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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Power Inverter Market Analysis
With growing electrification as well as rapid urbanisation, most of the population is now dependent on electronic appliances and devices, including air conditioners, televisions, computers, and refrigerators, among others. It has resulted in a major demand for power inverters to provide an uninterrupted electricity source and an effective backup solution in the case of emergencies. In addition, inverters generate zero emissions while generating energy and are also substantially quieter in operation than standard generators. The manufacturers in the industry are making investments in R&D activities to develop new technologies that will improve the characteristics associated with the use of these inverters.
Power Inverter Market Report Snapshots
Power Inverter Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global power inverter market attained a value of nearly USD 72.7 billion.
In the forecast period of 2024-2032, the market is projected to grow at a CAGR of almost 5.2%.
By 2028, the market is estimated to reach a value of about USD 97.5 billion.
The major drivers of the market include the growing popularity of portable inverters, the rising reliance on electronic devices, and the surging use of power inverters in the utility sector.
The key trends guiding the market are rapid electrification and urbanisation, the sustainable benefits of power inverters, and increasing investments in the development of new inverter technologies.
The major regions in the market are Latin America, North America, the Middle East and Africa, Europe, and the Asia Pacific.
The various rating segments considered in the market report are <5KW, 5kW to 100kW, 100kW to 500kW, and above 500kW.
The major applications of power inverter are motor drives, UPS, rail traction, wind turbines, EVs/HEVs, and solar PVs, among others.
The significant end uses of power inverter include utilities, residential, commercial and industrial, and automotive and transportation, among others.
The leading players in the market are Huawei Technologies Co., Ltd., SMA Solar Technology AG, Tabuchi Electric Co.,Ltd., OMRON Corporation, and SolarEdge Technologies Inc., among others.
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