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Global Inverter Market Projected to Grow at 16.4% CAGR, Reaching $43.26 Billion by 2029
Inverter
What Will the Inverter Industry Market Size Be by 2025?
The size of the inverter market has seen a significant expansion in the previous years. It is anticipated to increase from $20.11 billion in 2024 to $23.56 billion in 2025, marking a compound annual growth rate (CAGR) of 17.1%. The noted growth in the historical period is linked to factors such as the rising adoption of renewable energy resources, government incentives, an upsurge in energy usage, a surge in consumer electronics, and the boom in automotive electrification.
What's the Long-Term Growth Forecast for the Inverter Market Size Through 2029?
The market for inverters is set to experience significant expansion over the coming years, with predictions it will reach a worth of $43.26 billion in 2029, growing at a compound annual growth rate (CAGR) of 16.4%. This predicted growth in the forecast period is primarily due to the rising implementation of smart grid systems, the deployment of 5G technology, a greater focus on robust power solutions, efforts to counter climate change, and broadening electrification initiatives. The forecast period also projects main trends, including hybrid inverter systems, the integration of digitalization and IoT, energy management platforms, innovative cooling technologies, and industry-specific solutions.
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What Are the Key Growth Drivers Fueling the Inverter Market Expansion?
The inverter market is anticipated to experience growth driven by the escalating demand for electric vehicles (EVs). These vehicles are constructed with a motor powered by electricity, which is saved in batteries, and function using electric motors. They recharge their batteries using electricity, instead of consuming fossil fuels. Within an EV, an inverter controls the rotation speed of the motor by altering the frequency of the AC. The International Energy Agency, an organization located in France, reported in July 2023 that electric vehicle sales hit 10 million during 2022 and predicted a rise to 14 million sales for 2023. Hence, the swelling demand for electric vehicles is what's propelling the inverter market's expansion.
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What Are the Key Trends Driving Inverter Market Growth?
In an effort to deliver dependable services, leading firms in the inverters market are concentrating on the development of innovative products, such as microinverters. Microinverters are compact devices utilized in solar photovoltaic (PV) systems to transform the direct current (DC) produced by each solar panel into alternating current (AC). Take, for example, Enphase Energy Inc., an energy technology company based in the U.S. that introduced the IQ8 Microinverters such as IQ8HC and IQ8P in August 2024. The IQ8HC and IQ8P, which can manage a steady Direct current (DC) of 14 amperes, are microinverters engineered to optimize energy production, supporting higher-powered solar modules via enhanced energy gathering. Boasting inverter efficiencies of up to 97.7%, these models ensure the best energy conversion. They're specifically designed for high-powered solar modules, making them perfect for the most recent high-output solar technologies.
How Is the Inverter Market Segmented?
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 Companies Are Leading the Charge in Inverter Market Innovation?
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.
Which Regions Are Leading the Global Inverter Market in Revenue?
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.
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