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Inverter Market Trends, Growth & Insights 2024-2033
Inverter Market Trends
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According to The Business Research Company's, The inverter market size has grown rapidly in recent years. It will grow from $17.32 billion in 2023 to $20.43 billion in 2024 at a compound annual growth rate (CAGR) of 17.9%. The growth in the historic period can be attributed to increasing adoption of renewable energy sources, government incentives, rising energy consumption, consumer electronics boom, automotive electrification.
The inverter market size is expected to see rapid growth in the next few years. It will grow to $38.12 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%. The growth in the forecast period can be attributed to increasing deployment of smart grid systems, 5G technology deployment, increasing emphasis on resilient power solutions, climate change mitigation, expanding electrification initiatives. Major trends in the forecast period include hybrid inverter systems, digitalization and IoT integration, energy management platforms, advanced cooling technologies, customized solutions for industries.
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Market Drivers and Trends:
The growing demand for electric vehicles (EVs) is expected to propel the growth of the inverter market going forward. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries and that operates on electric motors and charges its batteries with electricity rather than utilizing fossil fuels. An inverter is used in an EV that changes the speed at which the motor rotates by adjusting the frequency of the alternating current. For instance, in 2023, according to the International Energy Agency, a France-based intergovernmental organization for the global energy system, in the year 2022, the global sales of electric cars surpassed the remarkable milestone of 10 million units. Notably, electric vehicles accounted for a notable 14% share of all new car purchases, indicating a substantial increase from the approximately 9% recorded in the previous year, 2021.Therefore, increased demand for electric vehicles is driving the inverter market.
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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Major Key Players of the Market:
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.
Inverter Market 2024 Key Insights:
• The inverter market size is expected to see rapid growth in the next few years. It will grow to $38.12 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%.
• The Inverter Market Surge In Tandem With Global Electric Vehicle Adoption
• The Role Of Advanced Technologies In Shaping The Inverter Market
• Asia-Pacific was the largest region in the inverter market in 2023
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