Inverter Market

Top Companies in Inverter Industry - Huawei Technologies Co., Ltd. (China), SUNGROW (China), SMA Solar Technology AG (Germany), Power Electronics S.L. (Spain), and Fimer Group (Italy)

The Inverter market is projected to reach USD 39.6 billion by 2028 from an estimated USD 18.9 billion in 2023, at a CAGR of 16.0% during the forecast period. Factors such the rising demand for renewable energy sources, such as solar and wind power, which require inverters to convert direct current (DC) into usable alternating current (AC). Additionally, advancements in technology have led to more efficient and cost-effective inverters, promoting their adoption in various applications like residential solar systems, electric vehicles, and industrial machinery, further fueling the growth of the inverter market.

The Inverter market is served by a mix of large international players with global operational presence and local players with a strong domestic supply network.

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Huawei Technologies Co., Ltd. (China), SUNGROW (China), SMA Solar Technology AG (Germany), Power Electronics S.L. (Spain), and Fimer Group (Italy) are the market leaders in the Inverter market. These companies use strategies such as acquisitions, sales contracts, product launches, partnerships to increase their market share.

Huawei Technologies Co., Ltd. (China), specializes in providing information and communication technology infrastructure along with smart devices. With extensive expertise in digital information technology, the company delivers intelligent Photovoltaic (PV) solutions tailored for commercial and utility sectors. Their PV systems incorporate AI and cloud technology, ensuring optimal power generation. The company offers string inverters, and the integrated communication modules and optimization topologies contribute to their efficient operation.

In May 2022, Huawei Technologies Co., Ltd. signed a strategic partnership agreement with Trina Solar, a leading global PV module manufacturer, to develop and promote smart PV solutions jointly. As part of the agreement, the two companies will collaborate on developing new inverter technologies and integrating Huawei's inverters with Trina Solar's PV modules.

SUNGROW (China), is one of the leading companies providing solutions in the field of solar energy. SUNGROW has been involved in renewable energy creation since 1997and has assisted in the production of clean and green energy in over 150 nations. SUNGROW is a member of the RE 100 Initiative and has committed to becoming carbon neutral by 2028. In 2021, it ranked first in the China ESG 500 list.

SUNGROW has a presence in Europe, North America, the Middle East, South America, Africa, and Asia Pacific. The company operates in over 150 countries globally and has a strong network of regional offices, R&D facilities, and sales offices.

In July 2023, SUNGROW signed a framework deal with Sonnedix, the international renewable energy manufacturer, to deliver inverter solutions for 750 MWp PV projects. SUNGROW will deliver string inverters, central inverters, and medium-voltage stations to SONNEDIX as part of this agreement.

SMA Solar Technology AG (Germany), is a solar energy equipment provider with expertise in PV system technology. The company manufactures and supplies 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 solar modules, stand-alone grids, and small house systems.

The company has a global presence in more than two hundred countries on six continents, enabling the SMA Group to serve worldwide markets.

Power Electronics S.L. (Spain), manufactures electronic devices and offers solar inverters, electronic starters, variable-speed drives, and converters designed for the grid connection of battery-based energy storage systems. The company has a presence on all continents with sound energy infrastructure and related immediate technical services for equipment and large projects. The HEM medium-voltage inverter offered by Power Electronics is designed particularly for use in utility-scale solar applications, which require the advantages of central inverters combined with modular designs of string architecture. The HEM HYBRID inverter has a model that supports utility-scale solar-plus-storage applications, which require the advantages of central inverter solutions and the modularity of a string architecture. Freesun HEMK is the second-generation 1,500 V inverter offered by the company.

Fimer Group (Italy), is a renewable energy equipment supplier specializing in solar inverters and mobility systems. It offers a comprehensive solar solutions portfolio across all applications. Fimer Group offers products such as inverters and e-charging devices for residential, utility-scale, and commercial customers. It is a well-established company with a global presence in over 20 countries, including local training centers and manufacturing hubs.

In February 2022, Fimer Group partnered with Vega Solar to supply 14 PVS-100 inverters, a three-phase string solution in Albania. The PVS-100 is a cloud-connected three-phase string inverter solution for cost-efficient decentralized photovoltaic systems for ground-mounted and rooftop applications.

Related Reports:

Inverter Market by Type (Solar Inverters, Vehicle Inverter), Output Power Rating (Upto 10 kW, 10-50 kW, 51-100 kW, above 100 kW), End User (PV Plants, Residential, Automotive), Connection, Voltage, Sales Channel & Region - Global Forecast to 2028

Mr. Aashish Mehra
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Inverter Market Size,  Share & Growth Report
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