The inverter market has experienced rapid growth recently, rising from $17.32 billion in 2023 to $20.43 billion in 2024, with a CAGR of 17.9%. This growth is driven by the increasing adoption of renewable energy sources, government incentives, rising energy consumption, consumer electronics boom, and automotive electrification. The market is expected to grow to $38.12 billion by 2028, achieving a CAGR of 16.9%. Key growth drivers include smart grid deployment, 5G technology integration, resilient power solutions, climate change mitigation, and expanding electrification. Trends include hybrid inverter systems, digitalization, IoT integration, energy management platforms, and advanced cooling technologies.
Major Driver In The Inverter Market
The surge in demand for electric vehicles (EVs) is set to drive the growth of the inverter market. Electric vehicles operate using motors powered by electricity stored in batteries, with inverters playing a crucial role in adjusting the motor's rotation speed by modifying the frequency of the alternating current. According to the International Energy Agency, in 2022, global electric car sales surpassed 10 million units, constituting a noteworthy 14% share of all new car purchases. This marked increase from approximately 9% in the previous year, 2021, underscores the growing demand for electric vehicles, subsequently propelling the inverter market in 2023, 2024, and 2028.
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Inverter Market Competitive Landscape
Mitsubishi Electric Corporation, Huawei Technologies Co. Ltd., General Electric Company, Schneider Electric SE, Eaton Corporation, Delta Electronics Inc., OMRON Corporation, Chint Group Co. Ltd., Sungrow Power Supply Co. Ltd., Yaskawa Electric Corporation, KOSTAL Solar Electric GmbH, SolarEdge Technologies Inc., Enphase Energy Inc., Advanced Energy Industries Inc., TMEIC Corporation, Fronius International GmbH, Ingeteam India Pvt. Ltd., Ginlong Technologies Co. Ltd., KSTAR New Energy Co. Ltd., Satcon Technology Corporation, Sineng Electric Co. Ltd., Growatt New Energy Technology Co. Ltd., Hitachi Hi-Rel Power Electronics Pvt. Ltd., Tabuchi Electric Co. Ltd., GoodWe Power Supply Technology Co. Ltd., KACO new energy GmbH, Xantrex Technology Inc., FIMER S.p.A, SMA Solar Technology AG, Power Electronics S.L.
Key Inverter Market Trend
Technological advancements have emerged as a key trend gaining popularity in the inverter market. Major companies operating in the inverter market are developing new products with advanced technologies to strengthen their position. For instance, in May 2021, Infineon Technologies AG, a Germany-based semiconductor manufacturer, introduced a new automotive power module with CoolSiC MOSFET technology. A full-bridge module with 1200 Volts blocking voltage optimized for traction inverters in electric vehicles (EV). The power module is based on automotive CoolSiC trench MOSFET technology for high-performance applications and high power density. It offers higher efficiency in inverters with more extended ranges and lower battery prices, particularly for vehicles with larger battery capacities and 800 V battery systems.
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Inverter Market Segmentation
The inverter market covered in this report is segmented –
1) By Inverter Type: Solar Inverter, Vehicle Inverter, Other Types
2) By Connection Type: On-Grid, Off-Grid
3) By Phase: Single Phase, Three Phase
4) By Sales Channel: Direct, Indirect
5) By End-User: Residential, Industrial, Commercial
By Geography:The regions covered in the inverter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the inverter market in 2023.
The Inverter Global Market Report 2024 furnishes information about the global inverter market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
