By combining trend forecasting and competitive intelligence, this report supports future-focused strategy in the inverter sector.
What Is The Projected Market Size & Growth Rate Of The Inverter Market?
The inverter market size has grown rapidly in recent years. It will grow from $20.11 billion in 2024 to $23.18 billion in 2025 at a compound annual growth rate (CAGR) of 15.2%. 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 $41.74 billion in 2029 at a compound annual growth rate (CAGR) of 15.8%. 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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What Is The Crucial Factor Driving The Global Inverter Market?
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 July 2023, according to the International Energy Agency, a France-based intergovernmental organization, sales of electric vehicles were 10 million in 2022, and there will be an increase to 14 million sales of electric vehicles in 2023. Therefore, increased demand for electric vehicles is driving the inverter market.
Segment Covered In The Inverter Market Report
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
Key Trends Driving Growth In The Inverter Market
Major companies operating in the inverters market are focusing on innovating new products, such as microinverters, to provide reliable services to customers. Microinverters are small devices used in solar photovoltaic (PV) systems that convert the direct current (DC) generated by individual solar panels into alternating current (AC). For instance, in August 2024, Enphase Energy Inc., a US-based energy technology company launched IQ8 Microinverters such as IQ8HC and IQ8P. The IQ8HC and IQ8P are microinverters designed to maximize energy production and can manage a continuous Direct current (DC) of 14 amperes, supporting higher-powered solar modules through increased energy harvesting. These models boast inverter efficiencies of up to 97.7%, ensuring optimal energy conversion. These models are designed specifically for high-powered solar modules making them ideal for the latest high-output solar technologies.
Key Player 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.
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Global Inverter Market - Regional Insights:
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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