Inverters Market Size, Share, Growth Analysis, By Type(Vehicle, Solar, and Others), By Connection Type(On-grid, and Off-grid), By Region - Industry Forecast 2024-2031

Inverters Market size was valued at USD 17.17 billion in 2022 and is poised to grow from USD 19.92 billion in 2023 to USD 65.30 billion by 2031, at a CAGR of 16% during the forecast period (2024-2031).

The inverters market is highly competitive, with a large number of players operating in the market. Companies are investing heavily in R&D to develop innovative products that are more efficient and cost-effective. For example, Enphase Energy has developed microinverters that are designed to optimize the output of individual solar panels, which can improve the overall efficiency of the system. Another trend in the competitive landscape is the increasing focus on partnerships and collaborations. The inverter market is expected to continue to grow in the coming years, driven by the increasing demand for renewable energy sources and the adoption of electric vehicles. The market is likely to remain highly competitive, with companies focusing on developing technologically advanced products, forming partnerships and collaborations, and engaging in mergers and acquisitions to strengthen their position in the market. 'SMA Solar Technology AG (Germany)', 'ABB Ltd. (Switzerland)', 'Huawei Technologies Co. Ltd. (China)', 'Siemens AG (Germany)', 'Schneider Electric SE (France)', 'Enphase Energy Inc. (US)', 'TMEIC Corporation (Japan)', 'Omron Corporation (Japan)', 'Delta Electronics Inc. (Taiwan)', 'SolarEdge Technologies Inc. (Israel)', 'KACO new energy GmbH (Germany)', 'Sungrow Power Supply Co. Ltd. (China)', 'Fronius International GmbH (Austria)', 'Mitsubishi Electric Corporation (Japan)', 'Power-One Inc. (US)', 'Advanced Energy Industries Inc. (US)', 'Growatt New Energy Technology Co. Ltd. (China)', 'Hitachi Hi-Rel Power Electronics Pvt. Ltd. (India)', 'Tabuchi Electric Co. Ltd. (Japan)', 'Yaskawa Electric Corporation (Japan)'

The increasing demand for clean and sustainable energy sources is driving the growth of the inverter market. Inverters play a crucial role in converting DC power generated from renewable sources such as solar panels into AC power that can be used in households or fed back into the grid. The increasing adoption of solar power systems and wind turbines is expected to fuel the demand for inverters in the coming years.

Increasing adoption of renewable energy sources: the growing awareness about the negative impact of fossil fuels on the environment, there is a rising demand for renewable energy sources such as solar and wind energy. Inverters are essential components in renewable energy systems as they convert the direct current (DC) generated by these sources into alternating current (AC) that can be used to power homes and businesses.

In 2022, Asia Pacific is the dominating region in the inverter market, accounting for a major share of the market revenue. The region is home to several emerging economies such as China and India, which are witnessing significant growth in their renewable energy sectors. The increasing adoption of solar power systems and the growing demand for electric vehicles in the region are also contributing to the growth of the inverter market. In addition, favorable government policies and incentives are driving the adoption of renewable energy sources in the region, further fueling the demand for inverters.