The global power inverter market was valued at US$ 72 billion in 2022 and is expected to reach over US$ 117.84 billion by 2032, poised to grow at a noteworthy CAGR of 5.10% from 2023 to 2032.
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The Asia Pacific power inverter market reached US$ 24.48 billion in 2022 and is predicted to grow around US$ 40.06billion by 2032, growing at a CAGR of 5.10% between 2023 to 2032.
Asia Pacific was the dominant power inverter market in 2022 and is estimated to be the most opportunistic market during the forecast period. The rapid industrialization, rapid urbanization, rising disposable income, improving lifestyle, and rising standards of living in the region are some of the major factors that drives the growth of the Asia Pacific power inverter market. The rising government initiatives and investments in the development of the rural regions and electrification is positively impacting the market. The growing number of real estate projects in the rural areas is expected to boost the demand for the power inverters owing to the fluctuating power supply in the rural areas. Moreover, the rising awareness regarding the power inverters along with the easy availability of the power inverters in the sub-urban and rural areas of the Asia Pacific is expected to contribute significantly towards the market growth. Hence, the Asia Pacific power inverter market is expected to witness a considerable growth rate during the forecast period.
The major factors that boosts the adoption of the power inverters across the residential and the commercial sectors is the low cost of operation and the elimination of the inconveniences associated with the change-over switches unlike the power generators. Power inverters are utilized for operating various household appliances and electrical products. The availability of power inverters in various sizes and power ranges helps to cater to the different needs of the household and the commercial units across the globe. The strong economic growth coupled with the rising disposable income of the consumers is boosting the growth of the global power inverter market. Moreover, the rising demand for the uninterrupted power supply and protect the electric appliances from the damages caused by the power fluctuations, the demand for the power inverters is surging across the globe. The rapid urbanization along with the rising electrification in the developing and the underdeveloped regions is fostering the adoption of the power inverters. The reliance on the electronic appliances has significantly increased due to the rising technological advancements in the consumer electronics industry and the rising affordability of the consumers across the globe. This has significantly boosted the demand for the power inverters owing to the need for uninterrupted power supply.
The rising awareness regarding the availability of various types of power inverters at various power ranges has fueled the sales of the power inverters. Moreover, the power inverters are eco-friendly and free from noise and carbon emissions and also eliminates the usage of gasoline. Furthermore, the rising investments by the market players on the research & development activities to enhance the operational efficiency of the power inverters and introduce latest technologies is expected to drive the growth of the global power inverter market. Moreover, the increased penetration of the indirect sale channels has fostered the revenue generation in the past years. The indirect sales channels in the power inverters market play a crucial role in the distribution. The rising popularity of the solar inverters among the commercial and the residential users is significantly expected to drive the growth of the global power inverters market during the forecast period. Moreover, the rising demand for the electric vehicles among the global consumers is expected to drive the growth of the EVs/HEVs power inverters market. The rising awareness among the consumers regarding the deteriorating environmental conditions owing to the vehicle emissions is surging the demand for the electric vehicles. The rise in the adoption of the EVs will significantly drive the demand for the power inverters across the globe. Furthermore, the growing government initiatives to promote eco-friendly power sources is significantly impacting the adoption of the solar PVs and the EVs/HEVs power inverters across the globe, thereby contributing significantly towards the growth of the global power inverter market.
|Market Size in 2023||USD 75.31Billion|
|Growth Rate from 2023 to 2032||5.10%|
|Largest Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Companies Mentioned||SMA Solar Technology AG, ABB Ltd., Huawei Technologies Co., Ltd., Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), Omron Corporation, Advanced Energy Industries, Inc., SolarEdge Technologies Inc., Enphase Energy, Inc., Tabuchi Electric Co., Ltd., Schneider Electric SE|
Based on the end use, the residential segment dominated the global power inverter market in 2022. The rising government expenditure on the development of infrastructure and electrification has fueled the adoption of the power inverters among the residential users. The rising number of residential structures and rising urbanization is a major factor that fuels the deployment of the power inverters in the residential units across the globe. Moreover, the increasing demand for the various consumer electronics among the household consumers will foster the demand for the power inverters in the residential segment.
On the other hand, the commercial is estimated to be the most opportunistic segment during the forecast period. This can be attributed to the increased demand for the uninterrupted power supply in the commercial units like malls, gyms, and other commercial spaces. The regular power supply is essential for the smooth operation of the commercial activities and any interruption in the power supply may result in huge financial loses to the commercial units. Hence, the adoption of power inverters in the commercial units is expected to grow rapidly during the forecast period.
Based on the application, the motor drive segment dominated the global power inverter market in 2022. This is attributed to the increased popularity and increased adoption of the motor drives across the globe. The motor drives accounts for around 45% of the electric energy consumption across all the electric appliances. The increased efficiency of the motor drives has boosted the growth of this segment in the global power inverters market.
The EVs/HEVs segment is expected to be the fastest-growing segment during the forecast period. This is simply attributed to the increased adoption of the electric vehicles across the globe. The rising concerns regarding the vehicle emissions has forced the government to develop policies that encourages the adoption of the EVs and HEVs. The rising government initiatives to restrict the carbon emission from vehicles is significantly boosting the growth of this segment. Moreover, the surging popularity of the autonomous vehicles among the consumers is further expected to fuel the growth of this segment in the forthcoming years.
Key Market Developments
The global power inverter market is fragmented due to the presence of numerous market players. The market players are constantly engaged in various developmental strategies in order to exploit the prevailing market opportunities and gain competitive advantages. The various developmental strategies such as new launches, joint ventures, acquisitions, and partnerships adopted by the key market players significantly impacts the market growth.
Segments Covered in the Report
By End Use
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