This report describes and explains the inverter market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global inverter market reached a value of nearly $16.4 billion in 2023, having grown at a compound annual growth rate (CAGR) of 11.3% since 2018. The market is expected to grow from $16.4 billion in 2023 to $33.9 billion in 2028 at a rate of 15.7%. The market is then expected to grow at a CAGR of 16.9% from 2028 and reach $74 billion in 2033.
Growth in the historic period resulted from the rapid urbanization, increasing disposable income, increasing economic growth and increasing awareness of climate change and environmental sustainability. Factors that negatively affected growth in the historic period were lack of availability of power related components and high cost of inverters.
Going forward, increasing industrialization, increasing demand for electric vehicles, increasing demand for renewable energy sources and increasing government initiatives will drive the growth. Factor that could hinder the growth of the inverter market in the future include supply chain constraints and regulatory challenges and policy uncertainties.
The inverter market is segmented by inverter type into solar inverter, vehicle inverter and other types. The solar inverter market was the largest segment of the inverter market segmented by inverter type, accounting for 56.7% or $9.3 billion of the total in 2023. Going forward, the vehicle inverter segment is expected to be the fastest growing segment in the inverter market segmented by inverter type, at a CAGR of 17.7% during 2023-2028.
The global electric vehicle inverter market reached a value of nearly $3 billion in 2023, having grown at a compound annual growth rate (CAGR) of 12.2% since 2018. The market is expected to grow from $3 billion in 2023 to $6.9 billion in 2028 at a rate of 18.3%. The market is then expected to grow at a CAGR of 20.2% from 2028 and reach $17.3 billion in 2033.
The inverter market is segmented by sales channel into direct and indirect. The indirect market was the largest segment of the inverter market segmented by sales channel, accounting for 65.7% or $10.7 billion of the total in 2023. Going forward, the direct segment is expected to be the fastest growing segment in the inverter market segmented by sales channel, at a CAGR of 16.9% during 2023-2028.
The inverter market is segmented by end-user into residential, industrial and commercial. The residential market was the largest segment of the inverter market segmented by end-user, accounting for 48.8% or $8 billion of the total in 2023. Going forward, the industrial segment is expected to be the fastest growing segment in the inverter market segmented by end-user, at a CAGR of 17.1% during 2023-2028.
The inverter market is segmented by phase into single phase and three phase. The single-phase market was the largest segment of the inverter market segmented by phase, accounting for 63.2% or $10.3 billion of the total in 2023. Going forward, it is expected to be the fastest growing segment in the inverter market segmented by phase, at a CAGR of 15.9% during 2023-2028.
The industrial market is segmented by end-user into industrial drives and others. The industrial drives market was the largest segment of the industrial market segmented by end-user, accounting for 67.8% or $2.7 billion of the total in 2023. Going forward, the others segment is expected to be the fastest growing segment in the industrial market segmented by end-user, at a CAGR of 18.5% during 2023-2028.
The inverter market is segmented by connection type into on-grid, off-grid and hybrid. The on-grid market was the largest segment of the inverter market segmented by connection type, accounting for 57.1% or $9.3 billion of the total in 2023. Going forward, the hybrid segment is expected to be the fastest growing segment in the inverter market segmented by connection type, at a CAGR of 18.3% during 2023-2028.
Asia Pacific was the largest region in the inverter market, accounting for 43.5% or $7.1 billion of the total in 2023. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the inverter market will be Asia Pacific and South America where growth will be at CAGRs of 17.5% and 15.1% respectively. These will be followed by Eastern Europe and North America where the markets are expected to grow at CAGRs of 15% and 14.5% respectively.
The global inverter market is concentrated, with a large number of small players operating in the market. The top ten competitors in the market made up to 49.1% of the total market in 2022. The market concentration can be attributed to the presence of large number of players in different geographies. Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. SUNGROW was the largest competitor with a 20.4% share of the market, followed by SolarEdge with 10.4%, SMA Solar Technology AG with 3.8%, Delta Electronics with 3.3%, Schneider Electric with 2.8%, Ginlong Technologies Co. Ltd with 2.4%, Mitsubishi Electric Corporation with 1.7%, Power Electronics with 1.7%, Growatt New Energy Technology Co., Ltd with 1.4% and GOODWE with 1.2%.
The top opportunities in the inverter market segmented by inverter type will arise in the solar inverter segment, which will gain $10.1 billion of global annual sales by 2028. The top opportunities in the inverter market segmented by sales channel will arise in the indirect segment, which will gain $10.9 billion of global annual sales by 2028. The top opportunities in the inverter market segmented by end-user will arise in the residential segment, which will gain $8.4 billion of global annual sales by 2028. The top opportunities in the inverter market segmented by connection type will arise in the on-grid segment, which will gain $9.2 billion of global annual sales by 2028. The top opportunities in the inverter market segmented by phase will arise in the single phase segment, which will gain $11.3 billion of global annual sales by 2028. The top opportunities in the vehicle inverter market segmented by type will arise in the electric vehicle inverter segment, which will gain $3.9 billion of global annual sales by 2028. The top opportunities in the industrial drives market segmented by end-user will arise in the others segment, which will gain $3.1 billion of global annual sales by 2028. The inverter market size will gain the most in China at $4.4 billion.
Market-trend-based strategies for the inverter market include development of residential hybrid inverters to address specific market needs, innovation in micro inverters to improve performance and efficiency, introduction of advanced power hybrid inverters in the market and strategic partnerships among market players to drive technology innovation.
Player-adopted strategies in the inverter market include expanding operational capabilities through new product launches, enhancing business capabilities through project expansions, expanding business through strategic partnerships and strengthening market position product expansions.
To take advantage of the opportunities, the analyst recommends the inverter companies to focus on innovation in residential hybrid inverters, focus on innovative micro inverter development, focus on developing advanced power hybrid inverters, focus on fastest-growing vehicle inverter market segment, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships, focus on direct distribution channel expansion, provide competitively priced offerings, participate in trade shows and events, focus on digital marketing for enhanced reach and engagement, emphasize educational content for brand authority and trust and focus on targeting industrial end-users for market expansion.
The global inverter market reached a value of nearly $16.4 billion in 2023, having grown at a compound annual growth rate (CAGR) of 11.3% since 2018. The market is expected to grow from $16.4 billion in 2023 to $33.9 billion in 2028 at a rate of 15.7%. The market is then expected to grow at a CAGR of 16.9% from 2028 and reach $74 billion in 2033.
Growth in the historic period resulted from the rapid urbanization, increasing disposable income, increasing economic growth and increasing awareness of climate change and environmental sustainability. Factors that negatively affected growth in the historic period were lack of availability of power related components and high cost of inverters.
Going forward, increasing industrialization, increasing demand for electric vehicles, increasing demand for renewable energy sources and increasing government initiatives will drive the growth. Factor that could hinder the growth of the inverter market in the future include supply chain constraints and regulatory challenges and policy uncertainties.
The inverter market is segmented by inverter type into solar inverter, vehicle inverter and other types. The solar inverter market was the largest segment of the inverter market segmented by inverter type, accounting for 56.7% or $9.3 billion of the total in 2023. Going forward, the vehicle inverter segment is expected to be the fastest growing segment in the inverter market segmented by inverter type, at a CAGR of 17.7% during 2023-2028.
The global electric vehicle inverter market reached a value of nearly $3 billion in 2023, having grown at a compound annual growth rate (CAGR) of 12.2% since 2018. The market is expected to grow from $3 billion in 2023 to $6.9 billion in 2028 at a rate of 18.3%. The market is then expected to grow at a CAGR of 20.2% from 2028 and reach $17.3 billion in 2033.
The inverter market is segmented by sales channel into direct and indirect. The indirect market was the largest segment of the inverter market segmented by sales channel, accounting for 65.7% or $10.7 billion of the total in 2023. Going forward, the direct segment is expected to be the fastest growing segment in the inverter market segmented by sales channel, at a CAGR of 16.9% during 2023-2028.
The inverter market is segmented by end-user into residential, industrial and commercial. The residential market was the largest segment of the inverter market segmented by end-user, accounting for 48.8% or $8 billion of the total in 2023. Going forward, the industrial segment is expected to be the fastest growing segment in the inverter market segmented by end-user, at a CAGR of 17.1% during 2023-2028.
The inverter market is segmented by phase into single phase and three phase. The single-phase market was the largest segment of the inverter market segmented by phase, accounting for 63.2% or $10.3 billion of the total in 2023. Going forward, it is expected to be the fastest growing segment in the inverter market segmented by phase, at a CAGR of 15.9% during 2023-2028.
The industrial market is segmented by end-user into industrial drives and others. The industrial drives market was the largest segment of the industrial market segmented by end-user, accounting for 67.8% or $2.7 billion of the total in 2023. Going forward, the others segment is expected to be the fastest growing segment in the industrial market segmented by end-user, at a CAGR of 18.5% during 2023-2028.
The inverter market is segmented by connection type into on-grid, off-grid and hybrid. The on-grid market was the largest segment of the inverter market segmented by connection type, accounting for 57.1% or $9.3 billion of the total in 2023. Going forward, the hybrid segment is expected to be the fastest growing segment in the inverter market segmented by connection type, at a CAGR of 18.3% during 2023-2028.
Asia Pacific was the largest region in the inverter market, accounting for 43.5% or $7.1 billion of the total in 2023. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the inverter market will be Asia Pacific and South America where growth will be at CAGRs of 17.5% and 15.1% respectively. These will be followed by Eastern Europe and North America where the markets are expected to grow at CAGRs of 15% and 14.5% respectively.
The global inverter market is concentrated, with a large number of small players operating in the market. The top ten competitors in the market made up to 49.1% of the total market in 2022. The market concentration can be attributed to the presence of large number of players in different geographies. Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. SUNGROW was the largest competitor with a 20.4% share of the market, followed by SolarEdge with 10.4%, SMA Solar Technology AG with 3.8%, Delta Electronics with 3.3%, Schneider Electric with 2.8%, Ginlong Technologies Co. Ltd with 2.4%, Mitsubishi Electric Corporation with 1.7%, Power Electronics with 1.7%, Growatt New Energy Technology Co., Ltd with 1.4% and GOODWE with 1.2%.
The top opportunities in the inverter market segmented by inverter type will arise in the solar inverter segment, which will gain $10.1 billion of global annual sales by 2028. The top opportunities in the inverter market segmented by sales channel will arise in the indirect segment, which will gain $10.9 billion of global annual sales by 2028. The top opportunities in the inverter market segmented by end-user will arise in the residential segment, which will gain $8.4 billion of global annual sales by 2028. The top opportunities in the inverter market segmented by connection type will arise in the on-grid segment, which will gain $9.2 billion of global annual sales by 2028. The top opportunities in the inverter market segmented by phase will arise in the single phase segment, which will gain $11.3 billion of global annual sales by 2028. The top opportunities in the vehicle inverter market segmented by type will arise in the electric vehicle inverter segment, which will gain $3.9 billion of global annual sales by 2028. The top opportunities in the industrial drives market segmented by end-user will arise in the others segment, which will gain $3.1 billion of global annual sales by 2028. The inverter market size will gain the most in China at $4.4 billion.
Market-trend-based strategies for the inverter market include development of residential hybrid inverters to address specific market needs, innovation in micro inverters to improve performance and efficiency, introduction of advanced power hybrid inverters in the market and strategic partnerships among market players to drive technology innovation.
Player-adopted strategies in the inverter market include expanding operational capabilities through new product launches, enhancing business capabilities through project expansions, expanding business through strategic partnerships and strengthening market position product expansions.
To take advantage of the opportunities, the analyst recommends the inverter companies to focus on innovation in residential hybrid inverters, focus on innovative micro inverter development, focus on developing advanced power hybrid inverters, focus on fastest-growing vehicle inverter market segment, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships, focus on direct distribution channel expansion, provide competitively priced offerings, participate in trade shows and events, focus on digital marketing for enhanced reach and engagement, emphasize educational content for brand authority and trust and focus on targeting industrial end-users for market expansion.
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Major Market Trends
8 Inverter Market - Macro Economic Scenario
9 Global Market Size and Growth
10 Global Inverter Market Segmentation
11 Inverter Market, Regional and Country Analysis
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape and Company Profiles
20 Inverter Market Other Major and Innovative Companies
23 Key Mergers and Acquisitions
24 Opportunities and Strategies
25 Inverter Market, Conclusions and Recommendations
26 Appendix
Executive Summary
Inverter Global Market Opportunities and Strategies to 2033 provides the strategists; marketers and senior management with the critical information they need to assess the global inverter market as it emerges from the COVID-19 shut down.Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description
Where is the largest and fastest-growing market for inverter? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The inverter market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider inverter market; and compares it with other markets.
The report covers the following chapters:
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by inverter type, by connection type, by phase, by sales channel and by end-user.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario - The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the inverter market.
- Global Market Size and Growth - Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional and Country Analysis - Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by inverter type, by connection type, by phase, by sales channel and by end-user in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth - Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities and Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations - This section includes recommendations for inverter providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) by Inverter Type: Solar Inverter; Vehicle Inverter; Other Types2) by Connection Type: On-Grid; Off-Grid; Hybrid
3) by Phase: Single Phase; Three Phase
4) by Sales Channel: Direct; Indirect
5) by End-User: Residential; Industrial; Commercial
Key Companies Mentioned: SUNGROW; SolarEdge; SMA Solar Technology AG; Delta Electronics; Schneider Electric.
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia.
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; inverter indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
- SUNGROW
- SolarEdge
- SMA Solar Technology AG
- Delta Electronics
- Schneider Electric
- Ginlong Technologies Co. Ltd
- Mitsubishi Electric Corporation
- Power Electronics
- Growatt New Energy Technology Co., Ltd
- GOODWE
- Usha Shriram Enterprises Pvt. Ltd
- Luminous Power Technologies
- Exide Industries Limited
- Huawei
- Tycorun
- Okaya Power Pvt. Ltd
- Sineng
- Su-Kam Power Systems Ltd
- Growatt
- Goodwe
- Tbea
- Kelong
- K star
- Ginlong
- Fronius UK Ltd
- SMA Solar Technology UK Ltd
- ABB Limited
- Delta Energy Systems (UK) Ltd
- SolarEdge Technologies UK Ltd
- Tigo Energy UK Ltd
- Huawei Technologies Co., Ltd
- Eaton Electric Ltd
- AltEnergi
- Astantsiya
- B-Eco
- ECO50
- Ekoproekt-Energo
- Energy Solntsa-Yug
- Moscow Solar Group
- Solaredge Canada
- Ingeteam México
- Enphase Energy
- SolarEdge Technologies
- ABB
- Fronius USA LLC
- Delta Electronics, Inc
- SMA America
- Yaskawa Solectria Solar
- Schneider Electric
- hint Power Systems America
- WEG S.A.
- Aeolic Energia S.A.
- STECA Elektronik
- Delta Electronics
- Ingeteam
- ABB Argentina
- SMA Argentina
- SolarEdge Peru
- Solaredge Technologies Ltd.
- KACO New Energy
- ABB Israel
- TMEIC Israel
- Abdul Latif Jameel Energy
- Saudi Electricity Company (SEC)
- Saudi Aramco
- Saudi Arabian Company for Power and Water (ACWA Power)
- Delta Electronics UAE
- Schneider Electric UAE
- KAHRAMAA
- Qatar Solar Technologies (QSTec)
- Qatar Electricity and Water Company (QEWC)
- Turkish Solar Energy Industry Association (GENSED)
- ARTsolar
- Sinetech
- Ingalosi Technologies
- Effective Solar Trading
- Progrow Solar
- Khaya Solar
- UkukPheph
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 351 |
| Published | May 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 16.4 Billion |
| Forecasted Market Value ( USD | $ 74 Billion |
| Compound Annual Growth Rate | 16.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 79 |
