PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1392159
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1392159
Three phase inverter market size is projected to expand at over 7.2% CAGR from 2023 to 2032, driven by the increasing adoption of renewable energy sources, particularly solar power, across the globe. The high demand for efficient and reliable three-phase inverters is driven by the rising grid-tied solar installations in commercial and industrial sectors.
Of late, there have been surging technological advancements, such as higher efficiency and smart grid integration. For instance, in July 2021, SolarEdge introduced a 100kW three-phase inverter with synergy technology in the U.K. to offer enhanced profitability for addressing the growing demands in the European commercial and industrial sector. Additionally, the ingress of government initiatives for promoting clean energy, the pursuit of energy independence along with the rising awareness of environmental sustainability will drive the demand for three-phase inverters as essential components in power conversion systems.
The market is categorized into type, power rating, end-use industry and region.
Based on type, the industry share from the voltage source inverter (VSI) segment is projected to exhibit substantial CAGR through 2032, driven by the growing demand for reliable and precise power conversion. Voltage source inverters provide stable AC power output. Owing to this factor, VSIs have turned widely essential in various applications, including renewable energy systems and industrial processes.
The renewable energy end-use industry segment is estimated to accumulate sizeable share of the three phase inverter market, depicting over 8.5% CAGR from 2023 to2032. This can be attributed to the increasing adoption of solar and wind power systems. The high demand for efficient power conversion solutions in renewable energy installations coupled with the surge in government incentives and sustainability goals will also boost the segment growth.
Regionally, the North America three-phase inverter industry size is slated to expand at over 6.5% CAGR during 2023-2032, ascribed to the increasing deployment of solar energy systems, stringent regulations for promoting clean energy, and the growing pursuit of energy independence. Furthermore, the high demand for efficient and grid-tied power solutions in residential, commercial, and industrial sectors will contribute to the regional market expansion during the forecast period.