The inverter market is anticipated to grow from an estimated USD 16.3 billion in 2022 to USD 33.8 billion in 2027, at a CAGR of 15.7% during the forecast period. The market has a promising growth potential due to increased deployment of solar inverters, especially in Asia Pacific. The increasing investments in the renewable energy sector and supportive government initiatives and schemes is propelling demand for inverters. Countries targets on climate change to achieve net-zero goals are shifting them towards sustainability development which increased the demand for electric vehicles and also technological advancements in developing high-power density inverters for various end user applications are expected to offer lucrative opportunities for the inverter market during the forecast period.

“Vehicle inverters: The fastest-growing segment of the inverter market, by inverter type“
The inverter type segment is categorized as solar inverters, vehicle inverters, and others. The others segment include UPS and battery inverters. Major requirement for the on-board electronic applications in the automobiles, growing concerns on government ambitious EV targets in the countries and the supporting policies which have lowered the costs of electric vehicles is expected to fuel the growth of the segment during the forecast period.

“Residential segment is expected to emerge as the largest segment based on end user”
The inverter market has been segmented on the basis of end-user industry into residential, automotive, photovoltaic (PV) plants, and others. The others segment includes commercial, industrial, and utilities. The residential segment is expected to hold the largest market share owing to the increased installations of roof top solar PV systems. Emerging markets such as Asia Pacific, South America, Middle East and Africa, and Europe are expected to be the main drivers of this growth, supported by the government supporting schemes which are providing subsidies for the installations.

“ North America is expected to be the second largest and fastest growing market during the forecast period.”
North America is expected to be the second-fastest growing market due to the growing awareness among various sectors on benefits of solar PV installations. Stringent emission norms on vehicles and shift towards sustainable transportation through electric vehicles. Thus propelling the growth of inverters in this region.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.

The distribution of primary interviews is as follows:

  • By Company Type: Tier 1- 47.2%, Tier 2- 30.7%and Tier 3- 22.1%
  • By Designation: C-Level- 42.1%, Managers- 39.6%, and Others- 18.3%
  • By Region: North America- 35%, Europe- 20%, Asia Pacific- 30%, the Middle East & Africa- 10%, and South America- 5%

Note: Others includes product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The inverter market is dominated by a few major players that have a wide regional presence. The leading players in the inverter market are Huawei Technologies (China), Sungrow Power Supply (China), SMA Solar Technology (Germany), Power Electronics (Spain), FIMER (Italy).

Research Coverage:
The report defines, describes, and forecasts the global inverter market, by inverter type, output power rating, output voltage, sales channel, connection type, end-users, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the inverter market.

Key Benefits of Buying the Report

  • The report identifies and addresses the key markets for inverter, which would help equipment manufacturers review the growth in demand.
  • The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
  • The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.