Power Inverter Market

Power Inverter Market

Growth Factors of Power Inverter Market

The Power Inverter Market size was valued at USD 46.57 billion in 2023. The market is projected to grow from USD 53.49 billion in 2024 to USD 209.74 billion by 2032, exhibiting a CAGR of 18.62% during the forecast period of 2024-2032.

The COVID-19 pandemic triggered disruptions inside the power inverter marketplace, specifically because of delays in manufacturing and supply chains. Lockdowns and regulations halted the production of important additives, main to assignment delays and cancellations. However, the marketplace noticed a restoration as economies reopened, with an elevated consciousness on renewable electricity assets like solar energy. Government projects supporting inexperienced energy post-pandemic also are boosting the call for for electricity inverters. Additionally, the upward push in work-from-home setups and digitalization accelerated the need for uninterrupted electricity supply, reaping benefits the power inverter market.

One of the today's developments inside the strength inverter marketplace is the increasing integration of clever inverters. These inverters come equipped with advanced technologies like real-time monitoring, grid connectivity, and far flung operation via smart gadgets. They are particularly precious in sun energy structures, wherein they can optimize power usage and decorate system performance. The developing adoption of smart grids and the want for electricity efficiency in strength distribution are riding this fashion, as clients are trying to find smarter, more reliable, and extra value-effective electricity solutions.

A key riding element within the energy inverter marketplace is the growing adoption of renewable strength assets, specially solar power. Governments worldwide are imposing policies and incentives to promote easy electricity, that's fueling the demand for solar power structures and, in flip, power inverters. With the global attention on decreasing carbon emissions and dependency on fossil fuels, the demand for inverters is developing, as they're essential for converting renewable electricity into usable strength. The shift toward greener strength solutions is anticipated to noticeably raise the power inverter marketplace.

Comprehensive Analysis of Power Inverter Market

The Power Inverter Market growth is rising at an exponential rate due to its marketplace segmentation. This market expansion correctly affords a detailed local assessments thinking about the dominant supply and call for forces that effect the enterprise. These segmentations are methodically segregated by . By Product include String Inverter, Micro Inverter, Central Inverter, Others. By Output Voltage include Low, Medium ,High. By End-user include Residential ,Commercial ,Utility, Automotive, Others.

The Asia Pacific region lead the Power Inverter Market share by benefitting a market size of USD 46.57 billion due to demand for products used in machinery, equipment, control systems, and power distribution networks, contributing to market expansion .

The top players in the market play a crucial role in the industry assuring market growth and setting market standards. These players include, Google LLC (Alphabet, Inc.), Magic Leap, Inc., ReWalk Robotics, SAMSUNG, B-Temia, Panasonic Holdings Corporation, NVIDIA Corporation, Microsoft, Ekso Bionics, Vuzix,these market players provide a level-playing competitive landscape.

In April 2022, SMA Solar Technology AG launched a new line of four inverters with rated outputs of 12kW, 15kW, 20kW, and 25kW for use in PV rooftop systems up to 135kW. The inverter guarantees grid-compliant power control for the entire system, allowing up to 150% larger PV generators. This product launch has reinforced its product portfolio.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 18.62% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Product

String Inverter

Micro Inverter

Central Inverter

Others

By Output Voltage

Low

Medium

High

By End-user

Residential

Commercial

Utility

Automotive

Others

By Geography

North America (By Product, By Output Voltage, By Country)

• U.S. (By End-user)
• Canada (By End-user)

Europe (By Product, By Output Voltage, By Country)

• U.K. (By End-user)
• Germany (By End-user)
• France (By End-user)
• Spain (By End-user)
• Italy (By End-user)
• Russia (By End-user)
• Rest of Europe (By End-user)

Asia Pacific (By Product, By Output Voltage, By Country) By Output Voltage

• China (By End-user)
• India (By End-user)
• Japan (By End-user)
• Australia (By End-user)
• Southeast Asia (By End-user)
• Rest of Asia Pacific (By End-user)

Latin America (By Product, By Output Voltage, By Country)

• Brazil (By End-user)
• Mexico (By End-user)
• Rest of Latin America (By End-user)

Middle East & Africa (By Product, By Output Voltage, By Country)

• GCC (By End-user)
• South Africa (By End-user)
• Rest of Middle East & Africa(By End-user)


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