USD 16.52 billion
Power Inverter Market Size, Share, Growth Analysis, By Type(Pure sine wave inverter and Modified sine wave inverter.), By Application(Residential, Commercial, Industrial and Automotive.), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20E2053 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|Tables:
61
|Figures:
75
Power Inverter Market Insights
Global Power Inverter Market size was valued at USD 16.52 billion in 2022 and is poised to grow from USD 19.13 billion in 2023 to USD 61.86 billion by 2031, growing at a CAGR of 15.8% in the forecast period (2024-2031).
The global power inverter market has witnessed significant growth in recent years, driven by the increasing demand for reliable and uninterrupted power supply across various industries. One of the key factors contributing to the growth of the global power inverter market is the rising adoption of renewable energy sources. As the world transitions towards clean and sustainable energy solutions, the integration of solar panels and wind turbines into the power grid has surged. Power inverters play a vital role in converting the DC power generated by these renewable sources into usable AC power. This has led to a substantial increase in the demand for power inverters, creating lucrative opportunities for market players. The increasing need for backup power solutions has also fueled the demand for power inverters. With the growing reliance on electronic devices and the criticality of uninterrupted power supply in sectors such as healthcare, telecommunications, and data centres, the installation of power backup systems has become imperative. Power inverters, particularly those equipped with battery storage capabilities, offer reliable backup power during grid failures or blackouts. This factor has significantly contributed to the market growth.
US Power Inverter Market is poised to grow at a sustainable CAGR for the next forecast year
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Pure Sine Wave Power Inverter
Fastest Growth
Modified Sine Wave Power Inverter
Growth Rate
15.8% CAGR
Global Power Inverter Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Power Inverter Market Segmental Analysis
The global power inverter market is segmented in terms of type, application, and region. By type it can be segmented into Pure sine wave inverter, and Modified sine wave inverter. Based on application, the market is segmented into Residential, Commercial, Industrial and Automotive. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
Analysis by type indicates that the dominant type in the global power inverter market is the pure sine wave inverter. This type of inverter is widely preferred due to its ability to provide high-quality power output that closely resembles the smooth and consistent waveform of utility power. Pure sine wave inverters are known for their compatibility with a wide range of electronic devices, including sensitive equipment such as medical devices, audiovisual systems, and telecommunications equipment.
On the other hand, the fastest-growing type in the global power inverter market is the modified sine wave inverter. While not as technologically advanced as pure sine wave inverters, modified sine wave inverters offer a more cost-effective solution for converting DC power to AC power. These inverters are capable of powering most common electronic devices, making them suitable for various applications in residential, commercial, and industrial settings.
Analysis by Application
The automotive sector is the dominating category in the worldwide power inverter market, according to application analysis. Power inverters are widely used in the automobile sector for a variety of applications, including electric cars (EVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs). The increased use of electric vehicles, fueled by environmental concerns and government measures to cut carbon emissions, has contributed significantly to the automotive segment's dominance in the power inverter industry.
On the other hand, the residential sector is the fastest-growing segment in the worldwide power inverter market. Residential consumers are increasingly installing power inverters to convert DC electricity generated by solar panels into AC power for household use, in response to rising demand for consistent power supply and increased adoption of renewable energy sources such as solar panels. Furthermore, the growing trend of smart homes, in which many devices and appliances are connected for effective energy management, has spurred demand for residential power inverters.
Global Power Inverter Market By Type
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Power Inverter Market Regional Insights
One of the dominant regions in the global power inverter market is Asia Pacific. This region has emerged as a key player due to rapid industrialization, urbanisation, and increasing infrastructural development in countries like China, India, and Japan. The growing population and rising energy consumption in these countries have created a substantial demand for power inverters across various sectors, including residential, commercial, and industrial. Additionally, favourable government initiatives promoting renewable energy sources and the integration of solar power systems with power inverters have further boosted the market in the region.
The fastest-growing region in the global power inverter market is expected to be North America. The region is witnessing significant growth due to factors such as increasing investments in renewable energy projects, rising demand for residential solar systems, and the need for advanced power backup solutions in the commercial sector. The US, in particular, is a key contributor to the growth of the North American power inverter market, driven by supportive government policies, incentives for solar installations, and the growing awareness of clean energy solutions. The adoption of electric vehicles in North America is also fueling the demand for power inverters in charging infrastructure.
Global Power Inverter Market By Region
- Largest
- Fastest
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Power Inverter Market Dynamics
Drivers
Growing Automotive Sector
- The automotive sector is experiencing a surge in the adoption of electric and hybrid vehicles, necessitating power inverters for converting DC power from batteries into AC power to drive the motors. The increasing global demand for electric vehicles is a significant driver propelling the growth of the power inverter market.
Restraints
Limited Power Output and Efficiency
- Power inverters are subject to limitations concerning their power output and efficiency. In specific applications that require high-power output or exceptionally high efficiency, alternative solutions may be favoured, posing a challenge to the expansion of the power inverter market.
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Power Inverter Market Competitive Landscape
The global power inverter market is highly competitive in nature and characterised by the presence of numerous players operating at regional and international levels. Power inverters are essential devices used to convert direct current (DC) into alternating current (AC), enabling the use of AC-powered devices in various applications. The competitive landscape of the market is shaped by factors such as technological advancements, product innovation, pricing strategies, and market expansion efforts. Product innovation is another significant aspect of competition in the power inverter market. Companies strive to develop power inverters that cater to the specific needs of different end-use industries and applications. For instance, power inverters designed for residential use may focus on features like compact size, low noise levels, and ease of installation. On the other hand, power inverters for industrial applications may prioritise high power capacity, advanced monitoring and control systems, and robust construction to withstand harsh operating conditions. By offering diverse and specialised products, companies can target specific market segments and gain a competitive advantage..
Top Player’s Company Profiles
- ABB Ltd (Switzerland)
- Schneider Electric SE (France)
- Siemens AG (Germany)
- Eaton Corporation PLC (Ireland)
- Delta Electronics, Inc. (Taiwan)
- SMA Solar Technology AG (Germany)
- Huawei Technologies Co., Ltd. (China)
- Mitsubishi Electric Corporation (Japan)
- General Electric Company (US)
- Emerson Electric Co. (US)
- Toshiba Corporation (Japan)
- Power-One, Inc. (US)
- KACO new energy GmbH (Germany)
- Omron Corporation (Japan)
- Enphase Energy, Inc. (US)
- SolarEdge Technologies Inc. (Israel)
- Growatt New Energy Technology Co., Ltd. (China)
- Sungrow Power Supply Co., Ltd. (China)
- Chint Group (China)
- Tabuchi Electric Co., Ltd. (Japan)
Recent Developments
-
In March 2024, leading global photovoltaic (PV) inverter and energy storage system supplier Sungrow announced the launch of its latest innovation, the three-phase hybrid inverter, specifically designed to address the unique energy needs of South African consumers.
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In November 2023, Diamond Foundry created a 250W EV inverter based on its diamond wafer technology, with a power electronics unit six times smaller than that of a Tesla 3.
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In September 2023, Germany-based RTC Power commissioned a “Giga-Fab” hybrid inverter factory in Augsburg, southern Germany. The facility features two new production lines for its DC 8 and DC 10 inverter models.
Power Inverter Key Market Trends
- As the world transitions to a more sustainable energy future, the demand for solar and wind power is growing. These sources of energy generate direct current (DC) electricity, which must be converted to alternating current (AC) in order to be used in homes and businesses. Power inverters are used to convert DC to AC, and the increasing demand for renewable energy is driving the growth of the global power inverter market. In addition to the increasing demand for renewable energy, other factors that are driving the growth of the global power inverter market include, the rising need for uninterrupted power supply, growing popularity of off-grid power systems and increasing adoption of energy-efficient appliances and devices.
Power Inverter Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Power Inverter market analysis, the increasing demand for clean and reliable power sources, rising adoption of renewable energy systems, and the growing need for uninterrupted power supply across various industries are the key growth drivers. A recent report provides a comprehensive analysis of the market dynamics, trends, and future prospects. According to the report, the global power inverter market is projected to experience substantial growth over the forecast period. The market is fueled by factors such as the rapid expansion of the solar power sector, the need for efficient power conversion in automotive applications, and the rising deployment of off-grid power systems in remote locations. Additionally, the escalating demand for power inverters in residential, commercial, and industrial sectors to ensure uninterrupted power supply during grid outages or fluctuations is further contributing to market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 16.52 billion |
| Market size value in 2031 | USD 61.86 billion |
| Growth Rate | 15.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Power Inverter Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Power Inverter Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Power Inverter Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Power Inverter Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Power Inverter Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Power Inverter Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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