Inverters

Global Inverters Market to Reach US$69.3 Billion by 2030

The global market for Inverters estimated at US$25.7 Billion in the year 2023, is expected to reach US$69.3 Billion by 2030, growing at a CAGR of 15.2% over the analysis period 2023-2030. Below 10 kW Power Output Inverters, one of the segments analyzed in the report, is expected to record a 14.3% CAGR and reach US$27.0 Billion by the end of the analysis period. Growth in the 10-50 kW Power Output Inverters segment is estimated at 15.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$6.6 Billion While China is Forecast to Grow at 19.5% CAGR

The Inverters market in the U.S. is estimated at US$6.6 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$17.3 Billion by the year 2030 trailing a CAGR of 19.5% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 10.6% and 12.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.7% CAGR.

Global Inverters Market - Key Trends and Drivers Summarized

How Are Inverters Powering the Shift to Renewable Energy?

Inverters play a crucial role in renewable energy systems by converting direct current (DC) from sources like solar panels or batteries into alternating current (AC) used in homes and businesses. As the global demand for clean energy grows, inverters are becoming increasingly important in residential, commercial, and utility-scale solar power installations. Modern inverters come in various types, including string inverters, central inverters, and microinverters, each designed to optimize the efficiency and performance of solar energy systems. In addition to renewable energy, inverters are essential in uninterruptible power supply (UPS) systems, electric vehicles, and various industrial applications, enabling consistent and reliable power conversion across sectors.

What Technological Innovations Are Shaping the Inverter Market?

Technological advancements in power electronics and digital controls are significantly enhancing the performance of inverters. Innovations such as maximum power point tracking (MPPT) technology enable inverters to maximize energy generation by adjusting to changing weather conditions, ensuring optimal efficiency in solar installations. Smart inverters equipped with communication capabilities are gaining traction, allowing integration with smart grids to improve grid stability and enhance energy management. Additionally, the development of hybrid inverters that can simultaneously manage energy from solar panels, batteries, and the grid is revolutionizing energy storage and self-consumption in residential and commercial applications. These technologies are expanding the scope and potential of inverters across various industries.

How Do Market Segments Define the Growth of the Inverter Market?

Key types include solar inverters, hybrid inverters, and battery inverters, with solar inverters dominating the market due to the surge in solar energy adoption worldwide. Applications range from residential solar power systems to industrial automation and electric vehicles, with residential solar systems representing the largest segment due to government incentives and growing consumer awareness of renewable energy. End-users span across residential, commercial, industrial, and utility sectors, with the utility sector expected to experience rapid growth as large-scale solar farms and energy storage systems become more prevalent. Geographically, Asia-Pacific leads the market, driven by the expansion of renewable energy projects in countries like China, India, and Japan.

What Factors Are Driving the Growth in the Inverter Market?

The growth in the inverter market is driven by several factors, including the increasing global focus on renewable energy, rising demand for energy storage solutions, and advancements in inverter technology. As countries worldwide push for decarbonization and energy independence, inverters are playing a pivotal role in the transition to solar and other renewable energy sources. The rapid growth of electric vehicles is also contributing to market expansion, as inverters are essential components in vehicle powertrain systems. Additionally, technological advancements in hybrid and smart inverters, along with government incentives for solar installations and energy storage, are accelerating the adoption of inverters across residential, commercial, and utility-scale applications.

Select Competitors (Total 92 Featured) -

• ABB
• Altenergy Power System
• Bestek
• Continental
• Darfon Electronics
• Delphi Technologies
• Delta Electronics
• Enphase Energy
• Fimer
• Fronius International
• General Electric
• Goodwe
• Growatt New Energy
• Huawei Technologies
• Kaco New Energy
• Power Electronics
• Samlex Europe
• Schneider Electric
• Sensata Technologies
• SMA Solar Technology
• Solaredge Technologies
• Sungrow Power Supply
• Tbea Xinjiang Sunoasis
• Toshiba Mitsubishi-Electric Industrial Systems Corporation
• Yaskawa Solectria Solar

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