DC-AC Inverters Market Size, Share, Growth Analysis, By Type(Modified Sine Wave and Square Wave), By Application(Industrial, and Automotive), By Region - Industry Forecast 2024-2031

Global DC-AC Inverters Market size was valued at USD 6.41 billion in 2022 and is poised to grow from USD 7.75 billion in 2023 to USD 35.45 billion by 2031, growing at a CAGR of 20.93% in the forecast period (2024-2031).

The DC-AC inverters market worldwide continues to show substantial growth or expansion with key demand driver of the reliance and reliability factor where efficiency is required across a wide spectrum of industries. DC to AC inverter has an integral part in switching DC power into the AC system, meeting with the growing demands for clean energy and where need renewable energy sources relates to infrastructure of the direct current. At present, the market faces many developing equipment that result in rapid technological developments, allowing latest high-efficiency and low costing inverters to grow. There are some important drivers for market growth, such as a significant increase in the installation of renewable energy systems like solar photovoltaic (PV) and wind power that is where DC-AC inverters provide an opportunity to make converted electric AC current compatible with electricity distribution network. Moreover, the increasing acceptance of electric vehicles and energy saving devices as well as energy storage solutions makes DC- AC inverters a right choice that facilitates efficient conversion for numerous usages. Carrying on such research and innovation, key market players are testing ways to improve DC-AC inverters’ efficiency and reliability with features including smart grid compliance, advanced monitoring capabilities and the best-in-class grid stabilization functionality. The trend for collaboration and the move for partnerships is growing into an industry norm as companies seek to capitalize on complementary strengths and increase their market share.

US DC-AC Inverters Market is poised to grow at a sustainable CAGR for the next forecast year.