Press release
Inverter Market: Soaring Demand and CAGR of 16.4% for the Forecast period 2025-2029
Inverter Market Size
What Is The Projected Market Size Of The Global Inverter Market And Its Growth Rate?
The global inverter market has seen exponential growth in recent years. The market size and growth statistics are as follows:
• In 2024, the market size was $20.11 billion.
• It is projected to expand to $23.56 billion in 2025 at a compound annual growth rate (CAGR) of 17.1%.
• The market size is predicted to boom to $43.26 billion in 2029 at a CAGR of 16.4%.
The growth trends can be attributed to the adoption of smart grid systems, 5G technology deployment, and expanding electrification initiatives.
What Is Driving The Growth In The Inverter Market?
Driving the robust growth of the inverter market is the burgeoning demand for electric vehicles (EVs). EVs operate on electric motors and charge their batteries with electricity rather than utilizing fossil fuels. An inverter plays a crucial role in EVs, changing the speed at which the motor rotates by adjusting the frequency of the alternating current. According to the International Energy Agency, sales of electric vehicles were 10 million in 2022, with an estimated increase to 14 million sales of electric vehicles in 2023, pushing the inverter market ahead.
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Who Are the Key Players Driving Inverter Market Growth?
The significant players responsible for the growth of the inverter market are:
•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.
What Are The Key Trends In The Inverter Market?
Crucial developing trends in the inverter market involve:
•Hybrid inverter systems
•Digitalization and IoT integration
•Energy management platforms
•Advanced cooling technologies
•Customised solutions for industries
What Are The Segments Of The Global Inverter Market?
The global inverter market is segmented according to:
•Inverter Type: Solar Inverter, Vehicle Inverter, Other Types
•Connection Type: On-Grid, Off-Grid
•Phase: Single Phase, Three Phase
•Sales Channel: Direct, Indirect
•End-User: Residential, Industrial, Commercial
Which Region Leads The Inverter Market?
Asia-Pacific region was the largest contributor to the inverter market in 2024. The market report covers other regions such as Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Inverter Market Global Market Report?
- Market Size Analysis: Analyze the Inverter Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Inverter Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Inverter Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Inverter Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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