Inverter Market

Inverter Market by Type (Solar Inverters, Non-solar Inverters), Output Power Rating, Output Voltage, Sales Channel (Direct, Indirect), End User (PV Plants, Residential, Commercial, Automotive), and Geography - Global Forecast to 2025

Report Code: SE 7540 Feb, 2020, by marketsandmarkets.com

Inverter Market

Inverter Market is expected to grow at a CAGR of 15.6% from 2020 to 2025


Inverter Market and Top Companies


  • Huawei Technologies (China) – The company is one of the major China-based information and communication technology (ICT) companies. It manufactures and distributes photovoltaic (PV) inverters and innovative solutions for intelligent PV systems. Huawei aims at building smart solar plants supporting high power yields and smart operations & maintenance (O&M,) which are safe and reliable, to enable its customers to maximize their return on investments (ROI) during the lifecycle of power plants. Huawei FusionSolar Smart PV solution offered by the company combines PV technology with digital information and the Internet. Its Huawei FusionSolar Smart PV solution enables operations and maintenance of highly automated PV systems through smart data collection, high-speed communication, and cloud computing.
  • Sungrow Power Supply (China) – The company manufactures and sells new energy power supply devices. It also offers services related to these devices. The company carries out R&D activities for the development of new and advanced energy power supply devices. These devices are particularly used in solar energy and wind energy sectors. They are also used in new energy automotive drive systems, as well as in floating and land-based PV power plants. Sungrow specifically offers string inverters, residential inverters, central inverters, and related accessories such as monitoring devices and combiner boxes. The products offered by the company are available for specific geographies such as Europe, the Americas, Brazil, and APAC as they comply with the power, voltage, and frequency rating norms specific to these geographies.
  • SMA Solar Technology (Germany) – The company is a Germany-based provider of solar energy equipment. It has expertise in PV system technology. The company manufactures and supplies both string and central solar inverters used in PV systems. These inverters are majorly used in grid connection and commercial applications. They can be used with all types of solar modules, as well as in stand-alone grids and small house systems. The company offers different types of string inverters such as SUNNY HIGHPOWER, SUNNY TRIPOWER, and SUNNY BOY series. It also offers SUNNY CENTRAL series of central inverters.
  • Power Electronics (Spain) – The company manufactures electronic devices. It offers solar inverters, electronic starters, variable-speed drives, and converters designed for the grid connection of the battery-based energy storage systems. The company has presence in all the continents, supporting them to have sound energy infrastructure and related immediate technical service for the equipment and large projects.
  • ABB (Switzerland) – The company is a global leader in power and automation technologies. It was formed through the merger of ASEA (Sweden) and Brown, Boveri & Cie AG (Switzerland) in 1988. The company has presence in Europe, the Americas, APAC, Africa, and the Middle East. It offers solar inverters through its electrification products division. ABB offers different types of solar inverters such as string inverters and central inverters. It also offers software tools and services related to solar inverters through its unit, Power-One. The string inverters offered by the company are of both single phase and three phase.

Inverter Market and Top End Users


  • Residential - Non-solar residential inverters, commonly known as residential UPS, are mainly used in homes and offices for powering computers, modems, etc. Growing demand for these inverters for powering different electronic systems is leading to their increased adoption in residential applications.
  • Automotive - Vehicle inverters are used in both electric vehicles and internal combustion engine (ICE) vehicles. All types of electric vehicles, such as hybrid electric vehicles (HEVs), battery electric vehicles (BEVs), and plug-in hybrid electric vehicles (PHEVs), require inverters for power management to/from battery packs to motors and for on-board systems. These inverters are also used to power other appliances, such as laptops, mobile chargers, advanced electrical appliances, refrigerators, and microwaves, in vehicles.
  • PV Plants - PV plants are relatively new applications of solar inverters. The PV plants segment accounts for a smaller share of the inverter market than the residential and the commercial segments. The number of solar panels installed in PV plants is large, and it may not be convenient and cost-efficient to specially integrate solar inverters with each panel.
  • Commercial - Besides residential applications, solar inverter systems are witnessing increased demand in commercial applications. Commercial solar systems are either installed on rooftops or can be ground-mounted, which allow customers to generate clean energy and avail different incentives offered by governments of different countries. Commercial-scale PV systems not only generate green energy but also reduce electricity bills.

Inverter Market and Top Types


  • Solar Inverters - Solar inverters are prime elements of solar electric power systems. The DC power, which is generated by solar power plants, is not suitable for common household appliances. Hence, it is necessary to convert this DC power to AC power. Solar inverters transform the variable DC output of PV solar panels into usable AC. This AC can then be used by residential, PV plants, and commercial end users for operating electric appliances/machines.
  • Non-solar Inverters - Unlike solar inverters, non-solar inverters mainly take DC power from electric batteries and convert it to usable AC. This AC power is then consumed by residential and automotive end users for operating their electronic appliances. Non-solar inverters can be further classified as vehicle inverters and residential inverters.

The global inverter market is projected to grow from USD 12.8 billion in 2020 to USD 26.5 billion by 2025; it is expected to grow at a CAGR of 15.6% from 2020 to 2025. The growth of the market is driven by a large inflow of investments in the renewable energy sector and rise in the number of residential solar rooftop installations. The report covers the inverter market segmented into type, output power rating, output voltage, sales channel, end user, and region.

Inverter Market

The below 10 kW segment held the largest share of the inverter market in 2019.

Inverters with power rating below 10 kW are suitable for use in the residential and commercial sectors. Residential solar PV systems are mostly used in rooftop installations, which offer benefits of feed-in tariffs and net metering. Installations of solar PV systems in the residential sector have been increasing significantly across the world, and this trend is projected to continue during the forecast period as well.

The indirect sales channel segment projected to account for a larger share of the inverter market than the direct sales channel segment during the forecast period.

Indirect sales channels or third parties hold a significant share of the inverter market as these channels are adopted by inverter manufacturers to provide their inverter solutions to different end users. Most key players in the market have well-established sales networks and provide their products globally. Solar inverters are mainly adopted by residential and commercial end users, as well as by PV plants. These inverters require expertise for their integration with the solar panels and, thus, require system integrators to install and maintain them.

Inverter Market

APAC projected to dominate the solar inverter market during the forecast period.

Increased investments for the deployment of industrial automation solutions, emphasis on regulations that demand operational and workforce safety, expansion of power generation capacities of plants, electrification of the transportation sector, and reduction in the production and operational costs of power plants owing to advancements in technologies in emerging economies of APAC are driving the growth of the solar inverter market in APAC.

Key Market Players

Huawei Technologies (China), Sungrow Power Supply (China), SMA Solar Technology (Germany), Power Electronics (Spain), and ABB (Switzerland) are the major players operating in the market.

Huawei Technologies is one of the major China-based information and communication technology (ICT) companies. It manufactures and distributes photovoltaic (PV) inverters and innovative solutions for intelligent PV systems. Huawei aims at developing smart solar plants that support high power yields and carry out smart operations & maintenance (O&M), which are safe and reliable, to enable its customers to maximize their return on investments (ROI) during the lifecycle of power plants.

Scope of the Report

Report Metric

Details

Market size available for years

2018–2025

Base year considered

2019

Forecast period

2020–2025

Forecast units

Value (USD)

Segments covered

Type, Output Power Rating, Output Voltage, Sales Channel, and End User

Regions covered

North America, Europe, APAC, and RoW

Companies covered

Huawei Technologies (China), Sungrow Power Supply (China), SMA Solar Technology (Germany), Power Electronics (Spain), and ABB (Switzerland), among other players. A total of 25 major players have been covered in this report.

In this report, the market has been segmented into the following categories:

Inverter Market, by Type

  • Solar Inverters
  • Non-solar Inverters
    •  Vehicle Inverters
      • by Vehicle Type
        • Battery Electric Vehicles (BEVs)
        • Hybrid Electric Vehicles (HEVs)
        • Plug-in Hybrid Electric Vehicles (PHEVs)
    • Residential Inverters

Inverter Market, by Output Power Rating

  • Below 10 kW
  • 10–50 kW
  • 50–100 kW
  • Above 100 kW

Inverter Market, by Output Voltage

  • 100–300 V
  • 300–500 V
  • Above 500 V

Inverter Market, by Sales Channel

  • Direct
  • Indirect

Inverter Market, by End User

  • PV Plants
  • Residential
  • Commercial
  • Automotive

Inverter Market, by Geography

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Rest of Europe
  • APAC
    • China
    • Japan
    • India
    • Australia
    • Rest of APAC
  • RoW
    • Middle East & Africa
    • South America

Critical Questions Would Be:

  • Which solar inverter types are expected to witness the highest demand in the near future?
  • Which end users require inverters the most?
  • What are the opportunities and challenges for the market?
  • What are the key industry trends in the market?
  • Which specific region has the highest adoption of solar inverters?

Frequently Asked Questions (FAQ):

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction (Page No. - 19)
    1.1 Study Objectives
    1.2 Market Definition and Scope
           1.2.1 Inclusions and Exclusions
    1.3 Study Scope
           1.3.1 Markets Covered
           1.3.2 Geographic Analysis
           1.3.3 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 23)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
                    2.2.1.1 Approach for Arriving at Market Size Using Bottom-Up Approach (Demand Side)
           2.2.2 Top-Down Approach
                    2.2.2.1 Approach for Arriving at Market Size Using Top-Down Analysis (Supply Side)
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 33)

4 Premium Insights (Page No. - 36)
    4.1 Attractive Growth Opportunities in Inverter Market
    4.2 Market, By Type
    4.3 Market, By Output Power Rating
    4.4 Solar Inverter Market in APAC, By Country and End User
    4.5 Market, By End User
    4.6 Solar Inverter Market, By Country, 2019

5 Market Overview (Page No. - 39)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Large Inflow of Investments in Renewable Energy Sector
                    5.2.1.2 Rising Number of Residential Solar Rooftop Installations
                    5.2.1.3 Surging Demand for Various Household Devices in Vehicles
           5.2.2 Restraints
                    5.2.2.1 Strain Caused By Inverters on Batteries of Vehicles to Power Secondary Devices and Systems Installed in Them
           5.2.3 Opportunities
                    5.2.3.1 Increase in Number of Solar PV Installations Owing to Incentive Schemes Initiated By Governments of Different Countries
                    5.2.3.2 Technological Innovations in Inverters to Improve Their Capabilities
                    5.2.3.3 Development of High-Power Density Inverters Equipped With New Features
           5.2.4 Challenges
                    5.2.4.1 Pricing Pressure on Manufacturers of Inverters
                    5.2.4.2 Safety Risks Associated With High DC Voltages
           5.2.5 Value Chain Analysis

6 Waveform-Based Classification of Inverters (Page No. - 48)
    6.1 Introduction
    6.2 Pure Sine Wave Inverters
           6.2.1 Use of Pure Sine Wave Inverters in Domestic Electrical Appliances Fueling Their Global Demand
    6.3 Square Wave Inverters
           6.3.1 Limited Applications of Square Wave Inverters Lead to Their Low Costs
    6.4 Modified Sine Wave Inverters
           6.4.1 Ease of Operations and Low Costs of Modified Sine Wave Inverters Contribute to Their Use in Different Applications

7 Phase-Based Classification of Inverters (Page No. - 50)
    7.1 Introduction
    7.2 Three Phase
           7.2.1 Increased Use of Three-Phase Inverters Used in High-Power Applications Leading to Rise in Demand for These Inverters
    7.3 Single Phase
           7.3.1 Rise in Adoption of Single-Phase Inverters in Residential Buildings and Low-Power Applications

8 Inverter Market, By Type (Page No. - 52)
    8.1 Introduction
    8.2 Solar Inverters
           8.2.1 By Inverter Type
                    8.2.1.1 Central Inverters
                               8.2.1.1.1 Central Inverters are Used in Large-Scale Industrial Applications
                    8.2.1.2 String Inverters
                               8.2.1.2.1 String Inverters are Preferred By Commercial and Residential End Users
                    8.2.1.3 Hybrid Inverters
                               8.2.1.3.1 Hybrid Inverters are More Advanced Than Conventional Solar Inverters
                    8.2.1.4 Micro Inverters
                               8.2.1.4.1 Micro Inverters are Largely Used By Residential End Users
           8.2.2 By Connection Type
                    8.2.2.1 Stand-Alone
                               8.2.2.1.1 Stand-Alone Solar Systems are Economical
                    8.2.2.2 Grid-Tied
                               8.2.2.2.1 Grid-Tied Solar Systems to Dominate Solar Inverter Market From 2020 to 2025
    8.3 Non-Solar Inverters
           8.3.1 Vehicle Inverters
                    8.3.1.1 By Vehicle Type
                               8.3.1.1.1 Battery Electric Vehicles(BEVS)
                                             8.3.1.1.1.1 Battery Electric Vehicles Segment to Dominate the Vehicle Inverter Market From 2020 to 2025
                               8.3.1.1.2 Hybrid Electric Vehicles (HEVS)
                                             8.3.1.1.2.1 Vehicle Inverters are Used in HEVS to Supply AC Current to Electric Motors
                               8.3.1.1.3 Plug-In Hybrid Electric Vehicles (PHEVS)
                                             8.3.1.1.3.1 Vehicle Inverters Used in PHEVS Expected to Witness Significant Increase From 2020 to 2025
           8.3.2 Residential Inverters
                    8.3.2.1 Rise in Use of Residential Inverters in Households to Meet Their Energy Requirements

9 Inverter Market, By Output Power Rating (Page No. - 70)
    9.1 Introduction
    9.2 Below 10 kW
           9.2.1 Increase in Adoption of Inverters With Output Power Rating Below 10 kW in Residential Sector
    9.3 10–50 kW
           9.3.1 Rise in Use of Inverters With Output Power Rating Ranging From 10 to 50 kW in Commercial Applications
    9.4 50–100 kW
           9.4.1 Increased Adoption of Solar Inverters With Output Power Rating Ranging From 50 to 100 kW in Large PV Systems
    9.5 Above 100 kW
           9.5.1 Rise in Use of Inverters With Output Power Rating Above 100 kW in Commercial Applications

10 Inverter Market, By Output Voltage (Page No. - 77)
     10.1 Introduction
     10.2 100–300 V
             10.2.1 Increased Use of 100–300 V Inverters By Residential and Automotive End Users
     10.3 300–500 V
             10.3.1 Rise in Adoption of Inverters With 300–500 V Output Voltage in Commercial Applications
     10.4 Above 500 V
             10.4.1 Increased Use of Solar Inverters With Output Voltage of Above 500 V in Large PV Systems

11 Inverter Market, By Sales Channel (Page No. - 82)
     11.1 Introduction
     11.2 Direct Sales Channel
             11.2.1 Automotive End Users Prefer Direct Sales Channel for Purchasing Inverters
     11.3 Indirect Sales Channel
             11.3.1 Preference for Procurement of Inverters Through Indirect Sales Channels

12 Inverter Market, By End User (Page No. - 86)
     12.1 Introduction
     12.2 Residential
             12.2.1 Increasing Requirement of Uninterrupted Power Supply From Residential Users to Support Growth of Inverter Market Globally
     12.3 Commercial
             12.3.1 Rising Use of Solar Inverters in Commercial Applications for Improved Energy Harvesting From PV Arrays
     12.4 PV Plants
             12.4.1 Increasing Number of Global PV Installations to Contribute to Growth of  Market
     12.5 Automotive
             12.5.1 Growing Adoption of Electric Vehicles to Push Demand for Vehicle Inverters

13 Geographic Analysis (Page No. - 108)
     13.1 Introduction
     13.2 North America
             13.2.1 US
                        13.2.1.1 Increase in Number of Solar Installations in US Leading to Growth of Solar Inverter in Country
             13.2.2 Canada
                        13.2.2.1 Rise in Number of Programs to Support PV Installations Expected to Contribute to Growth of Solar Inverter Market in Canada
             13.2.3 Mexico
                        13.2.3.1 Increased Deployment of Solar Inverters in Mexico to Fuel Growth of Solar Inverter in Country
     13.3 Europe
             13.3.1 Germany
                        13.3.1.1 Presence of Top Automotive Manufacturers in Germany to Support Growth of  Market in Country
             13.3.2 UK
                        13.3.2.1 Encouragement By Government of UK to Promote Use of New Energy Technologies Such as Inverters
             13.3.3 France
                        13.3.3.1 Increased Adoption of Automation Technology in Different Industries to Fuel Demand for Inverters in France
             13.3.4 Rest of Europe
     13.4 APAC
             13.4.1 China
                        13.4.1.1 Automation of Industries Leading to Rise in Demand for Solar Inverters in China
             13.4.2 Japan
                        13.4.2.1 Establishment of Floating Power Plants in Japan to Support Growth of Solar Inverter Market in Country
             13.4.3 India
                        13.4.3.1 Rise in Number of Solar Rooftop Installations to Support the Growth of Solar Inverter Market in India
             13.4.4 Australia
                        13.4.4.1 Increased Solar Energy Generation to Support Growth of Solar Inverter  in Australia
             13.4.5 Rest of APAC
     13.5 RoW
             13.5.1 Middle East & Africa
                        13.5.1.1 Rise in Number of Solar PV Projects to Create Significant Growth Avenues for Solar Inverter Market in Middle East & Africa
             13.5.2 South America
                        13.5.2.1 Brazil and Argentina to Significantly Contribute to Growth of Solar Inverter Market in South America

14 Competitive Landscape (Page No. - 130)
     14.1 Overview
     14.2 Competitive Analysis
             14.2.1 Ranking Analysis: Inverter Market, 2019
     14.3 Competitive Leadership Mapping, 2019
             14.3.1 Visionary Leaders
             14.3.2 Dynamic Differentiators
             14.3.3 Innovators
             14.3.4 Emerging Companies
     14.4 Competitive Situation and Trends
             14.4.1 Agreements, Partnerships and Collaborations, 2018—2019
             14.4.2 Product Launches and Developments, 2018—2019

15 Company Profiles (Page No. - 136)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View)*
     15.1 Key Players
             15.1.1 Huawei Technologies
             15.1.2 Sungrow Power Supply
             15.1.3 SMA Solar Technology
             15.1.4 Power Electronics
             15.1.5 Abb
             15.1.6 Solaredge Technologies
             15.1.7 Fronius International
             15.1.8 Altenergy Power System
             15.1.9 Enphase Energy
             15.1.10 Darfon Electronics
     15.2 Right-To-Win
     15.3 Other Players
             15.3.1 Continental
             15.3.2 Delphi Technologies
             15.3.3 Sensata Technologies
             15.3.4 Samlex Europe
             15.3.5 Bestek
             15.3.6 General Electric
             15.3.7 Schneider Electric
             15.3.8 Goodwe
             15.3.9 Toshiba Mitsubishi-Electric Industrial Systems Corporation
             15.3.10 Delta Electronics
             15.3.11 Yaskawa Solectria Solar
             15.3.12 Fimer
             15.3.13 Kaco New Energy
             15.3.14 Growatt New Energy
             15.3.15 Tbea Xinjiang Sunoasis

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View Might Not Be Captured in Case of Unlisted Companies.

16 Appendix (Page No. - 172)
     16.1 Insights of Industry Experts
     16.2 Discussion Guide
     16.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     16.4 Available Customizations
     16.5 Related Reports
     16.6 Author Details


List of Tables (110 Tables)

Table 1 Inverter Market in Terms of Value and Volume, 2018–2025
Table 2 Comparison of Inverters Based on Waveform
Table 3 Market, By Type, 2018–2025 (USD Million)
Table 4 Market, By Type, 2018–2025 (Thousand Units)
Table 5 Solar Inverter Market, By Inverter Type, 2018–2025 (USD Million)
Table 6 Solar Inverter , By Inverter Type, 2018–2025 (Thousand Units)
Table 7 Solar Inverter , By End User, 2018–2025 (USD Million)
Table 8 Solar Inverter , By Sales Channel, 2018–2025 (USD Million)
Table 9 Central Inverter , By End User, 2018–2025 (USD Million)
Table 10 Central Inverter , By Sales Channel, 2018–2025 (USD Million)
Table 11 String Inverter , By End User, 2018–2025 (USD Million)
Table 12 String Inverter , By Sales Channel, 2018–2025 (USD Million)
Table 13 Hybrid Inverter , By End User, 2018–2025 (USD Million)
Table 14 Hybrid Inverter , By Sales Channel, 2018–2025 (USD Million)
Table 15 Micro Inverter , By End User, 2018–2025 (USD Million)
Table 16 Micro Inverter , By Sales Channel, 2018–2025 (USD Million)
Table 17 Solar Inverter , By Connection Type, 2018–2025 (USD Million)
Table 18 Non-Solar Inverter Market, By Inverter Type, 2018–2025 (USD Million)
Table 19 Non-Solar Inverter , By Inverter Type, 2018–2025 (Thousand Units)
Table 20 Non-Solar Inverter , By End User, 2018–2025 (USD Million)
Table 21 Non-Solar Inverter , By Sales Channel, 2018–2025 (USD Million)
Table 22 Vehicle Inverter Market, By End User, 2018–2025 (USD Million)
Table 23 Market, By Sales Channel, 2018–2025 (USD Million)
Table 24 Market, By Electric Vehicles, 2018–2025 (USD Million)
Table 25 Market, By Ice Vehicles, 2018–2025 (USD Million)
Table 26 Non-Solar Residential Inverter , By End User, 2018–2025 (USD Million)
Table 27 Non-Solar Residential Inverter Market, By Sales Channel, 2018–2025 (USD Million)
Table 28 Market, By Output Power Rating, 2018–2025 (USD Million)
Table 29 Market, By Below 10 kW Output Power Rating, 2018–2025 (USD Million)
Table 30 Market for Below 10 kW Output Power Rating, By End User, 2018–2025 (USD Million)
Table 31 Market for 10–50 kW Output Power Rating, By End User, 2018–2025 (USD Million)
Table 32 Market for 50–100 kW Output Power Rating, By End User, 2018–2025 (USD Million)
Table 33 Market for Above 100 kW Output Power Rating, By End User, 2018–2025 (USD Million)
Table 34 Market, By Output Voltage, 2018–2025 (USD Million)
Table 35 100–300v Inverter, By End User, 2018–2025 (USD Million)
Table 36 300–500v Inverter, By End User, 2018–2025 (USD Million)
Table 37 Above 500v Inverter , By End User, 2018–2025 (USD Million)
Table 38 Market, By Sales Channel, 2018–2025 (USD Million)
Table 39 Market for Direct Sales Channel, By End User, 2018–2025 (USD Million)
Table 40 Market for Indirect Sales Channel, By End User, 2018–2025 (USD Million)
Table 41 Market, By End User, 2018–2025 (USD Million)
Table 42 Market for Residential, By Type, 2018–2025 (USD Million)
Table 43 Solar Inverter Market for Residential, By Inverter Type, 2018–2025 (USD Million)
Table 44 Non-Solar Inverter Market for Residential, By Inverter Type, 2018–2025 (USD Million)
Table 45 Market for Residential, By Output Voltage, 2018–2025 (USD Million)
Table 46 Market for Residential, By Sales Channel, 2018–2025 (USD Million)
Table 47 Market for Residential, By Output Power Rating, 2018–2025 (USD Million)
Table 48 Below 10 kW Inverter Market for Residential, By Phase, 2018–2025 (USD Million)
Table 49 10–50 kW Inverter Market for Residential, By Phase, 2018–2025 (USD Million)
Table 50 Market for Residential, By Region, 2018–2025 (USD Million)
Table 51 Market in North America for Residential, By Country, 2018–2025 (USD Million)
Table 52 Market in Europe for Residential, By Country, 2018–2025 (USD Million)
Table 53 Market in APAC for Residential, By Country, 2018–2025 (USD Million)
Table 54 Market in RoW for Residential, By Region, 2018–2025 (USD Million)
Table 55 Market for Commercial, By Type, 2018–2025 (USD Million)
Table 56 Solar Inverter Market for Commercial, By Inverter Type, 2018–2025 (USD Million)
Table 57 Market for Commercial, By Output Voltage, 2018–2025 (USD Million)
Table 58 Market for Commercial, By Sales Channel, 2018–2025 (USD Million)
Table 59 Market for Commercial, By Output Power Rating, 2018–2025 (USD Million)
Table 60 10 kW Inverter for Commercial, By Phase, 2018–2025 (USD Million)
Table 61 10–50 kW Inverter Market for Commercial, By Phase, 2018–2025 (USD Million)
Table 62 50–100 kW Inverter  for Commercial, By Phase, 2018–2025 (USD Million)
Table 63 Above 100 kW Inverter for Commercial, By Phase, 2018–2025 (USD Million)
Table 64 Market for Commercial, By Region, 2018–2025 (USD Million)
Table 65 Market in North America for Commercial, By Country, 2018–2025 (USD Million)
Table 66 Market in Europe for Commercial, By Country, 2018–2025 (USD Million)
Table 67 Market in APAC for Commercial, By Country, 2018–2025 (USD Million)
Table 68 Market in RoW for Commercial, By Region, 2018–2025 (USD Million)
Table 69 Market for PV Plants, By Type, 2018–2025 (USD Million)
Table 70 Solar Inverter Market for PV Plants, Inverter Type, 2018–2025 (USD Million)
Table 71 Market for PV Plants, By Output Voltage, 2018–2025 (USD Million)
Table 72 Market for PV Plants, By Sales Channel, 2018–2025 (USD Million)
Table 73 Market for PV Plants, By Output Power Rating, 2018–2025 (USD Million)
Table 74 Below 10 kW Inverter Market for PV Plants, By Phase, 2018–2025 (USD Million)
Table 75 10–50 kW Inverter for PV Plants, By Phase, 2018–2025 (USD Million)
Table 76 50–100 kW Inverter for PV Plants, By Phase, 2018–2025 (USD Million)
Table 77 Above 100 kW Inverter for PV Plants, By Phase, 2018–2025 (USD Million)
Table 78 Market for PV Plants, By Region, 2018–2025 (USD Million)
Table 79 Market in North America for PV Plants, By Country, 2018–2025 (USD Million)
Table 80 Market in Europe for PV Plants, By Country, 2018–2025 (USD Million)
Table 81 Market in APAC for PV Plants, By Country, 2018–2025 (USD Million)
Table 82 Market in RoW for PV Plants, By Region, 2018–2025 (USD Million)
Table 83 Market for Automotive, By Type, 2018–2025 (USD Million)
Table 84 Non-Solar Inverter Market for Automotive, By Inverter Type, 2018–2025 (USD Million)
Table 85 Market for Automotive, By Output Voltage, 2018–2025 (USD Million)
Table 86 Market for Automotive, By Sales Channel, 2018–2025 (USD Million)
Table 87 Inverter Market for Automotive, By Output Power Rating, 2018–2025 (USD Million)
Table 88 Solar Inverter , By Region, 2018–2025 (USD Million)
Table 89 Solar Inverter  in North America, By Country, 2018–2025 (USD Million)
Table 90 Solar Inverter  in North America, By End User, 2018–2025 (USD Million)
Table 91 Solar Inverter  in US, By End User, 2018–2025 (USD Million)
Table 92 Solar Inverter Market in Canada, By End User, 2018–2025 (USD Million)
Table 93 Solar Inverter  in Mexico, By End User, 2018–2025 (USD Million)
Table 94 Solar Inverter  in Europe, By Country, 2018–2025 (USD Million)
Table 95 Solar Inverter  in Europe, By End User, 2018–2025 (USD Million)
Table 96 Solar Inverter Market in Germany, By End User, 2018–2025 (USD Million)
Table 97 Solar Inverter in UK, By End User, 2018–2025 (USD Million)
Table 98 Market in France, By End User, 2018–2025 (USD Million)
Table 99 Market in Rest of Europe, By End User, 2018–2025 (USD Million)
Table 100 Market in APAC, By Country, 2018–2025 (USD Million)
Table 101 Market in APAC, By End User, 2018–2025 (USD Million)
Table 102 Market in China, By End User, 2018–2025 (USD Million)
Table 103 Solar Inverter in Japan, By End User, 2018–2025 (USD Million)
Table 104 Market in India, By End User, 2018–2025 (USD Million)
Table 105 Market in Australia, By End User, 2018–2025 (USD Million)
Table 106 Solar Inverter in Rest of APAC, By End User, 2018–2025 (USD Million)
Table 107 Market in RoW, By Region, 2018–2025 (USD Million)
Table 108 Solar Inverter in RoW, By End User, 2018–2025 (USD Million)
Table 109 Market in Middle East & Africa, By End User, 2018–2025 (USD Thousand)
Table 110 Solar Inverter in South America, By End User, 2018–2025 (USD Million)


List of Figures (62 Figures)

Figure 1 Inverter Market Segmentation
Figure 2 Market: Research Design
Figure 3 Market: Bottom-Up Approach
Figure 4 Market: Top-Down Approach
Figure 5 Market Size Estimation Methodology for Solar Inverters : Based on Demand Side Analysis
Figure 6 Market Size Estimation Methodology for Residential Inverters: Based on Supply Side Analysis
Figure 7 Market Size Estimation Methodology for Vehicle Inverters
Figure 8 Data Triangulation
Figure 9 Assumptions for the Research Study
Figure 10 Solar Inverters Segment Held A Larger Share of  Market Than Non-Solar Inverters Segment in 2019
Figure 11 Below 10 kW Inverters Segment Held the Largest Share of Inverter Market in 2019
Figure 12 Automotive Segment of Market Projected to Grow at the Highest CAGR From 2020 to 2025
Figure 13 Solar Inverter Market in APAC Projected to Grow at the Highest CAGR From 2020 to 2025
Figure 14 Rise in Global Number of Rooftop Solar Installations to Lead to Growth of Inverter Market From 2020 to 2025
Figure 15 Solar Inverters Segment to Dominate Inverter Market From 2020 to 2025
Figure 16 Above 100 kW Power Rating Inverters to Witness Increased Global Demand From 2020 to 2025
Figure 17 China to Hold Largest Share of Solar Inverter Market in APAC By 2025
Figure 18 Automotive Segment of Market to Hold Largest Market Share in 2025
Figure 19 China Held the Largest Share of Solar Inverter Market in 2019
Figure 20 Market: Drivers, Restraints, Opportunities, and Challenges
Figure 21 Global Investments in Renewable Energy Sources in 2018 (USD Billion)
Figure 22 Impact of Drivers and Opportunities on Market
Figure 23 Impact of Restraints and Challenges on Market
Figure 24 Market: Major Value Added By Manufacturers and Component Providers
Figure 25 Waveform-Based Classification of Inverters
Figure 26 Phase-Based Classification of Inverters
Figure 27 Market, By Type
Figure 28 Functioning of Solar Inverters
Figure 29 Hybrid Inverters Segment of Solar Inverter Market Projected to Grow at the Highest CAGR From 2020 to 2025
Figure 30 Commercial Segment to Account for the Largest Size of String Inverter Market From 2020 to 2025
Figure 31 Direct Sales Channel Segment Projected to Account for A Larger Size of Micro Inverter Market Than Indirect Sales Channel Segment From 2020 to 2025
Figure 32 Vehicle Inverters Segment to Lead Non-Solar Inverter Market From 2020 to 2025
Figure 33 Indirect Sales Channel Segment Projected to Lead Non-Solar Residential Inverter Market From 2020 to 2025
Figure 34 Inverter Market, By Output Power Rating
Figure 35 Above 100 kW Segment of Inverter Market Projected to Grow at the Highest CAGR From 2020 to 2025
Figure 36 Market, By Output Voltage
Figure 37 100–300 V Segment Projected to Account for the Largest Size of Inverter Market From 2020 to 2025
Figure 38 Market, By Sales Channel
Figure 39 Indirect Sales Channel Segment Projected to Grow at A Higher CAGR Than Direct Sales Channel Segment From 2020 to 2025
Figure 40 Inverter Market, By End User
Figure 41 Automotive Segment of Market Projected to Grow at the Highest CAGR From 2020 to 2025
Figure 42 Indirect Sales Channel Segment of Market for Residential Projected to Grow at A Higher CAGR Than Direct Sales Channels Segment From 2020 to 2025
Figure 43 US Projected to Lead Market for Residential in North America From 2020 to 2025
Figure 44 300–500 V Segment Projected to Hold the Largest Size of Inverter Market for Commercial From 2020 to 2025
Figure 45 APAC to Hold the Largest Size of Inverter Market for Commercial From 2020 to 2025
Figure 46 Central Inverters Segment to Hold the Largest Size of Inverter Market for PV Plants From 2020 to 2025
Figure 47 Inverter Market for PV Plants in US Projected to Grow at the Highest CAGR From 2020 to 2025
Figure 48 Above 100 kW Segment of Market for Automotive Projected to Grow at the Highest CAGR From 2020 to 2025
Figure 49 Geographic Snapshot: Solar Inverter Market in China Projected to Grow at the Highest CAGR From 2020 to 2025
Figure 50 Snapshot of Solar Inverter Market in North America
Figure 51 Snapshot of Solar Inverter Market in Europe
Figure 52 Snapshot of Solar Inverter  in APAC
Figure 53 Snapshot of Solar Inverter  in RoW
Figure 54 Market Ranking of Top 5 Players in Inverter Market, 2019
Figure 55 Market (Global) Competitive Leadership Mapping, 2019
Figure 56 Huawei Technologies : Company Snapshot
Figure 57 Sungrow Power Supply : Company Snapshot
Figure 58 SMA Solar Technology : Company Snapshot
Figure 59 ABB : Company Snapshot
Figure 60 Solaredge Technologies: Company Snapshot
Figure 61 Enphase Energy: Company Snapshot
Figure 62 Darfon Electronics: Company Snapshot

The study involved 4 major activities for estimating the size of the inverter market. Exhaustive secondary research has been conducted to collect information on the market, its peer markets, and its parent market. It has been followed by the validation of these findings and assumptions with the industry experts across the value chain through primary research. Both top-down and bottom-up approaches have been employed to estimate the complete market size. They have been followed by the market breakdown and the data triangulation procedures to estimate the size of each segment and subsegment of the inverter market.

Secondary Research

Secondary sources used for this research study include government sources; corporate filings (such as annual reports, investor presentations, and financial statements); and trade, business, and professional associations; among others. The secondary data has been collected and analyzed to arrive at the overall market size, which has been further validated by the primary research.

Primary Research

Extensive primary research has been conducted after understanding and analyzing the global scenario of the inverter market through secondary research. Several primary interviews with the market experts and vendors from both demand and supply sides have been conducted across 4 major regions—North America, Europe, APAC (Asia Pacific), and the Rest of the World (RoW). Approximately 20% of the primary interviews have been conducted from the demand side, while 80% have been conducted from the supply side. This primary data has been collected through questionnaires, emails, and telephonic interviews.

Inverter Market

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both top-down and bottom-up approaches have been used to estimate and validate the size of the inverter market, as well as that of various other dependent submarkets. Key players in the market have been identified through secondary research, and their market share in the respective regions has been determined through primary and secondary research. This entire research methodology includes the study of annual and financial reports of the top market players, as well as interviews with the industry experts (such as chief executive officers (CEOs), vice presidents (VPs), directors, and marketing executives) for key both quantitative and qualitative insights.

Data Triangulation

After arriving at the overall size of the inverter market through the process explained above, the total market has been split into several segments. The data triangulation and market breakdown procedures have been employed wherever applicable to complete the overall market engineering process and to arrive at the exact statistics for all segments. The data has been triangulated by studying various factors and trends from both demand and supply sides. Along with this, the market size has been validated using both top-down and bottom-up approaches.

Report Objectives

  • To describe and forecast the inverter market, in terms of value, based on type, output power rating, output voltage, sales channel, and end user
  • To describe and forecast the inverter market, in terms of volume, based on type
  • To describe and forecast the solar inverter market, in terms of value, for regions 4 key regions— North America, Europe, APAC, and RoW, along with their respective countries
  • To provide detailed information regarding major factors such as drivers, restraints, opportunities, and challenges influencing the growth of the market
  • To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the total market
  • To analyze opportunities in the market for various stakeholders by identifying high-growth segments of the inverter market
  • To strategically profile key players and comprehensively analyze their market share and core competencies, along with detailed competitive landscape for the market leaders
  • To analyze various competitive developments such as partnerships, collaborations, acquisitions, expansions, agreements, product launches, and product developments undertaken in the inverter market

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to 10)
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