Inverter Market, Till 2035: Distribution by Type of Product, Type of Power Rating, Type of Voltage, Type of Connection, Type of Sales Channel, Type of End-User, and Geographical Regions: Industry Trends and Global Forecasts

The global inverter market size is estimated to grow from USD 36.39 billion in the current year to USD 145.03 billion by 2035, at a CAGR of 13.39% during the forecast period, till 2035.

Inverter Market: Growth and Trends

The inverter industry is leading the charge towards a future characterized by efficiency and innovation. The inverter sector is becoming a vital element in the global transition to sustainable energy solutions. Inverters are crucial in realizing the full potential of renewable energy sources, making them an increasingly important part of contemporary energy systems. An inverter is an electronic device that utilizes semiconductors to transform direct current (DC) into alternating current (AC). Typically, direct current has a lower voltage, while AC matches the grid supply voltage, which can be either 120V or 240V.

The market features a range of inverters based on the configuration of the switching waveform, including grid-tied inverters, off-grid inverters, hybrid inverters, microinverters, and others. Each of these inverters possesses distinct circuit designs, efficiencies, and benefits. From individual homes to extensive industrial operations, the benefits of inverter technology are enhancing various sectors.

Moreover, a significant advantage of inverters lies in their capacity to deliver a reliable and stable power supply, even when there are fluctuations in the grid or renewable energy inputs. This capability contributes to the growing popularity of inverters in both residential and commercial environments. In response to this, stakeholders are introducing a unique array of features and functionalities to capitalize on this opportunity. As a result, with ongoing technological progress and the rising demand for energy, particularly renewable energy, the inverter market is expected to grow at a steady pace during the forecast period.

Inverter Market: Key Segments

Market Share by Type of Product

Based on type of product, the global inverter market is segmented into central inverters, hybrid inverters, microinverters, and string inverters. According to our estimates, currently, the central inverter segment captures the majority of the market share during the forecast period. This can be attributed to the increased installation of solar photovoltaic systems across residential, commercial, and utility-scale projects.

However, the string inverter segment is expected to grow at a higher CAGR during the forecast period, due to its affordability, ease of use, dependability, and versatility in applications such as rooftops, small commercial buildings, and community solar projects.

Market Share by Type of Power Rating

Based on type of power rating, the global inverter market is segmented into below10k W, 10kW-50kW, 50-100kW, and above 100kW. According to our estimates, currently, the 10kW -50kW segment captures the majority of the market share during the forecast period, owing to its adaptability and extensive range of applications.

However, the above 100kW category is expected to grow at a higher CAGR during the forecast period, fuelled by the increasing demand from utility-scale solar projects, where high-power inverters are essential for generating large quantities of electricity to be supplied to the grid.

Market Share by Type of Voltage

Based on type of voltage, the global inverter market is segmented into high, low, and medium. According to our estimates, currently, the high voltage segment captures the majority of the market share. This can be attributed to the growth in power generation within the transmission and distribution sector to address the increasing demand for electricity.

However, the low-voltage inverters segment is expected to grow at a higher CAGR during the forecast period. This growth can be attributed to the varied applications of low-voltage inverters in residential spaces and small to medium-sized commercial solar projects are contributing to the growth of the low-voltage inverter market.

Market Share by Type of Connection

Based on type of connection, the global inverter market is segmented into grid-tied and stand-alone connections. According to our estimates, currently, the grid-tied segment captures the majority of the market share. This can be attributed to the widespread adoption of solar power systems for residential use, particularly grid-tied systems. Further, the increase in rooftop installations and large-scale projects aimed at providing a stable and reliable power supply are contributing factors to the segment's growth.

Market Share by Type of Distribution Channel

Based on type of distribution channel, the global inverter market is segmented into direct and indirect sales. According to our estimates, currently, direct sales channel captures the majority of the market share and this trend is unlikely to change in the future as well.

This can be attributed to the fact that direct sales enable manufacturers to provide tailored inverter solutions that address the unique needs of large projects, and their technical expertise ensures essential support for intricate installations and extensive projects.

Market Share by Type of End User

Based on type of end user, the global inverter market is segmented into automotive, photovoltaic plants, residential, and others. According to our estimates, currently, the residential segment captures the majority of the market share and this trend is unlikely to change in the future as well. This can be attributed to the increased demand for rooftop solar installations and government initiatives like tax credits and rebates to encourage clean energy.

However, the automotive sector is expected to grow at a higher CAGR during the forecast period, due to the rising adoption of electric vehicles, where inverters are essential for converting direct current from the battery to alternating current for the electric motor.

Market Share by Geographical Regions

Based on geographical regions, the inverter market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and the rest of the world. According to our estimates, currently Asia captures the majority share of the market. In terms of both production and demand, Asia significantly dominates the market, driven by an increasing number of consumers leaning towards electric vehicles and solar energy. Moreover, North America is expected to experience a higher CAGR during this forecast period, fueled by greater adoption of clean energy solutions, robust government initiatives, tax incentives, and concerns for the environment.

Inverter Market: Research Coverage

The report on the inverter market features insights on various sections, including:

• Market Sizing and Opportunity Analysis: An in-depth analysis of the inverter market, focusing on key market segments, including [A] type of product, [B] type of power rating, [C] type of voltage, [D] type of connection, [E] type of sales channel, [F] type of end-user, and [G] geographical regions.
• Competitive Landscape: A comprehensive analysis of the companies engaged in the inverter market, based on several relevant parameters, such as [A] year of establishment, [B] company size, [C] location of headquarters and [D] ownership structure.
• Company Profiles: Elaborate profiles of prominent players engaged in the inverter market, providing details on [A] location of headquarters, [B] company size, [C] company mission, [D] company footprint, [E] management team, [F] contact details, [G] financial information, [H] operating business segments, [I] inverter portfolio, [J] moat analysis, [K] recent developments, and an informed future outlook.
• SWOT Analysis: An insightful SWOT framework, highlighting the strengths, weaknesses, opportunities and threats in the domain. Additionally, it provides Harvey ball analysis, highlighting the relative impact of each SWOT parameter.
• Value Chain Analysis: A comprehensive analysis of the value chain, providing information on the different phases and stakeholders involved in the inverter market

Key Questions Answered in this Report

• How many companies are currently engaged in inverter market?
• Which are the leading companies in this market?
• What factors are likely to influence the evolution of this market?
• What is the current and future market size?
• What is the CAGR of this market?
• How is the current and future market opportunity likely to be distributed across key market segments?

Reasons to Buy this Report

• The report provides a comprehensive market analysis, offering detailed revenue projections of the overall market and its specific sub-segments. This information is valuable to both established market leaders and emerging entrants.
• Stakeholders can leverage the report to gain a deeper understanding of the competitive dynamics within the market. By analyzing the competitive landscape, businesses can make informed decisions to optimize their market positioning and develop effective go-to-market strategies.
• The report offers stakeholders a comprehensive overview of the market, including key drivers, barriers, opportunities, and challenges. This information empowers stakeholders to stay abreast of market trends and make data-driven decisions to capitalize on growth prospects.

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