Press release
Leading Element Driving Change in the Inverter Market in 2025: The Inverter Market Surge In Tandem With Global Electric Vehicle Adoption Driver
Inverter Market Size
The surge in electric vehicles (EVs) demand is predicted to boost the inverter market's expansion in the future. Electric vehicles are made up of a motor that's fueled by electric energy held in batteries. They function on electric motors and charge their batteries with electricity, rather than relying on fossil fuels. The role of an inverter in an EV is to regulate the motor's rotational speed by modifying the alternating current's frequency. For example, the International Energy Agency, an intergovernmental organization based in France, reported that the sales of electric vehicles were 10 million in 2022 and projected that there would be a rise to 14 million in 2023, in July 2023. Consequently, the escalating demand for electric vehicles is propelling the inverter market.
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What Is the projected market size and growth rate for the inverter market?
Over the past few years, the size of the inverter market has seen a brisk upsurge. The market, which is slated to swell from $20.11 billion in 2024 to $23.56 billion in 2025, is set to do so at an impressive compound annual growth rate (CAGR) of 17.1%. The notable growth during the recent years is owed to factors such as amplified uptake of renewable energy sources, government incentives, amplified energy utilisation, explosion in consumer electronics, and a surge in automotive electrification.
In the upcoming years, the inverter market size is predicted to experience swift expansion, reaching a value of $43.26 billion in 2029 with a compound annual growth rate (CAGR) of 16.4%. The surge in growth over the forecast period can be linked to the rising implementation of smart grid systems, the deployment of 5G technology, a growing focus on resilient power solutions, efforts towards mitigating climate change, and widespread electrification initiatives. Key trends to watch out during the forecast period include hybrid inverter systems, the integration of digitalization and IoT, energy management platforms, advanced cooling technologies, and customized industry-specific solutions.
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What new trends are reshaping the inverter market and its opportunities?
Leading firms in the inverter market are concentrating on the creation of innovative products like microinverters in an effort to offer dependable services to their clients. Microinverters, which are small devices utilized in solar photovoltaic (PV) systems, transform the direct current (DC) produced by individual solar panels into alternating current (AC). To illustrate, Enphase Energy Inc., an energy technology firm based in the US, introduced IQ8 Microinverters, including IQ8HC and IQ8P, in August 2024. These microinverters, which have been engineered to enhance energy production, can handle a continuous DC of 14 amperes, thereby facilitating a boost in the energy output of higher-power solar modules. These units display inverter efficiencies of up to 97.7%, thereby guaranteeing excellent energy conversion. Specifically designed for high-power solar modules, these models are particularly well-suited for the most recent high-performance solar technologies.
What major market segments define the scope and growth of the inverter market?
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
Subsegments:
1) By Solar Inverter: String Inverter, Central Inverter, Micro Inverter, Hybrid Inverter
2) By Vehicle Inverter: Modified Sine Wave Inverter, Pure Sine Wave Inverter, Inverter Chargers
3) By Other Types: Grid-Tie Inverter, Off-Grid Inverter, UPS Inverter (Uninterruptible Power Supply), Battery Inverter
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Which region dominates the inverter market?
Asia-Pacific was the largest region in the inverter market in 2024. The regions covered in the inverter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the inverter industry growth?
Major companies operating in the inverter market include 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., 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.
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What Is Covered In The Inverter Global Market Report?
•Market Size Forecast: Examine the inverter market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the inverter market for a structured understanding.
•Key Players Overview: Analyze major players in the inverter market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the inverter market.
•Segment Contributions: Evaluate how different segments drive overall growth in the inverter market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the inverter market.
•Industry Challenges: Identify potential risks and obstacles affecting the inverter market.
•Competitive Landscape: Review strategic developments in the inverter market, including expansions, agreements, and new product launches.
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