According to a new market research report, 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. The inverter market is experiencing rapid growth driven by several factors. Increased adoption of renewable energy sources, such as solar and wind power, necessitates inverters to convert generated direct current (DC) into usable alternating current (AC). Technological advancements have enhanced inverter efficiency and affordability, making them integral in diverse applications like residential solar installations, electric vehicles, and industrial machinery. Additionally, the growing demand for uninterrupted power supply and the expansion of smart grids contribute to the market surge. As energy needs evolve towards sustainability and efficiency, the inverter market continues to expand, meeting the demands of a changing energy landscape.
Key Market Players:
Some of the major players in the Inverter market are Huawei Technologies Co., Ltd. (China), SUNGROW (China), SMA Solar Technology AG (Germany), Power Electronics S.L. (Spain), and Fimer Group (Italy).The major strategies adopted by these players include sales contracts and agreements.
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Some key trends in the inverter market include increased adoption of renewable energy, technological advancements that improve efficiency, integration into energy storage systems, the emergence of smart features, the popularity of string inverters and microinverters, the development of hybrid inverter systems, contributions to grid modernization, and increased demand for electric vehicles. Manufacturers are also focusing on efficiency improvements and cost reductions to help with the overall transition to sustainable energy solutions.
This report segments the Inverter market based on inverter type into: solar inverter, vehicle inverter and others. The vehicle inverter segment is expected to be the largest segment in Inverter market in the forecast period. The global need for vehicle inverters is increasing due to the growing popularity of electric cars (EVs). EVs are gaining popularity as the automobile industry swings towards electrification in order to address environmental concerns and lessen reliance on traditional fossil fuels. Vehicle inverters are critical components in electric propulsion systems, converting direct current (DC) from the battery to alternating current (AC) for the electric motor. The growing global demand for EVs is creating a corresponding surge in demand for car inverters to facilitate the move to cleaner, more sustainable transportation.
This report segments the Inverter market by output voltage, has been segmented into 100–300 V, 300–500 V, and Above 500 V. 100-300V is expected to be the fastest growing segment in the market expanding rapidly due to its versatility in covering a wide range of energy requirements. This voltage range is ideal for a variety of applications, including domestic solar installations, where inverters with this output range efficiently convert the generated direct current (DC) from solar panels to usable alternating current (AC). As global demand for distributed energy generation and residential solar systems grows, the 100-300V category meets the needs of these applications, contributing to its position as the fastest-growing market segment in the inverter industry.
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Numerous interrelated reasons are driving the market for inverters, which is expanding significantly. As renewable energy sources like solar and wind power become more widely used, inverters become more and more necessary to convert DC energy into AC. Increased use of electric vehicles and other forms of electrification accelerates the need for inverters in powertrains and charging infrastructure. Continuous technical developments extend the functionality and efficiency of inverters, increasing their use in a variety of industries. Furthermore, the need for inverters in the residential, commercial, and industrial sectors is driven by the growing emphasis on energy efficiency as well as the necessity for a steady supply of electricity. The inverter market is expanding as sustainability and the energy transition become more and more important worldwide.
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