Inverter Market

Inverter Market Size & Share - Global Future Growth Expectations

The inverter market is expected to grow from an estimated 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. The requirement for grid stability, the increasing use of renewable energy sources, and technological developments are some of the factors driving the market's expansion. To address changing customer demands and promote a more sustainable future, major firms are concentrating on product innovation. One example of this is the creation of smart inverters with sophisticated monitoring and control features.

The inverter market is poised for substantial growth in the coming years, driven by several key factors:

  • Rapid Expansion of Solar Photovoltaic (PV) Installations:
  • Growing Demand for Energy Storage Systems
  • Electrification of Transportation
  • Smart Grid Integration and Digitalization:
  • Focus on Energy Efficiency and Sustainable Solutions

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Rapid Expansion of Solar Photovoltaic (PV) Installations:

  • The market for inverters is mostly driven by the rising use of solar PV systems for utility-scale, commercial, and residential applications. The demand for inverters used in solar PV installations is predicted to soar as solar energy becomes more economically viable and governments support the deployment of renewable energy sources.

Growing Demand for Energy Storage Systems

  • Because of its capacity to improve grid stability, integrate renewable energy sources, and provide backup power, energy storage systems—including batteries and hybrid solutions—are becoming more and more in demand worldwide. Because they transform DC electricity from batteries into AC power for usage in homes, businesses, and grid applications, inverters are essential components of energy storage systems.

Electrification of Transportation

The market for inverters is seeing growth as more people choose electric cars (EVs). Inverters are crucial parts of electric vehicles (EVs) because they transform DC battery power into AC power, which powers the electric motor. Inverters are also necessary for the development of EV charging infrastructure in order to control power flow and guarantee effective charging.

Smart Grid Integration and Digitalization:

The need for intelligent inverters with sophisticated monitoring, control, and communication capabilities is being driven by the integration and digitalization of smart grid technologies in the modernization of electrical networks. Smart inverters can help integrate dispersed energy resources like solar PV and energy storage systems while promoting grid stability, voltage management, and improved power quality.

 

Focus on Energy Efficiency and Sustainable Solutions

The need for high-efficiency inverters with low environmental impact is being driven by energy efficiency laws, environmental concerns, and the quest of sustainable energy solutions. Producers are utilizing innovation to create inverters that are more efficient, dependable, and perform better, satisfying changing consumer demands and facilitating the shift to cleaner energy sources.

Inverter Market Share - Global Industry Landscape

The Inverter market is characterized by the presence of several key players competing for market share. Some of the leading companies in the Inverter industry include:

  • Huawei Technologies Co., Ltd. (China)
  • SUNGROW (China)
  • SMA Solar Technology AG (Germany)
  • Power Electronics S.L. (Spain)
  • Fimer Group (Italy)

Huawei Technologies Co., Ltd. (China):

  • Huawei is a leading global provider of information and communications technology (ICT) solutions. In the renewable energy sector, Huawei offers a comprehensive range of solar inverters, including string inverters, central inverters, and smart PV solutions. The company is known for its technological innovation and commitment to advancing the efficiency and reliability of solar power generation systems.

SUNGROW (China):

  • SUNGROW is one of the largest manufacturers of solar inverters globally. Headquartered in China, the company specializes in the development, production, and sales of grid-connected PV inverters, energy storage systems, and wind power converters. SUNGROW's inverters are widely used in utility-scale solar projects, commercial installations, and residential applications.

SMA Solar Technology AG (Germany):

  • SMA Solar is a German multinational corporation and a leading player in the solar inverter market. The company designs, manufactures, and distributes a comprehensive range of solar inverters, monitoring systems, and energy management solutions. SMA's inverters are renowned for their high efficiency, reliability, and compatibility with a wide range of PV systems.

Power Electronics S.L. (Spain):

  • Power Electronics is a Spanish multinational company specializing in the design, manufacture, and supply of power electronics solutions. The company offers a diverse portfolio of solar inverters, including utility-scale central inverters, string inverters, and hybrid inverters for solar and energy storage applications. Power Electronics is recognized for its innovative technologies and commitment to sustainability.

Fimer Group (Italy):

  • Fimer is an Italian multinational corporation that manufactures inverters and other power conversion equipment for renewable energy systems. The company provides a wide range of solar inverters, including string inverters, central inverters, and hybrid inverters, catering to residential, commercial, and utility-scale projects. Fimer is known for its focus on product quality, performance, and customer satisfaction.

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

 

Inverter Market Size,  Share & Growth Report
Report Code
EP 8095
RI Published ON
5/3/2024
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