest growth

The Global Inverter Market is analyzed across Residential, Photovoltaic (PV) Plants, Automotive, and others. Residential is poised to register the fastest growth. The residential inverter market focuses on providing inverters for residential solar PV systems, converting DC electricity from solar panels into usable AC electricity. With decreasing solar panel costs, government incentives, and growing environmental awareness, the market has experienced significant growth. Manufacturers continually innovate to enhance efficiency, reliability, and integration capabilities. Advancements in smart grid technologies and energy storage solutions further shape the market, enabling homeowners to optimize energy consumption, reduce electricity bills, and contribute to a cleaner energy future.

 

Market Share Analysis- Solar inverter held a significant market share in 2024

The Global Inverter Market is analyzed across various types including Solar inverter, Vehicle inverter, and others. Of these, Solar inverters held a significant market share in 2024. The solar inverter market is witnessing substantial growth alongside the proliferation of solar photovoltaic (PV) systems globally. These inverters are vital for converting the DC electricity generated by solar panels into AC electricity suitable for various applications. Factors such as environmental concerns, government incentives, and decreasing solar PV costs are driving the demand for clean energy solutions, fostering the expansion of the solar inverter market. Technological advancements, including high-efficiency inverters and smart features like remote monitoring, are enhancing system performance and grid integration capabilities. As solar energy gains traction as a viable alternative, the solar inverter market is poised to flourish, meeting the increasing demand for renewable energy solutions.

 

Inverter Market Segmentation

By output power rating

• Below 10 kW
• 10–50 kW
• 51–100 kW
• Above 100 kW

 

By End-user

• Residential
• Photovoltaic (PV) Plants
• Automotive
• Others

 

By type

• Solar inverter
• Vehicle inverter
• Others

 

 By output voltage

• 100–300 V
• 301–500 V
• Above 500 V

 

By connection type

• Standalone
• Grid-tied

 

By sales channel

• Direct
• Indirect

 

By Region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)

 

Inverter Market Companies

• Huawei Technologies Co Ltd(China)
• SUNGROW (China)
• SMA Solar Technology AG (Germany)
• Power Electronics S.L (Spain)
• Fimer Group (Italy)
• SolarEdge (Israel)
• Fronius International GmbH (Austria)
• Altenergy Power System Inc (United States)
• Enphase Energy (United States)
• DARFON (China)
• Schneider Electric (France)
• General Electric (United States)
• Delta Electronics Ltd (Taiwan)

 

*List not exhaustive

Inverter Market Outlook 2024

1 Market Overview

1.1 Introduction to the Inverter Market

1.2 Scope of the Study

1.3 Research Objective

1.3.1 Key Market Scope and Segments

1.3.2 Players Covered

1.3.3 Years Considered

 

2 Executive Summary

2.1 2024 Inverter Industry- Market Statistics

3 Market Dynamics

3.1 Market Drivers

3.2 Market Challenges

3.3 Market Opportunities

3.4 Market Trends

 

4 Market Factor Analysis

4.1 Porter’s Five Forces

4.2 Market Entropy

4.2.1 Global Inverter Market Companies with Area Served

4.2.2 Products Offerings Global Inverter Market

 

5 Recession Impact Analysis and Outlook Scenarios

5.1.1 Recission Impact Analysis

5.1.2 Market Growth Scenario- Base Case

5.1.3 Market Growth Scenario- Reference Case

5.1.4 Market Growth Scenario- High Case

 

6 Global Inverter Market Trends

6.1 Global Inverter Revenue (USD Million) and CAGR (%) by Type (2018-2032)

6.2 Global Inverter Revenue (USD Million) and CAGR (%) by Applications (2018-2032)

6.3 Global Inverter Revenue (USD Million) and CAGR (%) by Regions (2018-2032)

 

7 Global Inverter Market Revenue (USD Million) by Type, and Applications (2018-2023)

7.1 Global Inverter Revenue (USD Million) by Type (2018-2023)

7.1.1 Global Inverter Revenue (USD Million), Market Share (%) by Type (2018-2023)

7.2 Global Inverter Revenue (USD Million) by Applications (2018-2023)

7.2.1 Global Inverter Revenue (USD Million), Market Share (%) by Applications (2018-2023)

 

8 Global Inverter Development Regional Status and Outlook

8.1 Global Inverter Revenue (USD Million) By Regions (2018-2023)

8.2 North America Inverter Revenue (USD Million) by Type, and Application (2018-2023)

8.2.1 North America Inverter Revenue (USD Million) by Country (2018-2023)

8.2.2 North America Inverter Revenue (USD Million) by Type (2018-2023)

8.2.3 North America Inverter Revenue (USD Million) by Applications (2018-2023)

8.3 Europe Inverter Revenue (USD Million), by Type, and Applications (USD Million) (2018-2023)

8.3.1 Europe Inverter Revenue (USD Million), by Country (2018-2023)

8.3.2 Europe Inverter Revenue (USD Million) by Type (2018-2023)

8.3.3 Europe Inverter Revenue (USD Million) by Applications (2018-2023)

8.4 Asia Pacific Inverter Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2023)

8.4.1 Asia Pacific Inverter Revenue (USD Million) by Country (2018-2023)

8.4.2 Asia Pacific Inverter Revenue (USD Million) by Type (2018-2023)

8.4.3 Asia Pacific Inverter Revenue (USD Million) by Applications (2018-2023)

8.5 South America Inverter Revenue (USD Million), by Type, and Applications (2018-2023)

8.5.1 South America Inverter Revenue (USD Million), by Country (2018-2023)

8.5.2 South America Inverter Revenue (USD Million) by Type (2018-2023)

8.5.3 South America Inverter Revenue (USD Million) by Applications (2018-2023)

8.6 Middle East and Africa Inverter Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2023)

8.6.1 Middle East and Africa Inverter Revenue (USD Million) by Country (2018-2023)

8.6.2 Middle East and Africa Inverter Revenue (USD Million) by Type (2018-2023)

8.6.3 Middle East and Africa Inverter Revenue (USD Million) by Applications (2018-2023)

 

9 Company Profiles

 

10 Global Inverter Market Revenue (USD Million), by Type, and Applications (2024-2032)

10.1 Global Inverter Revenue (USD Million) and Market Share (%) by Type (2024-2032)

10.1.1 Global Inverter Revenue (USD Million), and Market Share (%) by Type (2024-2032)

10.2 Global Inverter Revenue (USD Million) and Market Share (%) by Applications (2024-2032)

10.2.1 Global Inverter Revenue (USD Million), and Market Share (%) by Applications (2024-2032)

 

11 Global Inverter Development Regional Status and Outlook Forecast

11.1 Global Inverter Revenue (USD Million) By Regions (2024-2032)

11.2 North America Inverter Revenue (USD Million) by Type, and Applications (2024-2032)

11.2.1 North America Inverter Revenue (USD) Million by Country (2024-2032)

11.2.2 North America Inverter Revenue (USD Million), by Type (2024-2032)

11.2.3 North America Inverter Revenue (USD Million), Market Share (%) by Applications (2024-2032)

11.3 Europe Inverter Revenue (USD Million), by Type, and Applications (2024-2032)

11.3.1 Europe Inverter Revenue (USD Million), by Country (2024-2032)

11.3.2 Europe Inverter Revenue (USD Million), by Type (2024-2032)

11.3.3 Europe Inverter Revenue (USD Million), by Applications (2024-2032)

11.4 Asia Pacific Inverter Revenue (USD Million) by Type, and Applications (2024-2032)

11.4.1 Asia Pacific Inverter Revenue (USD Million), by Country (2024-2032)

11.4.2 Asia Pacific Inverter Revenue (USD Million), by Type (2024-2032)

11.4.3 Asia Pacific Inverter Revenue (USD Million), by Applications (2024-2032)

11.5 South America Inverter Revenue (USD Million), by Type, and Applications (2024-2032)

11.5.1 South America Inverter Revenue (USD Million), by Country (2024-2032)

11.5.2 South America Inverter Revenue (USD Million), by Type (2024-2032)

11.5.3 South America Inverter Revenue (USD Million), by Applications (2024-2032)

11.6 Middle East and Africa Inverter Revenue (USD Million), by Type, and Applications (2024-2032)

11.6.1 Middle East and Africa Inverter Revenue (USD Million), by region (2024-2032)

11.6.2 Middle East and Africa Inverter Revenue (USD Million), by Type (2024-2032)

11.6.3 Middle East and Africa Inverter Revenue (USD Million), by Applications (2024-2032)

 

12 Methodology and Data Sources

12.1 Methodology/Research Approach

12.1.1 Research Programs/Design

12.1.2 Market Size Estimation

12.1.3 Market Breakdown and Data Triangulation

12.2 Data Sources

12.2.1 Secondary Sources

12.2.2 Primary Sources

12.3 Disclaimer

 

List of Tables

Table 1 Market Segmentation Analysis

Table 2 Global Inverter Market Companies with Areas Served

Table 3 Products Offerings Global Inverter Market

Table 4 Low Growth Scenario Forecasts

Table 5 Reference Case Growth Scenario

Table 6 High Growth Case Scenario

Table 7 Global Inverter Revenue (USD Million) And CAGR (%) By Type (2018-2032)

Table 8 Global Inverter Revenue (USD Million) And CAGR (%) By Applications (2018-2032)

Table 9 Global Inverter Revenue (USD Million) And CAGR (%) By Regions (2018-2032)

Table 10 Global Inverter Revenue (USD Million) By Type (2018-2023)

Table 11 Global Inverter Revenue Market Share (%) By Type (2018-2023)

Table 12 Global Inverter Revenue (USD Million) By Applications (2018-2023)

Table 13 Global Inverter Revenue Market Share (%) By Applications (2018-2023)

Table 14 Global Inverter Market Revenue (USD Million) By Regions (2018-2023)

Table 15 Global Inverter Market Share (%) By Regions (2018-2023)

Table 16 North America Inverter Revenue (USD Million) By Country (2018-2023)

Table 17 North America Inverter Revenue (USD Million) By Type (2018-2023)

Table 18 North America Inverter Revenue (USD Million) By Applications (2018-2023)

Table 19 Europe Inverter Revenue (USD Million) By Country (2018-2023)

Table 20 Europe Inverter Revenue (USD Million) By Type (2018-2023)

Table 21 Europe Inverter Revenue (USD Million) By Applications (2018-2023)

Table 22 Asia Pacific Inverter Revenue (USD Million) By Country (2018-2023)

Table 23 Asia Pacific Inverter Revenue (USD Million) By Type (2018-2023)

Table 24 Asia Pacific Inverter Revenue (USD Million) By Applications (2018-2023)

Table 25 South America Inverter Revenue (USD Million) By Country (2018-2023)

Table 26 South America Inverter Revenue (USD Million) By Type (2018-2023)

Table 27 South America Inverter Revenue (USD Million) By Applications (2018-2023)

Table 28 Middle East and Africa Inverter Revenue (USD Million) By Region (2018-2023)

Table 29 Middle East and Africa Inverter Revenue (USD Million) By Type (2018-2023)

Table 30 Middle East and Africa Inverter Revenue (USD Million) By Applications (2018-2023)

Table 31 Financial Analysis

Table 32 Global Inverter Revenue (USD Million) By Type (2024-2032)

Table 33 Global Inverter Revenue Market Share (%) By Type (2024-2032)

Table 34 Global Inverter Revenue (USD Million) By Applications (2024-2032)

Table 35 Global Inverter Revenue Market Share (%) By Applications (2024-2032)

Table 36 Global Inverter Market Revenue (USD Million), And Revenue (USD Million) By Regions (2024-2032)

Table 37 North America Inverter Revenue (USD)By Country (2024-2032)

Table 38 North America Inverter Revenue (USD Million) By Type (2024-2032)

Table 39 North America Inverter Revenue (USD Million) By Applications (2024-2032)

Table 40 Europe Inverter Revenue (USD Million) By Country (2024-2032)

Table 41 Europe Inverter Revenue (USD Million) By Type (2024-2032)

Table 42 Europe Inverter Revenue (USD Million) By Applications (2024-2032)

Table 43 Asia Pacific Inverter Revenue (USD Million) By Country (2024-2032)

Table 44 Asia Pacific Inverter Revenue (USD Million) By Type (2024-2032)

Table 45 Asia Pacific Inverter Revenue (USD Million) By Applications (2024-2032)

Table 46 South America Inverter Revenue (USD Million) By Country (2024-2032)

Table 47 South America Inverter Revenue (USD Million) By Type (2024-2032)

Table 48 South America Inverter Revenue (USD Million) By Applications (2024-2032)

Table 49 Middle East and Africa Inverter Revenue (USD Million) By Region (2024-2032)

Table 50 Middle East and Africa Inverter Revenue (USD Million) By Region (2024-2032)

Table 51 Middle East and Africa Inverter Revenue (USD Million) By Type (2024-2032)

Table 52 Middle East and Africa Inverter Revenue (USD Million) By Applications (2024-2032)

Table 53 Research Programs/Design for This Report

Table 54 Key Data Information from Secondary Sources

Table 55 Key Data Information from Primary Sources

 

List of Figures

Figure 1 Market Scope

Figure 2 Porter’s Five Forces

Figure 3 Global Inverter Revenue (USD Million) By Type (2018-2023)

Figure 4 Global Inverter Revenue Market Share (%) By Type (2023)

Figure 5 Global Inverter Revenue (USD Million) By Applications (2018-2023)

Figure 6 Global Inverter Revenue Market Share (%) By Applications (2023)

Figure 7 Global Inverter Market Revenue (USD Million) By Regions (2018-2023)

Figure 8 Global Inverter Market Share (%) By Regions (2023)

Figure 9 North America Inverter Revenue (USD Million) By Country (2018-2023)

Figure 10 North America Inverter Revenue (USD Million) By Type (2018-2023)

Figure 11 North America Inverter Revenue (USD Million) By Applications (2018-2023)

Figure 12 Europe Inverter Revenue (USD Million) By Country (2018-2023)

Figure 13 Europe Inverter Revenue (USD Million) By Type (2018-2023)

Figure 14 Europe Inverter Revenue (USD Million) By Applications (2018-2023)

Figure 15 Asia Pacific Inverter Revenue (USD Million) By Country (2018-2023)

Figure 16 Asia Pacific Inverter Revenue (USD Million) By Type (2018-2023)

Figure 17 Asia Pacific Inverter Revenue (USD Million) By Applications (2018-2023)

Figure 18 South America Inverter Revenue (USD Million) By Country (2018-2023)

Figure 19 South America Inverter Revenue (USD Million) By Type (2018-2023)

Figure 20 South America Inverter Revenue (USD Million) By Applications (2018-2023)

Figure 21 Middle East and Africa Inverter Revenue (USD Million) By Region (2018-2023)

Figure 22 Middle East and Africa Inverter Revenue (USD Million) By Type (2018-2023)

Figure 23 Middle East and Africa Inverter Revenue (USD Million) By Applications (2018-2023)

Figure 24 Global Inverter Revenue (USD Million) By Type (2024-2032)

Figure 25 Global Inverter Revenue Market Share (%) By Type (2030)

Figure 26 Global Inverter Revenue (USD Million) By Applications (2024-2032)

Figure 27 Global Inverter Revenue Market Share (%) By Applications (2030)

Figure 28 Global Inverter Market Revenue (USD Million) By Regions (2024-2032)

Figure 29 North America Inverter Revenue (USD Million) By Country (2024-2032)

Figure 30 North America Inverter Revenue (USD Million) By Type (2024-2032)

Figure 31 North America Inverter Revenue (USD Million) By Applications (2024-2032)

Figure 32 Europe Inverter Revenue (USD Million) By Country (2024-2032)

Figure 33 Europe Inverter Revenue (USD Million) By Type (2024-2032)

Figure 34 Europe Inverter Revenue (USD Million) By Applications (2024-2032)

Figure 35 Asia Pacific Inverter Revenue (USD Million) By Country (2024-2032)

Figure 36 Asia Pacific Inverter Revenue (USD Million) By Type (2024-2032)

Figure 37 Asia Pacific Inverter Revenue (USD Million) By Applications (2024-2032)

Figure 38 South America Inverter Revenue (USD Million) By Country (2024-2032)

Figure 39 South America Inverter Revenue (USD Million) By Type (2024-2032)

Figure 40 South America Inverter Revenue (USD Million) By Applications (2024-2032)

Figure 41 Middle East and Africa Inverter Revenue (USD Million) By Region (2024-2032)

Figure 42 Middle East and Africa Inverter Revenue (USD Million) By Region (2024-2032)

Figure 43 Middle East and Africa Inverter Revenue (USD Million) By Type (2024-2032)

Figure 44 Middle East and Africa Inverter Revenue (USD Million) By Applications (2024-2032)

Figure 45 Bottom-Up and Top-Down Approaches for This Report

Figure 46 Data Triangulation

Inverter Market Segmentation

By output power rating

• Below 10 kW
• 10–50 kW
• 51–100 kW
• Above 100 kW

 

By End-user

• Residential
• Photovoltaic (PV) Plants
• Automotive
• Others

 

By type

• Solar inverter
• Vehicle inverter
• Others

 

 By output voltage

• 100–300 V
• 301–500 V
• Above 500 V

 

By connection type

• Standalone
• Grid-tied

 

By sales channel

• Direct
• Indirect

 

By Region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)