Inverter Market Revenue, Top Companies, Report 2032

Published Date : 11 Jun 2024

Inverter Market Revenue and Opportunity

The global inverter market revenue was valued at USD 19.56 billion in 2023 and is poised to grow from USD 22.58 billion in 2024 to USD 73.27 billion by 2032, at a CAGR of 15.80% during the forecast period 2023 - 2032. The increasing demand for electricity from oil and gas, automotive, building, and construction is anticipated to drive the growth of the inverter market.

Inverter Market Statistics

Market Overview

The inverter market deals with necessary devices to convert direct current into alternating current and allows the use of AC-generated devices in several applications. The increasing disposable incomes and increasing rapid economic development of people worldwide are expected to enhance market growth.

The increasing adoption of sustainable energy sources such as wind power and solar power, rising advancements in inverter technology, increasing adoption of electric vehicles, and increasing emphasis on energy efficiency attributed to the increasing demand for inverters in several applications across industrial, commercial, and residential sectors are expected to accelerate the market growth. In addition, the increasing demand for high-efficiency power conversion technologies and the increasing demand for reliable power backup solutions are further expected to accelerate the growth and demand for the inverter market during the forecast period.

Inverter Market Trends

  • The growing electrification rates and increasing rapid urbanization are expected to drive the growth of inverters.
  • The increasing research and development activities to adopt new advanced technologies are anticipated to enhance the market growth.
  • The growing need for reliable power backup solutions is further expected to drive the growth of the market.

Growing demand for renewable energy sources and increasing adoption of electric vehicles fuel the market growth

The rising demand for sustainable and clean energy sources is enhancing the growth of the market. Inverters play an important role in converting DC power integrated from renewable sources, including solar panels, into AC power that can be fed back into the grid and can be used in households. The rising adoption of wind turbines and solar power systems is estimated to drive the demand for inverters.

In addition, the increasing adoption of electric vehicles (EVs) is also accelerating the growth of the market. Inverters are utilized in electric vehicles to transform DC power from the electric vehicle’s battery into AC power, which is used to power the electric vehicle’s motor. Due to the cost-effectiveness and low carbon emissions of electric vehicles, the demand for electric vehicles is growing in the automotive industry. These are the major driving factors expected to drive the growth and demand for the inverter market.

However, the high cost and installation cost of inverter devices may restrain the growth of the market and sometimes make them costly and unaffordable for many customers. Moreover, the availability of lower-cost alternatives, including generators, is also a major hindering factor for the market. The insufficient standardized solution for the market is also a significant challenging factor that restrains the market growth.

The lack of standardization makes it difficult for manufacturers to produce reliable and high-quality inverters that can address the demands of various applications. The installation of inverters needs skilled professionals and specialized equipment, which may maximize the overall cost of the system. Furthermore, regular maintenance is needed to ensure the optimal operation of inverters, which can cause a high cost. These are the major restraining factors that may hinder the growth of the inverter market.

Inverter Market Highlights

Report Attribute Key Statistics
Market Revenue in 2024 USD 22.58 Billion
Market Revenue by 2032 USD 73.27 Billion
Market CAGR 15.80% from 2023 to 2032
Quantitative Units Revenue in USD million/billion, Volume in units
Largest Market North America
Base Year 2022
Forecast Period 2023 to 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

The Inverter Market Top Companies

  • Emerson Electric Co.
  • Daewoo
  • KACO New Energy GmbH
  • General Electric Company
  • Siemens
  • Mitsubishi Electric Corporation
  • Schneider Electric SE
  • Delta Electronics Corporation
  • Sungrow Power Supply Co. Ltd.
  • TMEIC Corporation
  • Fronius International GmbH
  • Enphase Energy Inc.
  • SolarEdge Technologies Inc.
  • Huawei Technologies Co. Ltd.
  • ABB Ltd.
  • SMA Solar Technology AG

Recent Innovation in the Inverter Market by ABB Ltd.

  • In May 2024, at Busworld Turkey, an inverter package and a new motor for electric buses were launched by ABB Ltd. This new package enabled up to 12% less motor losses on typical drive cycles as compared to previous 2-level inverters and featured the first 3-level inverter for buses. The new package consists of a HES580 inverter and an AMXE250 motor, and it is tailored for electric buses. This new solution is on display at Busworld Turkey.

Recent Innovation in the Inverter Market by Daewoo

  • In May 2024, Daewoo, the Korean brand company, launched lithium battery inverters that are integrated with solar power. These hybrid inverters offered a wide range of power requirements for businesses and homes alike and were available in rated power outputs of 0.5 kVA to 10 kVA. These new advanced inbuilt LiFePO4 lithium batteries reduce the risk of acid leakages. The two kVA and 1kVA inverters come in a portable, compact design and are used outdoors as a reliable power bank.

Regional Insights

Asia Pacific is expected to grow fastest during the forecast period. The rising demand for electricity in developing countries and the increasing adoption of energy systems from sustainable or renewable sources are anticipated to drive market growth in Asia Pacific. China, India, Japan, and South Korea are the major countries in the Asia Pacific region. China has the largest market share and is a major contributor to the market growth. The increasing number of solar installations in the region is expected to accelerate the market growth.

The Chinese government has been continuously investing in power generation via sustainable sources. For foreign investment, they have also opened channels in China. In China, there are various experienced solar inverter suppliers. WHC Solar Hybrid Inverter is a wholesale supplier and produces advanced hybrid inverters for commercial and residential use with a 110-380V power supply. Their power frequency inverters are significantly suitable for powering with very affordable equipment, and to produce voltage and stable frequency, they used pure sin wave technology. These are the major factors expected to drive the growth of the inverter market in Asia Pacific.

North America dominated the inverter market in 2023. The rising presence of regulations and favorable policies and increasing government initiatives to accelerate the use of clean energy technologies is anticipated to enhance the growth of the market in North America. The U.S. and Canada are the major countries in North America. The U.S. also acquired the largest share in the global market. The U.S. is the leading country in the inverter industry in terms of both research and revenue funding. It is significant owing to supportive government financial grants, investment, and policies for the development of inverter facilities in the country that are driving the market size. These are the major factors anticipated to accelerate the growth of the inverter market in North America.

Market Potential and Growth Opportunity

Digitalization and smart features and increasing emerging countries

Inverters will incorporate advanced communication, control, and monitoring capabilities and enable consumers to manage their systems remotely, track performance, and optimize energy usage. In addition, the demand for efficient and reliable inverters is increasing due to the growing adoption of renewable energy in developing markets. Furthermore, increasing emerging countries offer opportunities for market expansion. These are the major opportunities expected to accelerate the growth of the inverter market in the coming future.

The Inverter Market News

  • In May 2024, a unit of Chinese integrated service provider TBEA, TBEA Xi’an Electric Technology Co. Ltd., Launched a new inverter for applications in industrial and commercial PV systems. This new inverter is suitable for all available types of PV modules with a 32A high input current per MPPT.
  • In May 2024, Samsung launched three innovative refrigerators. These advanced refrigerators are integrated with Samsung’s advanced Artificial Intelligence-generated inverter compressor. The aim behind this launch was to redefine the living experience in Indian households. In addition, these cutting-edge refrigerators aim to promise unmatched performance and energy efficiency.

Market Segmentation

By Product

  • Central PV Inverter
  • String PV Inverter
  • Micro PV Inverter
  • Other PV Inverters

By End Use

  • Commercial
  • Residential & Industrial
  • Utilities

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