PUBLISHER: 360iResearch | PRODUCT CODE: 1499598
PUBLISHER: 360iResearch | PRODUCT CODE: 1499598
[183 Pages Report] The Inverter Market size was estimated at USD 19.13 billion in 2023 and expected to reach USD 21.79 billion in 2024, at a CAGR 14.37% to reach USD 48.99 billion by 2030.
An inverter is a power electronic device or circuitry that converts direct current (DC) to alternating current (AC), which is used in various applications, from small power supplies for computers to high-voltage direct current applications that transport bulk power. The inverter market is driven by the increasing adoption of renewable energy sources, which require inverters to convert DC to AC. Additionally, the growing demand for uninterruptible power supply (UPS) systems in various sectors, including healthcare, IT, and telecom, further propels market growth. Despite the strong drivers, the inverter market faces challenges such as the high initial setup and maintenance costs of inverter systems. Additionally, the technical complexity involved in the integration of inverters with renewable energy systems and the grid can pose difficulties. However, the global push for electrification and the surge in the adoption of electric vehicles has opened new avenues for inverters in EV charging stations and onboard vehicle systems. Additionally, advancements in smart grid systems are expected to create demand for advanced inverter solutions, thereby offering future growth prospects for market players.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 19.13 billion |
Estimated Year [2024] | USD 21.79 billion |
Forecast Year [2030] | USD 48.99 billion |
CAGR (%) | 14.37% |
Regional Insights
In the Americas, the inverter market is experiencing robust growth, fueled by the push towards solar energy and electric vehicle charging infrastructure. The region is also witnessing increased adoption of inverters in solar PV systems and industrial applications. Government incentives and policies promoting clean energy usage further spurred the region's market growth. The EMEA region presents a mixed yet optimistic market landscape for inverters. Europe is at the forefront, with its ambitious targets for renewable energy adoption and carbon neutrality. The aggressive push for green energy, coupled with government grants and subsidies for solar energy projects, has also spurred demand for inverters in the region. In the Middle East and Africa, the market is at a nascent stage but is expected to grow rapidly owing to the high solar irradiance and growing adoption of electric vehicles. The APAC region showcases robust growth in the global inverter market, primarily owing to China and India's push towards solar energy to meet their ambitious renewable energy targets. Australia, Japan, and South Korea are also significant contributors, with their strong focus on clean energy and technological innovations in power electronics, including inverters. The region's inverter market is poised for substantial growth, fueled by the escalating production and demand for electric vehicles.
Market Insights
The market dynamics represent an ever-changing landscape of the Inverter Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Inverter Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Inverter Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
Fuji Electric India Launches New Solar Inverter
Fuji Electric India has announced its venture into the solar power sector with the debut of the PV 1500 series central solar inverter. Engineered for exceptional performance and dependability, the PV 1500 series is designed to efficiently convert solar-generated direct current (DC) into grid-compatible alternating current (AC), boasting a rated output power of 1500 kW and an impressive efficiency of over 99%. It incorporates sophisticated features such as maximum power point tracking (MPPT), reactive power control, and fault ride-through capabilities. [Published On: 2023-09-10]
WattPower Launches 10 GW Solar Inverter Factory in India
WattPower has inaugurated a state-of-the-art solar inverter manufacturing plant in Chennai, marking a significant leap in the renewable energy sector. Spanning over 3.5 acres with 40% dedicated to green spaces, this facility represents a substantial investment of USD 172 million in its first year. [Published On: 2023-09-06]
Luminous Power Technologies Launches Icon and High Capacity Inverter Range
Luminous Power Technologies has unveiled a new range of power backup products, the Icon Range and High Capacity Inverter Range, targeting both residential and commercial users. The Icon inverter, notable for its premium design and safety features, caters to the essential power needs of a 3 BHK home or showroom. Meanwhile, the High Capacity Inverter, designed for commercial establishments including offices, banks, and clinics, promises a zero-noise operation and the capacity to handle heavy loads with a battery backup of 2-5 hours. [Published On: 2023-05-01]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Inverter Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Inverter Market, highlighting leading vendors and their innovative profiles. These include Advanced Energy Industries, Inc., Altenergy Power System Inc., Continental AG, Darfon Electronics Corporation, Delta Electronics, Inc., Enphase Energy, Inc., Fimer S.p.A., Fronius International GmbH, Fuji Electric Co., Ltd., General Electric Company, Ginlong Technologies Co., Ltd., Growatt New Energy Technology CO., Ltd, Huawei Technologies Co., Ltd., Mitsubishi Electric Corporation, Omron Corporation, Samlex America Inc., Schneider Electric SE, Sensata Technologies, Inc., Siemens AG, SMA Solar Technology AG, SolarEdge Technologies, Sungrow Power Supply Co., Ltd., TBEA Xinjiang SunOasis, and Yaskawa Solectria Solar.
Market Segmentation & Coverage