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

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 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.. '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)'

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 demand for electric vehicles is a significant driver propelling the growth of the power inverter market.

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 power inverter market. In addition to the increasing demand for renewable energy, other factors that are driving the growth of the 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.

One of the dominant regions in the 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.