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Global Inverter Market Analysis 2025-2030: Growth Drivers, Challenges, And Opportunities
Inverter
What Is the Projected Growth of the Inverter Market?
In recent times, there has been a swift expansion in the inverter market size. The market, currently valued at $20.11 billion in 2024, is set to rise to $23.56 billion in 2025, recording a CAGR of 17.1%. The significant growth during the past period is due to several factors such as increased usage of renewable energy sources, government subsidies, the spike in energy consumption, the surge in consumer electronics, and an upswing in automotive electrification.
In the coming years, the inverter market size is predicted to experience a considerable surge. It is projected to reach a size of $43.26 billion by 2029, with a compound annual growth rate (CAGR) of 16.4%. The anticipated growth during this forecast period can be ascribed to the rising implementation of smart grid systems, the deployment of 5G technology, an increasing focus on robust power solutions, efforts toward mitigating climate change, and the expansion of electrification initiatives. The major trends expected in this forecast period encompass hybrid inverter systems, digitalization and integration with the Internet of Things (IoT), energy management platforms, innovative cooling technologies, and tailored solutions for various industries.
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What Are the Different Inverter Market Segments?
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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What Are the Primary Drivers Shaping the Inverter Market?
The surge in electric vehicle (EV) demand is predicted to boost the advancement of the inverter market in the future. Electric vehicles are defined as vehicles with motors powered by electricity kept in batteries, functioning on electric motors and charging their batteries with electricity instead of resorting to fossil fuels. An inverter, an essential component of an EV, alters the speed of motor rotation by modifying the frequency of the alternating current. For example, the International Energy Agency, a France-based intergovernmental organization, reported that electric vehicle sales stood at 10 million in 2022 and projected a rise to 14 million sales in 2023. Consequently, increased electric vehicle demand is a key driver in the expansion of the inverter market.
Which Companies Are Leading in the Inverter Market?
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.
What Are the Major Trends Shaping the Inverter Market?
Key businesses in the inverters market are focusing their efforts on developing new inventions like microinverters to deliver trustworthy services to their customers. Microinverters are compact devices utilized in solar photovoltaic (PV) systems, responsible for transforming the direct current (DC) produced by each individual solar panel into alternating current (AC). For example, Enphase Energy Inc., an energy technology company based in the US, introduced IQ8 Microinverters including IQ8HC and IQ8P, in August 2024. The IQ8HC and IQ8P are microinverters engineered to enhance energy production and they can handle a persistent Direct current (DC) of 14 amperes, accommodating higher-powered solar modules through heightened energy collection. These models claim inverter efficiencies of up to 97.7%, guaranteeing the best energy transformation. These models are specifically tailored for high-powered solar modules, making them perfectly suitable for the newest high-yield solar technologies.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Inverter Market?
2. What is the CAGR expected in the Inverter Market?
3. What Are the Key Innovations Transforming the Inverter Industry?
4. Which Region Is Leading the Inverter Market?
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