An inverter is a device that converts direct current (DC) power into alternating current (AC) power. Inverters are commonly used in a variety of applications where AC power is required, including residential and commercial solar photovoltaic (PV) systems, uninterruptible power supplies (UPS), electric vehicles (EVs) and off-grid power systems.
The inverter market consists of sales, by entities (organizations, sole traders and partnerships), of inverters that are electrical devices that convert direct current (DC) into alternating current (AC), the form of electricity that powers most devices and appliances used in homes and businesses.
The global inverter market was valued at $9,582.3 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 11.0%.
Rapid Urbanization
During the historic period, rapid urbanization drove the growth of the inverter market. The growth of the urban populations influences the demand for electricity and the need for more sustainable and resilient energy solutions, where inverters play a crucial role in managing and optimizing power systems. In urban settings, where power outages can have significant economic and social impacts, inverters are used in backup power systems. They enable a smooth transition from grid power to backup power, ensuring continuous electricity supply during outages.
According to the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental organization that promotes the interests of developing countries in world trade, the global population increased by 0.9% to 4.46 billion people who resided in urban areas in 2021, and was estimated to reach 8 billion people by 2022. Therefore, rapid urbanization positively impacted the growth of the inverter market during the historic period.
Innovation In Micro Inverters To Improve Performance And Efficiency
Inverter companies are focusing on innovation in micro inverters to develop products with improved performance and efficiency. Micro inverters are devices used in solar power systems to convert the direct current (DC) generated by individual solar panels into alternating current (AC) for use in homes or businesses. For instance, in October 2023, Havells, an India-based company that manufactures home appliances, launched the Dual Mode Micro Inverter (DMMI), a revolutionary product, backed by four US patents.
The DMMI is available in two models, DMMI-800 and DMMI-1600, and can seamlessly transition between On-Grid and Off-Grid modes, catering to various power requirements. The DMMI features a twin DC fan to maintain optimal operating temperatures, ensuring efficient performance and extended product life.
The global inverter market is concentrated, with a large number of small players operating in the market. The top ten competitors in the market made up to 49.1% of the total market in 2022.
Inverter Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global inverter market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for inverter? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The inverter market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider inverter market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by inverter type, by connection type, by phase, by sales channel and by end-user.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the inverter market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis - Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by inverter type, by connection type, by phase, by sales channel and by end-user in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for inverter providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Inverter Type: Solar Inverter; Vehicle Inverter; Other Types
- 2) By Connection Type: On-Grid; Off-Grid; Hybrid
- 3) By Phase: Single Phase; Three Phase
- 4) By Sales Channel: Direct; Indirect
- 5) By End-User: Residential; Industrial; Commercial
- Companies Mentioned: SUNGROW; SolarEdge; SMA Solar Technology AG; Delta Electronics; Schneider Electric.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia.
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; inverter indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.