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Inverter Market by Type (Solar Inverters, Vehicle Inverter), Output Power Rating (Upto 10 kW, 10-50 kW, 51-100 kW, above 100 kW), End User (PV Plants, Residential, Automotive), Connection, Voltage, Sales Channel & Region - Forecast to 2028

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    Report

  • 283 Pages
  • February 2024
  • Region: Global
  • Markets and Markets
  • ID: 5605278
Description Jump to:
The Inverter market is estimated to grow from USD 39.6 billion by 2028 from an estimated USD 18.9 billion in 2023, at a CAGR of 16.0% during the forecast period. Innovation in technology and a rise in solar PV system installations are two main drivers of the inverter industry's expansion. These days, inverters are more and more common in the home market because of their affordability, dependability, and adaptability. The inverter market is expected to grow as a result of homes using inverters for dependable energy solutions and lower electricity bills due to advancements in technology.

Residential segment is the largest segment of the Inverter market, by end user

Based on end user, the Inverter market has been split into four types: residential, automotive, photovoltaic (PV) plants, and others. The increase in residential solar installations and the world's transition to sustainable energy sources are driving growth in the inverter market's residential segment. Homeowners are encouraged to invest in solar systems by government incentives and growing public awareness of environmental issues. These residential installations require inverters, which transform solar-generated DC into AC that may be used for domestic purposes.

Grid-tied segment is expected to emerge as the fastest-growing segment based on connection type

Based on connection type, the Inverter market has been segmented into standalone and grid-tied . The inverter market's grid-tied segment is expanding at the fastest pace because it is in line with the changing energy landscape. Grid-tied inverters make it easier to smoothly incorporate renewable energy sources - like solar energy - into the current electrical grids. By enabling customers to send excess energy back into the grid, this connection type promotes sustainability and may save electricity prices. Grid-tied inverters are becoming more and more in demand as the world moves towards cleaner energy practices and grid modernization. This is because residential, commercial, and industrial applications are looking for energy solutions that are efficient, connected, and environmentally friendly.

Asia Pacific is expected to emerge as the largest region based on Inverter market

By region, the Inverter market has been segmented into Asia Pacific, North America, South America, Europe, and Middle East & Africa. In the region, the Inverter market is expanding in Asia Pacific because of the region's rapid economic expansion, growing industrialization, and strong emphasis on the use of renewable energy. With their aggressive clean energy goals, nations like China, India, and Japan are driving the market and creating demand for inverters for solar and wind power projects. The region's supremacy is a result of rapid urbanisation, rising electrification, and government measures encouraging sustainable technologies. Demand for home solar installations is also fueled by Asia Pacific's expanding middle class. The region is positioned as a key player in the global inverter market thanks to its aggressive dedication to green energy solutions.

Indirect is expected to be the fastest segment based on sales channel

The indirect sales channel is the largest segment in the inverter market due to the complexity and specialized nature of inverter technologies. Manufacturers often rely on a network of distributors, retailers, and third-party vendors to reach diverse end-users. This indirect approach allows for wider market coverage, efficient distribution, and targeted customer support. The intricate technical requirements of inverters necessitate knowledgeable intermediaries, making the indirect sales channel the preferred method for reaching a broad customer base and catering to specific industry needs.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
  • By Company Type: Tier 1 - 45%, Tier 2 - 30%, and Tier 3 - 25%
  • By Designation: C-Level - 35%, Director Levels - 25%, and Others - 40%
  • By Region: North America - 27%, Europe - 20%, Asia Pacific - 33%, the Middle East & Africa - 12%, and South America - 8%
Note: Others include product engineers, product specialists, and engineering leads.

Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: >USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The Inverter market is dominated by a few major players that have a wide regional presence. The leading players in the Inverter market are Huawei Technologies Co., Ltd. (China), SUNGROW (China), SMA Solar Technology AG (Germany), Power Electronics S.L. (Spain), and Fimer Group (Italy).

Research Coverage

The report defines, describes, and forecasts the Inverter market, by output power rating, end user, output voltage, type, connection type, sales channel and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the Inverter market.

Key Benefits of Buying the Report

  • Increasing investments in renewable energy sector and rising number of solar installations attributed to government-led incentives and schemes. Growing demand for residential solar rooftop installations and distributed energy resources (DERs).
  • Product Development/ Innovation: The trends such as Z-source inverter, solar micro-inverter and smart inverters.
  • Market Development: The global scenario of Inverter has developed due to a global shift towards sustainable energy solutions, increased adoption of renewable sources like solar and wind power, technological advancements enhancing efficiency, and the growing demand for electric vehicles. These factors collectively propel innovation, creating a dynamic landscape for inverter technologies to meet evolving energy demands.
  • Market Diversification: Market diversification in the inverter market is a response to varied energy needs across industries and regions. As renewable energy adoption expands, diverse applications emerge, from residential solar installations to utility-scale projects. Inverter manufacturers diversify their product offerings to cater to the specific requirements of different sectors, fostering market growth and resilience.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Huawei Technologies Co., Ltd. (China), SUNGROW (China), SMA Solar Technology AG (Germany), Power Electronics S.L. (Spain), and Fimer Group (Italy) among others in the Inverter market.

Table of Contents

1 Introduction
1.1 Study Objectives
1.2 Market Definition
1.2.1 Inverter Market, by Output Power Rating: Inclusions and Exclusions
1.2.2 Inverter Market, by End-user: Inclusions and Exclusions
1.2.3 Inverter Market, by Type: Inclusions and Exclusions
1.2.4 Inverter Market, by Output Voltage: Inclusions and Exclusions
1.2.5 Inverter Market, by Connection Type: Inclusions and Exclusions
1.2.6 Inverter Market, by Sales Channel: Inclusions and Exclusions
1.3 Study Scope
1.3.1 Markets Covered
Figure 1 Inverter Market: Segmentation
1.3.2 Regional Scope
1.3.3 Years Considered
1.3.4 Currency Considered
1.3.5 Units Considered
1.4 Limitations
1.5 Stakeholders
1.6 Summary of Changes
1.7 Recession Impact
2 Research Methodology
2.1 Research Data
Figure 2 Inverter Market: Research Design
2.1.1 Secondary Data
2.1.1.1 Key Data from Secondary Sources
2.1.1.2 List of Key Secondary Sources
2.1.2 Primary Data
2.1.2.1 List of Key Primary Interview Participants
2.1.2.2 Primary Interviews with Experts
2.1.2.3 Breakdown of Primaries
2.2 Data Triangulation
Figure 3 Data Triangulation
2.3 Research Scope
Figure 4 Main Metrics Considered to Analyze and Assess Demand for Inverters
2.4 Market Size Estimation
2.4.1 Bottom-Up Approach
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
2.4.2 Top-Down Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
2.4.3 Demand-Side Analysis
2.4.3.1 Regional Analysis
2.4.3.2 Country-Level Analysis
2.4.3.3 Assumptions for Demand-Side Analysis
2.4.3.4 Calculations for Demand-Side Analysis
2.4.4 Supply-Side Analysis
Figure 7 Key Steps Considered to Assess Supply of Inverters
Figure 8 Inverter Market: Supply-Side Analysis
2.4.4.1 Assumptions for Supply-Side Analysis
2.4.4.2 Calculations for Supply-Side Analysis
Figure 9 Company Revenue Analysis, 2023
2.4.5 Growth Forecast
2.5 Risk Assessment
2.6 Impact of Recession on Inverter Market
3 Executive Summary
Table 1 Inverter Market Snapshot
Figure 10 Inverter Market in Asia-Pacific to Register Highest CAGR During Forecast Period
Figure 11 Below 10 kW Segment to Lead Inverter Market in 2028
Figure 12 100-300 V Segment to Dominate Inverter Market in 2028
Figure 13 Residential Segment to Hold Largest Share of Inverter Market in 2028
Figure 14 Solar Inverter Segment to Lead Inverter Market in 2028
Figure 15 Standalone Segment to Dominate Inverter Market in 2028
Figure 16 Indirect Segment to Hold Larger Share of Inverter Market in 2028
4 Premium Insights
4.1 Attractive Opportunities for Players in Inverter Market
Figure 17 Increasing Adoption of Renewable Energy Sources to Create Lucrative Opportunities for Market Players During Forecast Period
4.2 Inverter Market in Asia-Pacific, by End-user and Country
Figure 18 Residential Segment and China to Hold Largest Shares of Inverter Market in Asia-Pacific in 2023
4.3 Inverter Market, by Output Power Rating
Figure 19 Below 10 kW Segment to Dominate Inverter Market in 2028
4.4 Inverter Market, by Output Voltage
Figure 20 100-300 V Segment to Account for Largest Share of Inverter Market in 2028
4.5 Inverter Market, by End-user
Figure 21 Residential Segment to Hold Largest Share of Inverter Market in 2028
4.6 Inverter Market, by Inverter Type
Figure 22 Solar Inverter Segment to Dominate Inverter Market in 2028
4.7 Inverter Market, by Connection Type
Figure 23 Standalone Segment to Account for Larger Share of Inverter Market in 2028
4.8 Inverter Market, by Sales Channel
Figure 24 Indirect Segment to Hold Larger Share of Inverter Market in 2028
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
Figure 25 Inverter Market: Drivers, Restraints, Opportunities, and Challenges
5.2.1 Drivers
5.2.1.1 Increasing Investments in Renewable Energy Sector
Figure 26 Net Solar Pv Electricity Capacity Additions, by Region, 2022-2024
Figure 27 Global Investments in Clean Energy Generation, 2015-2023 (USD Billion)
5.2.1.2 Rising Number of Solar Installations Attributed to Government-Led Initiatives and Schemes
5.2.1.3 Increasing Residential Solar Rooftop Installations
5.2.2 Restraints
5.2.2.1 Safety Risks Associated with High DC Voltages
5.2.2.2 Strain on Batteries due to Prolonged Use of Inverters
5.2.3 Opportunities
5.2.3.1 Growing Demand for Electric Vehicles
5.2.3.2 Increasing Investments in Development of Smart Grids
5.2.3.3 Demand for High-Power Density Inverters
5.2.4 Challenges
5.2.4.1 Availability of Cost-Effective Products in Gray Market Leading to Pricing Pressure on Manufacturers
5.3 Trends/Disruptions Impacting Customers’ Businesses
Figure 30 Trends/Disruptions Impacting Customers’ Businesses
5.4 Ecosystem Mapping
Table 2 Role of Players in Inverter Ecosystem
Figure 31 Ecosystem Mapping
5.5 Value Chain Analysis
Figure 32 Inverter Market: Value Chain Analysis
5.5.1 Raw Material Providers/Component Manufacturers/Suppliers
5.5.2 Inverter Manufacturers/Assemblers
5.5.3 Distributors/Resellers
5.5.4 End-users
5.5.5 Maintenance/Service Providers
5.6 Technology Analysis
5.6.1 Z-Source Inverters
5.6.2 Solar Micro Inverters
5.6.3 Smart Inverters
5.7 Patent Analysis
Figure 33 Inverter Market: Patent Registrations, 2012-2022
Table 3 Inverter Market: Innovations and Patent Registrations, 2019-2023
5.8 Trade Analysis
5.8.1 Import Scenario
Figure 34 Import Data for HS Code 850440-Compliant Products, by Top Five Countries, 2020-2022 (USD Thousand)
Table 4 Import Data for HS Code 850440-Compliant Products, by Country, 2020-2022 (USD Thousand)
5.8.2 Export Scenario
Figure 35 Export Data for HS Code 850440-Compliant Products, by Top Five Countries, 2020-2022 (USD Thousand)
Table 5 Export Data for HS Code 850440-Compliant Products, by Country, 2020-2022 (USD Thousand)
5.9 Pricing Analysis
Figure 36 Average Selling Price (ASP) Trend of Inverters, by Type, 2021-2023 (USD/Unit)
Table 6 Average Selling Price (ASP) Trend of Inverters, by Type, 2021-2023 (USD/Unit)
Figure 37 Average Selling Price (ASP) Trend of Inverters, by Region, 2021-2023 (USD/Unit)
Table 7 Average Selling Price (ASP) Trend of Inverters, by Region, 2021-2023 (USD/Unit)
5.10 Tariffs, Standards, and Regulatory Landscape
5.10.1 Regulatory Bodies, Government Agencies, and Other Organizations
Table 8 North America: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 9 Europe: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 10 Asia-Pacific: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 11 RoW: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 12 Global: List of Regulatory Bodies, Government Agencies, and Other Organizations
5.10.2 Standards
Table 13 Global: Standards
5.10.3 Tariffs
Table 14 Import Tariff for HS Code 850440-Compliant Products, 2022
5.11 Porter's Five Forces Analysis
Figure 38 Inverter Market: Porter's Five Forces Analysis
Table 15 Inverter Market: Porter's Five Forces Analysis
5.11.1 Threat of Substitutes
5.11.2 Bargaining Power of Suppliers
5.11.3 Bargaining Power of Buyers
5.11.4 Threat of New Entrants
5.11.5 Intensity of Competitive Rivalry
5.12 Case Study Analysis
5.12.1 Solar Power Plant in Bargas, Spain, to Deploy Turnkey Solution by Sungrow
5.12.2 Man Trucks & Buses, South Africa, to Go Green with Goodwe Inverters
5.12.3 Five Mid-Large Scale Solar Farm Projects in Regional South Australia to Use Inverter by Fimer
5.13 Key Stakeholders and Buying Criteria
5.13.1 Key Stakeholders in Buying Process
Figure 39 Influence of Key Stakeholders on Buying Process for Top Three End-users
Table 16 Influence of Key Stakeholders on Buying Process for Top Three End-users
5.13.2 Buying Criteria
Figure 40 Key Buying Criteria for Top Three End-users
Table 17 Key Buying Criteria for Top Three End-users
5.14 Key Conferences and Events, 2024
Table 18 Inverter Market: List of Key Conferences and Events, 2024
6 Inverter Market, by Output Power Rating
6.1 Introduction
Figure 41 Inverter Market, by Output Power Rating, 2023
Table 19 Inverter Market, by Output Power Rating, 2020-2022 (USD Million)
Table 20 Inverter Market, by Output Power Rating, 2023-2028 (USD Million)
6.2 Below 10 kW
6.2.1 Rising Demand from Residential Sector to Contribute to Market Growth
Table 21 Below 10 kW: Inverter Market, by Region, 2020-2022 (USD Million)
Table 22 Below 10 kW: Inverter Market, by Region, 2023-2028 (USD Million)
6.3 10-50 kW
6.3.1 Increasing Deployment in Expanding Commercial Sector to Fuel Demand
Table 23 10-50 kW: Inverter Market, by Region, 2020-2022 (USD Million)
Table 24 10-50 kW: Inverter Market, by Region, 2023-2028 (USD Million)
6.4 51-100 kW
6.4.1 Growing Demand from Pv Plants and Various Industries to Boost Market Growth
Table 25 51-100 kW: Inverter Market, by Region, 2020-2022 (USD Million)
Table 26 51-100 kW: Inverter Market, by Region, 2023-2028 (USD Million)
6.5 Above 100 kW
6.5.1 Rising Number of Pv Plants and Expanding Automotive Industry to Drive Market
Table 27 Above 100 kW: Inverter Market, by Region, 2020-2022 (USD Million)
Table 28 Above 100 kW: Inverter Market, by Region, 2023-2028 (USD Million)
7 Inverter Market, by End-user
7.1 Introduction
Figure 42 Inverter Market, by End-user, 2023 (USD Million)
Table 29 Inverter Market, by End-user, 2020-2022 (USD Million)
Table 30 Inverter Market, by End-user, 2023-2028 (USD Million)
7.2 Residential
7.2.1 Rising Government Initiatives to Increase Renewable Energy Access for Households to Drive Market
Table 31 Residential: Inverter Market, by Region, 2020-2022 (USD Million)
Table 32 Residential: Inverter Market, by Region, 2023-2028 (USD Million)
7.3 Automotive
7.3.1 Growing Adoption of Electric Vehicles to Fuel Demand
Table 33 Automotive: Inverter Market, by Region, 2020-2022 (USD Million)
Table 34 Automotive: Inverter Market, by Region, 2023-2028 (USD Million)
7.4 Photovoltaic (Pv) Plants
7.4.1 Increasing Implementation of Renewable Energy Policies in Several Countries to Foster Market Growth
Table 35 Photovoltaic (Pv) Plants: Inverter Market, by Region, 2020-2022 (USD Million)
Table 36 Photovoltaic (Pv) Plants: Inverter Market, by Region, 2023-2028 (USD Million)
7.5 Others
Table 37 Others: Inverter Market, by Region, 2020-2022 (USD Million)
Table 38 Others: Inverter Market, by Region, 2023-2028 (USD Million)
8 Inverter Market, by Type
8.1 Introduction
Figure 43 Inverter Market, by Type, 2023 (USD Million)
Table 39 Inverter Market, by Type, 2020-2022 (USD Million)
Table 40 Inverter Market, by Type, 2023-2028 (USD Million)
Table 41 Inverter Market, by Type, 2020-2022 (Thousand Units)
Table 42 Inverter Market, by Type, 2023-2028 (Thousand Units)
8.2 Solar Inverter
Table 43 Solar Inverter: Inverter Market, by Region, 2020-2022 (USD Million)
Table 44 Solar Inverter: Inverter Market, by Region, 2023-2028 (USD Million)
Table 45 Solar Inverter: Inverter Market, by Sub-Type, 2020-2022 (USD Million)
Table 46 Solar Inverter: Inverter Market, by Sub-Type, 2023-2028 (USD Million)
8.2.1 Central Inverter
8.2.1.1 Rising Demand from Pv Plants to Drive Market
Table 47 Central Inverter: Inverter Market, by Region, 2020-2022 (USD Million)
Table 48 Central Inverter: Inverter Market, by Region, 2023-2028 (USD Million)
8.2.2 String Inverter
8.2.2.1 Rising Installation of Solar Panels in Residential and Commercial Sectors to Boost Market Growth
Table 49 String Inverter: Inverter Market, by Region, 2020-2022 (USD Million)
Table 50 String Inverter: Inverter Market, by Region, 2023-2028 (USD Million)
8.2.3 Micro Inverter
8.2.3.1 Increasing Demand for Micro Inverters in Residential Sector to Fuel Market Growth
Table 51 Micro Inverter: Inverter Market, by Region, 2020-2022 (USD Million)
Table 52 Micro Inverter: Inverter Market, by Region, 2023-2028 (USD Million)
8.2.4 Hybrid Inverter
8.2.4.1 Multiple Benefits of Hybrid Inverters to Drive Market
Table 53 Hybrid Inverter: Inverter Market, by Region, 2020-2022 (USD Million)
Table 54 Hybrid Inverter: Inverter Market, by Region, 2023-2028 (USD Million)
8.3 Vehicle Inverter
Table 55 Vehicle Inverter: Inverter Market, by Region, 2020-2022 (USD Million)
Table 56 Vehicle Inverter: Inverter Market, by Region, 2023-2028 (USD Million)
Table 57 Vehicle Inverter: Inverter Market, by Sub-Type, 2020-2022 (USD Million)
Table 58 Vehicle Inverter: Inverter Market, by Sub-Type, 2023-2028 (USD Million)
8.3.1 Battery Electric Vehicle (BEV)
8.3.1.1 Favorable Government Initiatives Related to EVs to Propel Market
Table 59 Battery Electric Vehicle (BEV): Inverter Market, by Region, 2020-2022 (USD Million)
Table 60 Battery Electric Vehicle (BEV): Inverter Market, by Region, 2023-2028 (USD Million)
8.3.2 Hybrid Electric Vehicle (HEV)
8.3.2.1 Increased Demand for Fuel-Efficient Vehicles and Implementation of Stringent Emission Norms to Fuel Market Growth
Table 61 Hybrid Electric Vehicle (HEV): Inverter Market, by Region, 2020-2022 (USD Million)
Table 62 Hybrid Electric Vehicle (BEV): Inverter Market, by Region, 2023-2028 (USD Million)
8.3.3 Plug-In Hybrid Electric Vehicle (PHEV)
8.3.3.1 Rising Demand for EVs to Boost Market Growth
Table 63 Plug-In Hybrid Electric Vehicle (PHEV): Inverter Market, by Region, 2020-2022 (USD Million)
Table 64 Plug-In Hybrid Electric Vehicle (PHEV): Inverter Market, by Region, 2023-2028 (USD Million)
8.4 Others
Table 65 Others: Inverter Market, by Region, 2020-2022 (USD Million)
Table 66 Others: Inverter Market, by Region, 2023-2028 (USD Million)
9 Inverter Market, by Output Voltage
9.1 Introduction
Figure 44 Inverter Market, by Output Voltage, 2023 (USD Million)
Table 67 Inverter Market, by Output Voltage, 2020-2022 (USD Million)
Table 68 Inverter Market, by Output Voltage, 2023-2028 (USD Million)
9.2 100-300 V
9.2.1 Rising Electricity Demand due to Urbanization to Drive Market
Table 69 100-300 V: Inverter Market, by Region, 2020-2022 (USD Million)
Table 70 100-300 V: Inverter Market, by Region, 2023-2028 (USD Million)
9.3 301-500 V
9.3.1 Growing Requirement for Uninterrupted Power Supply from Commercial and Industrial Sectors to Fuel Market Growth
Table 71 301-500 V: Inverter Market, by Region, 2020-2022 (USD Million)
Table 72 301-500 V: Inverter Market, by Region, 2023-2028 (USD Million)
9.4 Above 500 V
9.4.1 Increasing Investments in Power Infrastructure Development to Contribute to Market Growth
Table 73 500 V: Inverter Market, by Region, 2020-2022 (USD Million)
Table 74 500 V: Inverter Market, by Region, 2023-2028 (USD Million)
10 Inverter Market, by Connection Type
10.1 Introduction
Figure 45 Inverter Market, Connection Type, 2023 (USD Million)
Table 75 Inverter Market, by Connection Type, 2020-2022 (USD Million)
Table 76 Inverter Market, by Connection Type, 2023-2028 (USD Million)
10.2 Standalone
10.2.1 Rising Electricity Consumption and Dependence on Electronic Devices to Boost Market
Table 77 Standalone: Inverter Market, by Region, 2020-2022 (USD Million)
Table 78 Standalone: Inverter Market, by Region, 2023-2028 (USD Million)
10.3 Grid-Tied
Table 79 Grid-Tied: Inverter Market, by Sub-Type, 2020-2022 (USD Million)
Table 80 Grid-Tied: Inverter Market, by Sub-Type, 2023-2028 (USD Million)
10.3.1 Conventional Inverter
10.3.1.1 Increasing Installation of Solar Pv Systems in Residential and Commercial Sectors to Propel Market
Table 81 Conventional Inverter: Inverter Market, by Region, 2020-2022 (USD Million)
Table 82 Conventional Inverter: Inverter Market, by Region, 2023-2028 (USD Million)
10.3.2 Smart Inverter
10.3.2.1 Technological Advancements in Grid-Tied Inverters to Drive Market
Table 83 Smart Inverter: Inverter Market, by Region, 2020-2022 (USD Million)
Table 84 Smart Inverter: Inverter Market, by Region, 2023-2028 (USD Million)
11 Inverter Market, by Sales Channel
11.1 Introduction
Figure 46 Inverter Market, by Sales Channel, 2023 (USD Million)
Table 85 Inverter Market, by Sales Channel, 2020-2022 (USD Million)
Table 86 Inverter Market, by Sales Channel, 2023-2028 (USD Million)
11.2 Direct
11.2.1 Rising Preference for Direct Procurement of Vehicle Inverters Among Automobile Manufacturers to Drive Market
Table 87 Direct: Inverter Market, by Region, 2020-2022 (USD Million)
Table 88 Direct: Inverter Market, by Region, 2023-2028 (USD Million)
11.3 Indirect
11.3.1 Increasing Adoption of Inverters in Residential Sector and Pv Plants to Contribute to Market Growth
Table 89 Indirect: Inverter Market, by Region, 2020-2022 (USD Million)
Table 90 Indirect: Inverter Market, by Region, 2023-2028 (USD Million)
12 Inverter Market, by Region
12.1 Introduction
Figure 47 Inverter Market, by Region, 2023
Figure 48 Asia-Pacific to Register Highest CAGR in Inverter Market During Forecast Period
Table 91 Inverter Market, by Region, 2020-2022 (USD Million)
Table 92 Inverter Market, by Region, 2023-2028 (USD Million)
Table 93 Inverter Market, by Region, 2020-2022 (Thousand Units)
Table 94 Inverter Market, by Region, 2023-2028 (Thousand Units)
Table 95 Inverter Market, by Output Power Rating, 2020-2022 (USD Million)
Table 96 Inverter Market, by Output Power Rating, 2023-2028 (USD Million)
Table 97 Inverter Market, by Output Voltage, 2020-2022 (USD Million)
Table 98 Inverter Market, by Output Voltage, 2023-2028 (USD Million)
Table 99 Inverter Market, by End-user, 2020-2022 (USD Million)
Table 100 Inverter Market, by End-user, 2023-2028 (USD Million)
Table 101 Inverter Market, by Type, 2020-2022 (USD Million)
Table 102 Inverter Market, by Type, 2023-2028 (USD Million)
Table 103 Inverter Market, by Type, 2020-2022 (Thousand Units)
Table 104 Inverter Market, by Type, 2023-2028 (Thousand Units)
Table 105 Inverter Market, by Connection Type, 2020-2022 (USD Million)
Table 106 Inverter Market, by Connection Type, 2023-2028 (USD Million)
Table 107 Inverter Market, by Sales Channel, 2020-2022 (USD Million)
Table 108 Inverter Market, by Sales Channel, 2023-2028 (USD Million)
12.2 North America
Figure 49 North America: Inverter Market Snapshot
12.2.1 Impact of Recession on Inverter Market in North America
Table 109 North America: Inverter Market, by Output Power Rating, 2020-2022 (USD Million)
Table 110 North America: Inverter Market, by Output Power Rating, 2023-2028 (USD Million)
Table 111 North America: Inverter Market, by Output Voltage, 2020-2022 (USD Million)
Table 112 North America: Inverter Market, by Output Voltage, 2023-2028 (USD Million)
Table 113 North America: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 114 North America: Inverter Market, by End-user, 2023-2028 (USD Million)
Table 115 North America: Inverter Market, by Type, 2020-2022 (USD Million)
Table 116 North America: Inverter Market, by Type, 2023-2028 (USD Million)
Table 117 North America: Inverter Market, by Type, 2020-2022 (Thousand Units)
Table 118 North America: Inverter Market, by Type, 2023-2028 (Thousand Units)
Table 119 North America: Inverter Market, by Connection Type, 2020-2022 (USD Million)
Table 120 North America: Inverter Market, by Connection Type, 2023-2028 (USD Million)
Table 121 North America: Inverter Market, by Sales Channel, 2020-2022 (USD Million)
Table 122 North America: Inverter Market, by Sales Channel, 2023-2028 (USD Million)
Table 123 North America: Inverter Market, by Country, 2020-2022 (USD Million)
Table 124 North America: Inverter Market, by Country, 2023-2028 (USD Million)
12.2.1.1 US
12.2.1.1.1 Favorable Government Policies for Renewable Energy Generation to Drive Market
Table 125 US: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 126 US: Inverter Market, by End-user, 2023-2028 (USD Million)
12.2.1.2 Canada
12.2.1.2.1 Rise in Residential Pv Installations to Fuel Market Growth
Table 127 Canada: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 128 Canada: Inverter Market, by End-user, 2023-2028 (USD Million)
12.2.1.3 Mexico
12.2.1.3.1 Increased Deployment of Clean Energy Sources in Various Applications to Contribute to Market Growth
Table 129 Mexico: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 130 Mexico: Inverter Market, by End-user, 2023-2028 (USD Million)
12.3 Middle East & Africa
12.3.1 Impact of Recession on Inverter Market in Middle East & Africa
Table 131 Middle East & Africa: Inverter Market, by Output Power Rating, 2020-2022 (USD Million)
Table 132 Middle East & Africa: Inverter Market, by Output Power Rating, 2023-2028 (USD Million)
Table 133 Middle East & Africa: Inverter Market, by Output Voltage, 2020-2022 (USD Million)
Table 134 Middle East & Africa: Inverter Market, by Output Voltage, 2023-2028 (USD Million)
Table 135 Middle East & Africa: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 136 Middle East & Africa: Inverter Market, by End-user, 2023-2028 (USD Million)
Table 137 Middle East & Africa: Inverter Market, by Type, 2020-2022 (USD Million)
Table 138 Middle East & Africa: Inverter Market, by Type, 2023-2028 (USD Million)
Table 139 Middle East & Africa: Inverter Market, by Type, 2020-2022 (Thousand Units)
Table 140 Middle East & Africa: Inverter Market, by Type, 2023-2028 (Thousand Units)
Table 141 Middle East & Africa: Inverter Market, by Connection Type, 2020-2022 (USD Million)
Table 142 Middle East & Africa: Inverter Market, by Connection Type, 2023-2028 (USD Million)
Table 143 Middle East & Africa: Inverter Market, by Sales Channel, 2020-2022 (USD Million)
Table 144 Middle East & Africa: Inverter Market, by Sales Channel, 2023-2028 (USD Million)
Table 145 Middle East & Africa: Inverter Market, by Country, 2020-2022 (USD Million)
Table 146 Middle East & Africa: Inverter Market, by Country, 2023-2028 (USD Million)
12.3.2 GCC Countries
12.3.2.1 Saudi Arabia
12.3.2.1.1 Increasing Power Generation from Solar Resources to Fuel Demand
Table 147 Saudi Arabia: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 148 Saudi Arabia: Inverter Market, by End-user, 2023-2028 (USD Million)
12.3.2.2 UAE
12.3.2.2.1 Expansion of EV Charging Infrastructure to Create Demand
Table 149 UAE: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 150 UAE: Inverter Market, by End-user, 2023-2028 (USD Million)
12.3.3 South Africa
12.3.3.1 Expanding Automotive Industry and Establishment of Pv Plants to Contribute to Market Growth
Table 151 South Africa: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 152 South Africa: Inverter Market, by End-user, 2023-2028 (USD Million)
12.3.4 Rest of Middle East & Africa
Table 153 Rest of Middle East & Africa: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 154 Rest of Middle East & Africa: Inverter Market, by End-user, 2023-2028 (USD Million)
12.4 South America
12.4.1 Impact of Recession on Inverter Market in South America
Table 155 South America: Inverter Market, by Output Power Rating, 2020-2022 (USD Million)
Table 156 South America: Inverter Market, by Output Power Rating, 2023-2028 (USD Million)
Table 157 South America: Inverter Market, by Output Voltage, 2020-2022 (USD Million)
Table 158 South America: Inverter Market, by Output Voltage, 2023-2028 (USD Million)
Table 159 South America: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 160 South America: Inverter Market, by End-user, 2023-2028 (USD Million)
Table 161 South America: Inverter Market, by Type, 2020-2022 (USD Million)
Table 162 South America: Inverter Market, by Type, 2023-2028 (USD Million)
Table 163 South America: Inverter Market, by Type, 2020-2022 (Thousand Units)
Table 164 South America: Inverter Market, by Type, 2023-2028 (Thousand Units)
Table 165 South America: Inverter Market, by Connection Type, 2020-2022 (USD Million)
Table 166 South America: Inverter Market, by Connection Type, 2023-2028 (USD Million)
Table 167 South America: Inverter Market, by Sales Channel, 2020-2022 (USD Million)
Table 168 South America: Inverter Market, by Sales Channel, 2023-2028 (USD Million)
Table 169 South America: Inverter Market, by Country, 2020-2022 (USD Million)
Table 170 South America: Inverter Market, by Country, 2023-2028 (USD Million)
12.4.1.1 Brazil
12.4.1.1.1 Increasing Investments in Solar Technology to Propel Demand
Table 171 Brazil: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 172 Brazil: Inverter Market, by End-user, 2023-2028 (USD Million)
12.4.1.2 Argentina
12.4.1.2.1 Government Incentives to Promote Solar Energy Generation to Boost Market Growth
Table 173 Argentina: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 174 Argentina: Inverter Market, by End-user, 2023-2028 (USD Million)
12.4.1.3 Rest of South America
Table 175 Rest of South America: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 176 Rest of South America: Inverter Market, by End-user, 2023-2028 (USD Million)
12.5 Asia-Pacific
Figure 50 Asia-Pacific: Inverter Market Snapshot
12.5.1 Impact of Recession on Inverter Market in Asia-Pacific
Table 177 Asia-Pacific: Inverter Market, by Output Power Rating, 2020-2022 (USD Million)
Table 178 Asia-Pacific: Inverter Market, by Output Power Rating, 2023-2028 (USD Million)
Table 179 Asia-Pacific: Inverter Market, by Output Voltage, 2020-2022 (USD Million)
Table 180 Asia-Pacific: Inverter Market, by Output Voltage, 2023-2028 (USD Million)
Table 181 Asia-Pacific: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 182 Asia-Pacific: Inverter Market, by End-user, 2023-2028 (USD Million)
Table 183 Asia-Pacific: Inverter Market, by Type, 2020-2022 (USD Million)
Table 184 Asia-Pacific: Inverter Market, by Type, 2023-2028 (USD Million)
Table 185 Asia-Pacific: Inverter Market, by Type, 2020-2022 (Thousand Units)
Table 186 Asia-Pacific: Inverter Market, by Type, 2023-2028 (Thousand Units)
Table 187 Asia-Pacific: Inverter Market, by Connection Type, 2020-2022 (USD Million)
Table 188 Asia-Pacific: Inverter Market, by Connection Type, 2023-2028 (USD Million)
Table 189 Asia-Pacific: Inverter Market, by Sales Channel, 2020-2022 (USD Million)
Table 190 Asia-Pacific: Inverter Market, by Sales Channel, 2023-2028 (USD Million)
Table 191 Asia-Pacific: Inverter Market, by Country, 2020-2022 (USD Million)
Table 192 Asia-Pacific: Inverter Market, by Country, 2023-2028 (USD Million)
12.5.1.1 China
12.5.1.1.1 Rising Electricity Demand due to Automation of Various Sectors to Fuel Market Growth
Table 193 China: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 194 China: Inverter Market, by End-user, 2023-2028 (USD Million)
12.5.1.2 India
12.5.1.2.1 Increase in Number of Solar Rooftop Installations to Contribute to Demand
Table 195 India: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 196 India: Inverter Market, by End-user, 2023-2028 (USD Million)
12.5.1.3 Australia
12.5.1.3.1 Favorable Government Policies to Achieve Net-Zero Target to Boost Market Growth
Table 197 Australia: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 198 Australia: Inverter Market, by End-user, 2023-2028 (USD Million)
12.5.1.4 Japan
12.5.1.4.1 Rising Investments in Renewable Energy Technologies to Reduce Ghg Emissions to Drive Market
Table 199 Japan: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 200 Japan: Inverter Market, by End-user, 2023-2028 (USD Million)
12.5.1.5 Rest of Asia-Pacific
Table 201 Rest of Asia-Pacific: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 202 Rest of Asia-Pacific: Inverter Market, by End-user, 2023-2028 (USD Million)
12.6 Europe
12.6.1 Impact of Recession on Inverter Market in Europe
Table 203 Europe: Inverter Market, by Output Power Rating, 2020-2022 (USD Million)
Table 204 Europe: Inverter Market, by Output Power Rating, 2023-2028 (USD Million)
Table 205 Europe: Inverter Market, by Output Voltage, 2020-2022 (USD Million)
Table 206 Europe: Inverter Market, by Output Voltage, 2023-2028 (USD Million)
Table 207 Europe: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 208 Europe: Inverter Market, by End-user, 2023-2028 (USD Million)
Table 209 Europe: Inverter Market, by Type, 2020-2022 (USD Million)
Table 210 Europe: Inverter Market, by Type, 2023-2028 (USD Million)
Table 211 Europe: Inverter Market, by Type, 2020-2022 (Thousand Units)
Table 212 Europe: Inverter Market, by Type, 2023-2028 (Thousand Units)
Table 213 Europe: Inverter Market, by Connection Type, 2020-2022 (USD Million)
Table 214 Europe: Inverter Market, by Connection Type, 2023-2028 (USD Million)
Table 215 Europe: Inverter Market, by Sales Channel, 2020-2022 (USD Million)
Table 216 Europe: Inverter Market, by Sales Channel, 2023-2028 (USD Million)
Table 217 Europe: Inverter Market, by Country, 2020-2022 (USD Million)
Table 218 Europe: Inverter Market, by Country, 2023-2028 (USD Million)
12.6.1.1 Germany
12.6.1.1.1 Growing Automotive Sector and Rising Adoption of Renewable Energy to Drive Market
Table 219 Germany: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 220 Germany: Inverter Market, by End-user, 2023-2028 (USD Million)
12.6.1.2 UK
12.6.1.2.1 Increasing Investments in Battery Production and Solar Power Generation to Propel Market
Table 221 UK: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 222 UK: Inverter Market, by End-user, 2023-2028 (USD Million)
12.6.1.3 Italy
12.6.1.3.1 Rising Establishment of Large-Scale Pv Plants to Fuel Market Growth
Table 223 Italy: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 224 Italy: Inverter Market, by End-user, 2023-2028 (USD Million)
12.6.1.4 France
12.6.1.4.1 Increase in Solar Pv Installation Capacity to Propel Market
Table 225 France: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 226 France: Inverter Market, by End-user, 2023-2028 (USD Million)
12.6.1.5 Spain
12.6.1.5.1 Expanding Automotive Industry to Drive Market
Table 227 Spain: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 228 Spain: Inverter Market, by End-user, 2023-2028 (USD Million)
12.6.1.6 Rest of Europe
Table 229 Rest of Europe: Inverter Market, by End-user, 2020-2022 (USD Million)
Table 230 Rest of Europe: Inverter Market, by End-user, 2023-2028 (USD Million)
13 Competitive Landscape
13.1 Overview
13.2 Strategies Adopted by Key Players, 2018-2023
13.3 Market Share Analysis, 2022
Figure 51 Inverter Market Share Analysis of Top Players, 2022
13.4 Revenue Analysis of Key Players, 2018-2022
Figure 52 Inverter Market: Revenue Analysis, 2018-2022
13.5 Company Evaluation Matrix, 2022
13.5.1 Stars
13.5.2 Emerging Leaders
13.5.3 Pervasive Players
13.5.4 Participants
Figure 53 Inverter Market: Company Evaluation Matrix, 2022
13.5.5 Company Footprint
Table 232 Company Type Footprint
Table 233 Company Output Power Rating Footprint
Table 234 Company End-user Footprint
Table 235 Company Region Footprint
Table 236 Company Overall Footprint
13.6 Start-Up/Small and Medium-Sized Enterprise (SME) Evaluation Matrix, 2022
13.6.1 Progressive Companies
13.6.2 Responsive Companies
13.6.3 Dynamic Companies
13.6.4 Starting Blocks
Figure 54 Inverter Market: Start-Up/SME Evaluation Matrix, 2022
13.6.5 Competitive Benchmarking
Table 237 Inverter Market: List of Start-Ups/SMEs
Table 238 Competitive Benchmarking of Start-Ups/SMEs, by End-user
Table 239 Competitive Benchmarking of Start-Ups/SMEs, by Type
Table 240 Competitive Benchmarking of Start-Ups/SMEs, by Power Rating
Table 241 Competitive Benchmarking of Start-Ups/SMEs, by Region
13.7 Competitive Scenarios and Trends
13.7.1 Deals
Table 242 Inverter Market: Deals, November 2019-July 2023
13.7.2 Others
Table 243 Inverter Market: Others, November 2020-November 2023
14 Company Profiles
14.1 Key Players
(Business Overview, Products Offered, Recent Developments, and Analyst's View (Key Strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
14.1.1 Huawei Technologies Co. Ltd.
Table 244 Huawei Technologies Co. Ltd.: Company Overview
Figure 55 Huawei Technologies Co. Ltd.: Company Snapshot
Table 245 Huawei Technologies Co. Ltd.: Products/Solutions/Services Offered
Table 246 Huawei Technologies Co. Ltd.: Product Launches
Table 247 Huawei Technologies Co. Ltd.: Deals
Table 248 Huawei Technologies Co. Ltd.: Others
14.1.2 Sungrow
Table 249 Sungrow: Company Overview
Figure 56 Sungrow: Company Snapshot
Table 250 Sungrow: Products/Solutions/Services Offered
Table 251 Sungrow: Product Launches
Table 252 Sungrow: Deals
Table 253 Sungrow: Others
14.1.3 Sma Solar Technology AG
Table 254 Sma Solar Technology AG: Company Overview
Figure 57 Sma Solar Technology AG: Company Snapshot
Table 255 Sma Solar Technology AG: Products/Solutions/Services Offered
Table 256 Sma Solar Technology AG: Product Launches
Table 257 Sma Solar Technology AG: Deals
Table 258 Sma Solar Technology AG: Others
14.1.4 Power Electronics S.L.
Table 259 Power Electronics S.L.: Company Overview
Table 260 Power Electronics S.L.: Products/Solutions/Services Offered
Table 261 Power Electronics S.L.: Product Launches
14.1.5 Fimer Group
Table 262 Fimer Group: Company Overview
Table 263 Fimer Group: Products/Solutions/Services Offered
Table 264 Fimer Group: Product Launches
Table 265 Fimer Group: Deals
Table 266 Fimer Group: Others
14.1.6 Solaredge
Table 267 Solaredge: Company Overview
Figure 58 Solaredge: Company Snapshot
Table 268 Solaredge: Products/Solutions/Services Offered
Table 269 Solaredge Technologies: Product Launches
Table 270 Solaredge: Deals
14.1.7 Fronius International GmbH
Table 271 Fronius International GmbH: Company Overview
Table 272 Fronius International GmbH: Products/Solutions/Services Offered
Table 273 Fronius International GmbH: Product Launches
Table 274 Fronius International GmbH: Deals
14.1.8 Altenergy Power System Inc.
Table 275 Altenergy Power System Inc.: Company Overview
Table 276 Altenergy Power System Inc.: Products/Solutions/Services Offered
Table 277 Altenergy Power System Inc.: Product Launches
Table 278 Altenergy Power Systems Inc.: Deals
14.1.9 Enphase Energy
Table 279 Enphase Energy: Company Overview
Figure 59 Enphase Energy: Company Snapshot
Table 280 Enphase Energy: Products/Solutions/Services Offered
Table 281 Enphase Energy: Product Launches
Table 282 Enphase Energy: Deals
Table 283 Enphase Energy: Others
14.1.10 Darfon
Table 284 Darfon: Company Overview
Figure 60 Dafron: Company Snapshot
Table 285 Darfon: Products/Solutions/Services Offered
Table 286 Darfon: Product Launches
14.1.11 Schneider Electric
Table 287 Schneider Electric: Company Overview
Figure 61 Schneider Electric: Company Snapshot
Table 288 Schneider Electric: Products/Solutions/Services Offered
Table 289 Schneider Electric: Deals
Table 290 Schneider Electric: Others
14.1.12 General Electric
Table 291 General Electric: Company Overview
Figure 62 General Electric: Company Snapshot
Table 292 General Electric: Products/Solutions/Services Offered
Table 293 General Electric: Product Launches
Table 294 General Electric: Others
14.1.13 Delta Electronics, Inc.
Table 295 Delta Electronics, Inc.: Company Overview
Figure 63 Delta Electronics, Inc.: Company Snapshot
Table 296 Delta Electronics, Inc.: Products/Solutions/Services Offered
Table 297 Delta Electronics, Inc.: Product Launches
Table 298 Delta Electronics, Inc.: Deals
Table 299 Delta Electronics, Inc.: Others
14.1.14 Exide Industries Ltd.
Table 300 Exide Industries Ltd.: Company Overview
Figure 64 Exide Electronics Ltd.: Company Snapshot
Table 301 Exide Electronics Ltd.: Products/Solutions/Services Offered
Table 302 Exide Electronics Ltd.: Product Launches
14.2 Other Players
14.2.1 Continental Engineering Services
14.2.2 Delphi Technologies
14.2.3 Sensata Technologies
14.2.4 Samlex Europe Bv
14.2.5 Bestek
14.2.6 Goodwe
14.2.7 Tmeic (Toshiba Mitsubishi-Electric Industrial Systems Corporation)
14.2.8 Yaskawa-Solectria Solar
14.2.9 Kaco New Energy
14.2.10 Growatt New Energy
14.2.11 Tbea
*Details on Business Overview, Products Offered, Recent Developments, and Analyst's View (Key Strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) Might Not be Captured in Case of Unlisted Companies
15 Appendix
15.1 Insights from Industry Experts
15.2 Discussion Guide
15.3 Knowledgestore: The Subscription Portal
15.4 Customization Options

Companies Mentioned

  • Huawei Technologies Co. Ltd.
  • Sungrow
  • Sma Solar Technology AG
  • Power Electronics S.L.
  • Fimer Group
  • Solaredge
  • Fronius International GmbH
  • Altenergy Power System Inc.
  • Enphase Energy
  • Darfon
  • Schneider Electric
  • General Electric
  • Delta Electronics, Inc.
  • Exide Industries Ltd.
  • Continental Engineering Services
  • Delphi Technologies
  • Sensata Technologies
  • Samlex Europe Bv
  • Bestek
  • Goodwe
  • Tmeic (Toshiba Mitsubishi-Electric Industrial Systems Corporation)
  • Yaskawa-Solectria Solar
  • Kaco New Energy
  • Growatt New Energy
  • Tbea

Methodology

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Table Information

Report AttributeDetails
No. of Pages283
PublishedFebruary 2024
Forecast Period2023 - 2028
Estimated Market Value ( USD ) in 2023 $ 18.9 Billion
Forecasted Market Value ( USD ) by 2028 $ 39.6 Billion
Compound Annual Growth Rate16.0%
Regions CoveredGlobal
No. of Companies Mentioned25

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About the Inverter Market

Inverters are electrical switches that convert direct current (DC) to alternating current (AC). They are used in a variety of applications, such as powering electrical appliances, providing backup power during power outages, and providing power for renewable energy systems. Inverters are available in a range of sizes and power ratings, from small, low-power units to large, high-power units. Inverters are typically used in conjunction with batteries, which store energy for use when the main power source is unavailable. Inverters are an important component of the electrical switch market, as they provide a reliable source of power in the event of a power outage. They are also used in renewable energy systems, such as solar and wind power, to convert the DC power generated by these systems into AC power for use in homes and businesses. Some of the companies in the inverter market include Schneider Electric, ABB, Eaton, Siemens, and General Electric. Show Less Read more

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