Global Power Inverter Market Size Study & Forecast, by Product (String Inverter, Micro Inverter, Central Inverter, Others), By Output Voltage (Low, Medium, High), By End-user (Residential, Commercial, Utility, Automotive, Others), and Regional Analysis, 2

Global Power Inverter Market Size Study & Forecast, by Product (String Inverter, Micro Inverter, Central Inverter, Others), By Output Voltage (Low, Medium, High), By End-user (Residential, Commercial, Utility, Automotive, Others), and Regional Analysis, 2023-2030

Global Power Inverter Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. A power inverter is an electronic device that converts direct current (DC) electricity from a power source, such as a battery or solar panel, into alternating current (AC) electricity, which is used to power appliances, devices, and equipment that operate on AC power. Moreover, the rising electricity demand, growing renewable energy installations, and increasing electrification of transportation, including electric vehicles (EVs) and hybrid vehicles are anticipated to create a lucrative demand for the market during the forecast period 2023-2030.

With increasing urbanization, industrialization, and population growth, the electricity demand is on the rise globally. Power inverters play a crucial role in meeting this demand by enabling the use of alternative power sources such as solar panels and batteries, thereby contributing to the growth of the market. According to Statista, in 2020, the electricity demand worldwide was 23,995 terawatt hours and it is anticipated to reach 29463 terawatt hours by 2030. As a result, the growing electricity demand globally is anticipated to support the market growth. Moreover, the increasing adoption in off-grid and remote areas and supportive government initiatives and incentives are anticipated to create a lucrative opportunity for the market. However, the high installation and maintenance costs, and competition from alternative technologies, such as uninterrupted power supply (UPS) systems, grid-tied inverters with battery backup, and direct use of DC-powered appliances stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Power Inverter Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the rising demand for renewable energy systems, increasing adoption of electric vehicles, expansion of off-grid and remote power systems, growing demand for energy storage systems, and presence of key market players. The Asia Pacific is expected to grow with the fastest growth rate during the forecast period, owing to factors such as the growing rapid urbanization, growing renewable energy adoption, rising demand for off-grid solutions, increasing adoption of electric vehicles, and supportive government initiatives and incentives.

Major market players included in this report are:
Schneider Electric
Enphase Energy, Inc.
SolarEdge Technologies
SMA Solar Technology AG
ABB Ltd.
Toshiba Mitsubishi Electric Industrial Systems Corporation
Sungrow Power Supply Co., Ltd.
Huawei Technologies Co., Ltd.
Advanced Energy Industries, Inc.
Omron Corporation

Recent Developments in the Market:
 In April 2022, SMA Solar Technology AG introduced a new series of inverters, offering rated outputs of 12kW, 15kW, 20kW, and 25kW. These inverters are specifically designed for utilization in photovoltaic (PV) rooftop systems with capacities of up to 135kW. Notably, these inverters ensure grid-compliant power management across the entire system, enabling the integration of PV generators that are up to 150% larger. Through these company expand its product portfolio.

Global Power Inverter Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered - Product, Output Voltage, End-user, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define the market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters to detailed information about the crucial aspects such as driving factors & challenges that will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with a detailed analysis of the competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Product:
String Inverter
Micro Inverter
Central Inverter
Others

By Output Voltage:
Low
Medium
High

By End-user:
Residential
Commercial
Utility
Automotive
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa


Please note:The single user license is non-downloadable and non-printable. Global Site license allows these actions.