The North America power inverter market size was valued at USD 14.63 Billion in 2024. Looking forward, the publisher estimates the market to reach USD 23.37 Billion by 2033, exhibiting a CAGR of 5.08% from 2025-2033. The North American power inverter market share is expanding due to rising demand for renewable energy systems, energy storage solutions, and electric vehicle (EV) infrastructure, rapid technological advancements, imposition of government incentives, and heightened focus on energy efficiency, with innovations like microinverters, hybrid systems, and smart technology.
As more people and industries shift toward renewable energy like solar and wind, the North America power inverter market demand is increasing. In 2023, the U.S. set a record by installing 31 gigawatts (GW) of solar energy capacity, a 55% increase from 2022, surpassing the 2021 record. By then, the country had 161 GW of installed solar capacity, meeting roughly 5% of its electricity demand. Inverters are essential in these systems, transforming the direct current (DC) produced by solar panels or wind turbines into alternating current (AC) for residential and commercial use. The rise in government incentives, subsidies, and tax benefits to promote renewable energy in North America is making it easier and more affordable for consumers to adopt solar energy. Plus, as the cost of solar panels and wind turbines decreases, more residential and commercial users are making the switch.
Energy storage systems are gaining popularity as they enable users to store electricity generated by solar panels or wind turbines for later use. This is particularly valuable in regions with inconsistent sunlight or wind. The combination of renewable energy systems and energy storage requires reliable inverters to manage the energy flow. Power inverters are critical for the efficiency and functionality of energy storage systems, as they regulate how energy is stored and discharged. Also, as per the International Energy Agency (IEA), achieving net-zero emissions requires energy storage capacity to grow six times by the year 2030. This means reaching 1,500 GW by that period, thus boosting the adoption of power inverters in the near future.
The report provides a comprehensive analysis of the competitive landscape in the North America power inverter market with detailed profiles of all major companies.
2. What factors are driving the growth of the North America power inverter market?
3. What is the forecast for the power inverter market in North America?
4. Which segment accounted for the largest North America power inverter application market share?
As more people and industries shift toward renewable energy like solar and wind, the North America power inverter market demand is increasing. In 2023, the U.S. set a record by installing 31 gigawatts (GW) of solar energy capacity, a 55% increase from 2022, surpassing the 2021 record. By then, the country had 161 GW of installed solar capacity, meeting roughly 5% of its electricity demand. Inverters are essential in these systems, transforming the direct current (DC) produced by solar panels or wind turbines into alternating current (AC) for residential and commercial use. The rise in government incentives, subsidies, and tax benefits to promote renewable energy in North America is making it easier and more affordable for consumers to adopt solar energy. Plus, as the cost of solar panels and wind turbines decreases, more residential and commercial users are making the switch.
Energy storage systems are gaining popularity as they enable users to store electricity generated by solar panels or wind turbines for later use. This is particularly valuable in regions with inconsistent sunlight or wind. The combination of renewable energy systems and energy storage requires reliable inverters to manage the energy flow. Power inverters are critical for the efficiency and functionality of energy storage systems, as they regulate how energy is stored and discharged. Also, as per the International Energy Agency (IEA), achieving net-zero emissions requires energy storage capacity to grow six times by the year 2030. This means reaching 1,500 GW by that period, thus boosting the adoption of power inverters in the near future.
North America Power Inverter Market Trends:
Increase in Electric Vehicle (EV) Adoption
With the growing popularity of electric vehicles, there is a greater need for EV charging infrastructure. New electric car registrations in the United States totaled 1.4 million in the year 2023, marking an increase by more than 40% in comparison to is 2022 levels. This has created the need for power inverters to convert the electricity used by EV chargers into the right form for efficient charging. As more electric vehicle charging stations pop up across the region, there is a direct impact on the North America power inverter market growth. EV manufacturers and charging station providers rely on high-quality inverters to ensure fast and efficient charging, which is important for user satisfaction and the growth of the electric vehicle market.Imposition of Government Initiatives and Policies
North American governments have introduced several initiatives aimed at encouraging energy efficiency and clean energy adoption. Policies such as tax credits, rebates, and incentives for energy-efficient home upgrades have contributed significantly to the growth of the power inverter market. For instance, Mexico's administration has committed to supporting private investment in the energy sector, provided it aligns with the country's energy sovereignty. The plan allocates 54% of the electricity market to the state-owned CFE and 46% to private companies, aiming to create a regulated yet flexible market environment. The U.S. government’s renewable energy goals and the push for reducing carbon footprints have made it easier for consumers and businesses to invest in renewable energy systems, increasing the North America power inverter market share.Rapid Technological Advancements in Power Inverters
Power inverter technology is constantly evolving. Inverters are becoming more efficient, compact, and capable of handling higher capacities. With advancements like grid-tied inverters, hybrid inverters, and microinverters, the functionality of these devices has expanded, making them more appealing for both residential and commercial applications. Microinverters are small devices attached to each solar panel, enhancing efficiency by allowing independent operation of each panel. This improves the overall performance of solar power systems, driving higher demand for power inverters. Additionally, as per the North America power inverter market outlook, the integration of smart technology in power inverters, such as remote monitoring and real-time diagnostics, is improving their usability and performance. These innovations not only optimize energy management but also provide users with better control and maintenance capabilities, further driving the market.North America Power Inverter Industry Segmentation:
The publisher provides an analysis of the key trends in each segment of the North America power inverter market, along with forecasts at the country and regional levels from 2025-2033. The market has been categorized based on type, application, and end-use sector.Analysis by Type:
- < 5KW
- 5KW to 95KW
- 100KW to 495KW
- Above 500KW
Analysis by Application:
- Motor Drives
- UPS
- Rail Traction
- Wind Turbines
- EVs/HEVs
- Solar PVs
- Others
Analysis by End-Use Sector:
- Utility
- Residential
- Commercial and Industrial
Country Analysis:
- United States
- Canada
- Mexico
Competitive Landscape:
As per the North America power inverter market trends, key players are investing and expanding their products with new technology innovations to gain a competitive edge. Major players are concentrating on the development of more advanced inverters that would come with features such as remote monitoring, real-time diagnostics, and advanced energy management. This will enhance efficiency, reduce the maintenance cost, and provide better control to users. Moreover, these players are making higher efforts in the renewable energy segment by providing dedicated inverters for solar and wind solutions, which are needed for high power applications in energy systems. Strategic partnerships and collaborations are being formed by companies with utility providers, automotive manufactures, and companies dealing with solar installation firms to boost the market position. Further, there is a growing emphasis on sustainability and reducing carbon footprints, with key players introducing energy-efficient solutions that meet global environmental standards. As the market grows, these players are also working on expanding their presence in emerging markets and strengthening their R&D capabilities to cater to diverse industry needs.The report provides a comprehensive analysis of the competitive landscape in the North America power inverter market with detailed profiles of all major companies.
Key Questions Answered in This Report
1. How big is the power inverter market in North America?2. What factors are driving the growth of the North America power inverter market?
3. What is the forecast for the power inverter market in North America?
4. Which segment accounted for the largest North America power inverter application market share?
Table of Contents
1 Preface2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Power Inverter Market
5.1 Market Performance
5.2 Market Breakup by Type
5.3 Market Breakup by Application
5.4 Market Breakup by End-Use Sector
5.5 Market Breakup by Region
5.6 Market Forecast
6 North America Power Inverter Market
6.1 Market Performance
6.2 Impact of COVID-19
6.3 Market Forecast
7 North America Power Inverter Market: Breakup by Type
7.1 < 5KW
7.2 5KW to 95KW
7.3 100KW to 495KW
7.4 Above 500KW
8 North America Power Inverter Market: Breakup by Application
8.1 Motor Drives
8.2 UPS
8.3 Rail Traction
8.4 Wind Turbines
8.5 EVs/HEVs
8.6 Solar PVs
8.7 Others
9 North America Power Inverter Market: Breakup by End-Use Sector
9.1 Utility
9.2 Residential
9.3 Commercial and Industrial
10 North America Power Inverter Market: Breakup by Country
10.1 United States
10.1.1 Historical Market Trends
10.1.2 Market Breakup by Type
10.1.3 Market Breakup by Application
10.1.4 Market Breakup by End-Use Sector
10.1.5 Market Forecast
10.2 Canada
10.2.1 Historical Market Trends
10.2.2 Market Breakup by Type
10.2.3 Market Breakup by Application
10.2.4 Market Breakup by End-Use Sector
10.2.5 Market Forecast
10.3 Mexico
10.3.1 Historical Market Trends
10.3.2 Market Breakup by Type
10.3.3 Market Breakup by Application
10.3.4 Market Breakup by End-Use Sector
10.3.5 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
12.1 Overview
12.2 Research and Development
12.3 Raw Material Procurement
12.4 Manufacturing
12.5 Marketing
12.6 Distribution
12.7 End-Use
13 Porter’s Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Rivalry
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
List of Figures
Figure 1: North America: Power Inverter Market: Major Drivers and Challenges
Figure 2: Global: Power Inverter Market: Sales Value (in Billion USD), 2019-2024
Figure 3: Global: Power Inverter Market: Breakup by Type (in %), 2024
Figure 4: Global: Power Inverter Market: Breakup by Application (in %), 2024
Figure 5: Global: Power Inverter Market: Breakup by End-Use Sector (in %), 2024
Figure 6: Global: Power Inverter Market: Breakup by Region (in %), 2024
Figure 7: Global: Power Inverter Market Forecast: Sales Value (in Billion USD), 2025-2033
Figure 8: North America: Power Inverter Market: Sales Value (in Billion USD), 2019-2024
Figure 9: North America: Power Inverter Market Forecast: Sales Value (in Billion USD), 2025-2033
Figure 10: North America: Power Inverter Market: Breakup by Type (in %), 2024
Figure 11: North America: Power Inverter (< 5KW) Market: Sales Value (in Million USD), 2019 & 2024
Figure 12: North America: Power Inverter (< 5KW) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 13: North America: Power Inverter (5KW to 95KW) Market: Sales Value (in Million USD), 2019 & 2024
Figure 14: North America: Power Inverter (5KW to 95KW) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 15: North America: Power Inverter (100KW to 495KW) Market: Sales Value (in Million USD), 2019 & 2024
Figure 16: North America: Power Inverter (100KW to 495KW) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 17: North America: Power Inverter (Above 500KW) Market: Sales Value (in Million USD), 2019 & 2024
Figure 18: North America: Power Inverter (Above 500KW) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 19: North America: Power Inverter Market: Breakup by Application (in %), 2024
Figure 20: North America: Power Inverter (Motor Drives) Market: Sales Value (in Million USD), 2019 & 2024
Figure 21: North America: Power Inverter (Motor Drives) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 22: North America: Power Inverter (UPS) Market: Sales Value (in Million USD), 2019 & 2024
Figure 23: North America: Power Inverter (UPS) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 24: North America: Power Inverter (Rail Traction) Market: Sales Value (in Million USD), 2019 & 2024
Figure 25: North America: Power Inverter (Rail Traction) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 26: North America: Power Inverter (Wind Turbines) Market: Sales Value (in Million USD), 2019 & 2024
Figure 27: North America: Power Inverter (Wind Turbines) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 28: North America: Power Inverter (EVs/HEVs) Market: Sales Value (in Million USD), 2019 & 2024
Figure 29: North America: Power Inverter (EVs/HEVs) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 30: North America: Power Inverter (Solar PVs) Market: Sales Value (in Million USD), 2019 & 2024
Figure 31: North America: Power Inverter (Solar PVs) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 32: North America: Power Inverter (Other Applications) Market: Sales Value (in Million USD), 2019 & 2024
Figure 33: North America: Power Inverter (Other Applications) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 34: North America: Power Inverter Market: Breakup by End-Use Sector (in %), 2024
Figure 35: North America: Power Inverter (Utility) Market: Sales Value (in Million USD), 2019 & 2024
Figure 36: North America: Power Inverter (Utility) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 37: North America: Power Inverter (Residential) Market: Sales Value (in Million USD), 2019 & 2024
Figure 38: North America: Power Inverter (Residential) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 39: North America: Power Inverter (Commercial and Industrial) Market: Sales Value (in Million USD), 2019 & 2024
Figure 40: North America: Power Inverter (Commercial and Industrial) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 41: North America: Power Inverter Market: Breakup by Country (in %), 2024
Figure 42: United States: Power Inverter Market: Sales Value (in Million USD), 2019-2024
Figure 43: United States: Power Inverter Market: Breakup by Type (in %), 2024
Figure 44: United States: Power Inverter Market: Breakup by Application (in %), 2024
Figure 45: United States: Power Inverter Market: Breakup by End-Use Sector (in %), 2024
Figure 46: United States: Power Inverter Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 47: Canada: Power Inverter Market: Sales Value (in Million USD), 2019-2024
Figure 48: Canada: Power Inverter Market: Breakup by Type (in %), 2024
Figure 49: Canada: Power Inverter Market: Breakup by Application (in %), 2024
Figure 50: Canada: Power Inverter Market: Breakup by End-Use Sector (in %), 2024
Figure 51: Canada: Power Inverter Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 52: Mexico: Power Inverter Market: Sales Value (in Million USD), 2019-2024
Figure 53: Mexico: Power Inverter Market: Breakup by Type (in %), 2024
Figure 54: Mexico: Power Inverter Market: Breakup by Application (in %), 2024
Figure 55: Mexico: Power Inverter Market: Breakup by End-Use Sector (in %), 2024
Figure 56: Mexico: Power Inverter Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 57: North America: Power Inverter Industry: SWOT Analysis
Figure 58: North America: Power Inverter Industry: Value Chain Analysis
Figure 59: North America: Power Inverter Industry: Porter’s Five Forces Analysis
List of Tables
Table 1: North America: Power Inverter Market: Key Industry Highlights, 2024 and 2033
Table 2: North America: Power Inverter Market Forecast: Breakup by Type (in Million USD), 2025-2033
Table 3: North America: Power Inverter Market Forecast: Breakup by Application (in Million USD), 2025-2033
Table 4: North America: Power Inverter Market Forecast: Breakup by End-Use Sector (in Million USD), 2025-2033
Table 5: North America: Power Inverter Market Forecast: Breakup by Country (in Million USD), 2025-2033
Table 6: North America: Power Inverter Market: Competitive Structure
Table 7: North America: Power Inverter Market: Key Players
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 123 |
Published | August 2025 |
Forecast Period | 2024 - 2033 |
Estimated Market Value ( USD | $ 14.63 Billion |
Forecasted Market Value ( USD | $ 23.37 Billion |
Compound Annual Growth Rate | 5.3% |
Regions Covered | North America |