Inverter Market by Power Source (Battery-Powered, hardwired with battery backup, Hardwired without battery backup), Type (Photoelectric Smoke Detectors, Ionization Smoke Detectors), Service, Distribution Channel, and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Inverter Market Overview
The global Inverter Market size is projected to reach a CAGR of 15.7% from 2023-2030.
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Power inverters are electric devices that transform direct current (DC) into alternating current (AC). Unlike generators, power inverters offer low operating costs and eliminate the inconvenience of using change-over switches. Owing to these characteristics, they are used to operate several tools, household appliances, and other electrical products. Power inverters are available in a variety of sizes, types, and power ranges as per the varied consumer needs and preferences. Some of these variants include modified sine wave power inverters, plug-in grid tie power inverters, and solar power inverters.
The rapid economic growth and rising disposable incomes of individuals across the globe have enabled them to spend more on products like power inverters, which enhance their lifestyles and provide comfort. Along with this, with rapid urbanization and growing electrification rates, most people nowadays rely on electronic appliances and gadgets. This has resulted in a significant need for an uninterrupted power supply, in turn increasing the sales of power inverters as an alternate backup solution in case of outages. Besides this, they are noise-free and environment-friendly in nature as they do not emit carbon emissions and eliminate the need for gasoline, which is required for running generators. Moreover, manufacturers are investing in research and development (R&D) activities to introduce new technologies and enhance their operational characteristics. These factors will help to boost the market.
On the other hand, in traditional PV systems, PV panels, wires, and other equipment are energized with high DC voltages. These high DC voltages pose risks to installers, maintenance personnel, and firefighters. Solar inverters with PV arrays involve high DC voltages, making it difficult to isolate DC electric devices from PV arrays using DC isolation switches. When PV modules are connected in series, they create a high voltage, which can be dangerous for installers during the system installation, thus there is a high safety risk with high DC voltages and this is the major factor hindering the growth of the market.
The COVID-19 pandemic has adversely affected the growth of the inverter market globally as the demand for inverters was reduced significantly. Governments worldwide have restricted many business activities to minimize the spread of the coronavirus. The wide expansions in the renewable energy sector which were planned by the government have also got shut-down due to the pandemic, this delayed the path that was targeted for the clean energy transition. Additionally, companies across different geographies had to shut down their manufacturing facilities and services as partial or full lockdowns were imposed to contain the pandemic. This resulted in increased procurement costs of raw materials due to the shortage of supplies, which ultimately led to delays in order closures. Thus, the pandemic has negatively impacted the demand for inverters in the short term.
Delvens Industry Expert's Standpoint
The inverter market has witnessed significant growth in recent years, driven by increasing demand for clean and reliable power sources, rising adoption of renewable energy systems, and growing awareness about energy efficiency. The market has seen technological advancements, such as the development of smart inverters with advanced features like grid connectivity and energy storage integration. Additionally, the expansion of industries such as solar power generation, electric vehicles, and home appliances has also boosted the demand for inverters. Moreover, favorable government policies and incentives to promote renewable energy sources and energy-efficient solutions have further stimulated the inverter market's growth. The increasing focus on reducing greenhouse gas emissions and mitigating the impact of climate change has led to the adoption of renewable energy systems, which in turn has driven the demand for inverters.
Inverter Market Key Findings
The output power rating segment is further segmented into Below 10 kW, 10–50 kW, 50–100 kW, and Above 100 kW. Below 10 kW is expected to be the largest segment during the forecast period. These inverters with a power rating below 10 kW are commonly used in residential applications. The growth of the market can be mainly attributed to the increase in the number of solar rooftop installations in various countries. Mainly in Asia Pacific countries such as India and China, government initiatives and schemes in developing solar PV systems are fuelling the growth of the below 10 kW segment.
The end-user segment is further fragmented into Residential, Automotive, Photovoltaic (PV) Plants, and Others (Commercial, Industrial, and utilities). The automotive segment held the largest CAGR and is expected to dominate the market during the forecast period. The adoption of electric vehicles is growing substantially due to the implementation of emission regulations to limit emissions from traditional vehicles. Apart from electric vehicles, inverters are also used in conventional vehicles for onboard power appliances. These factors are thus responsible for the increased demand for vehicle inverters which is expected to fuel the growth of the automotive segment.
The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia Pacific is expected to dominate the global inverter market between 2023-2030, followed by North America and Europe. The inverter market in the Asia Pacific is witnessing significant developments in the renewable energy sector due to increased initiatives towards climate change and net zero targets, which have supported the demand for inverters across countries of the region.
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Inverter Market Regional Analysis
Asia Pacific to Dominate the Market
Asia Pacific is expected to dominate the global inverter market between 2023-2030, followed by North America and Europe. The inverter market in the Asia Pacific is witnessing significant developments in the renewable energy sector due to increased initiatives towards climate change and net zero targets, which have supported the demand for inverters across countries of the region.
The increasing investments in photovoltaic (PV) plants, a rise of installations in the residential sector along with the shift in transportation towards electrical vehicles in countries such as China, India, Australia, and Japan.
Inverter Market Competitive Landscape
· Luminous Power Technologies Pvt. Ltd.
· V-Guard Industries
· Microtek International Private Limited
· Su-Kam Power Systems Limited
· Exide Industries Limited
· Amara Raja Batteries Limited
· Genus Innovation Limited
· Arise India Limited
· Consul Neowatt Power Solutions Private Limited
Uniline Energy Systems Private Limited
Recent Developments in the Inverter Market
· In March 2022, Huawei Technologies signed a strategic cooperation agreement with Meienergy Technology Co., Ltd for providing smart PV and energy storage systems for the 1 GW utility PV plant and 500 MWh energy storage system in Ghana which is developed by Meienergy.
· In April 2022, Sungrow Power Supply supplied string inverters to a 20.7 MW rooftop PV plant for the electric vehicle manufacturing base of XPENG. The XPENG factory is now powered by 30% of clean electricity.
Reasons to Acquire Inverter Market Report
· Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
· Gain authentic and granular data access for Inverter Market to understand the trends andthe factors involved in changing market situations.
· Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
· In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
Table of Contents
Inverter Market is segmented into various segments such as inverter type, output power rating, output voltage, sales channel, connection type, end user, and region:
Based on the inverter type
Solar inverter
Vehicle inverter
Others (UPS and battery inverters)
Based on the output power rating
Below 10 kW
10–50 kW
50–100 kW
Above 100 kW
Based on the output voltage
100–300 V
300–500 V
Above 500 V.
Based on the sales channel
Direct
Indirect
Based on the connection type
Standalone
Grid-tied
Based on end-user
Residential
Automotive
Photovoltaic (PV) Plants
Others (Commercial, Industrial, and utilities)
Based on region
Asia Pacific
North America
Europe
South America
Middle East & Africa
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