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Energy Icon

Inverter Market – Trends Forecast Till 2030

Inverter Market by Power Source (Battery-Powered, hardwired with battery backup, Hardwired without battery backup), Type (Photoelectric Smoke Detectors, Ionization Smoke Detectors), Service, Distribution Channel, and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).

  • Published Date : June 2023
  • Base Year Estimate : 2022
  • Report ID : D-EN-IM-1361
  • Format :
  • Number of Pages : 566
  • Domain : Energy
  1. Energy
  2. Inverter Market – Trends Forecast Till 2030
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REPORT SYNOPSIS
Market Snapshot Market Overview Delvens Industry Expert's Standpoint Market Portfolio Key Findings Regional Analysis Competitive Landscape Recent Developments Reasons to Acquire Report Scope
Table Of Content Frequently Asked Questions

Market Snapshot

Market Overview

The global Inverter Market size is projected to reach a CAGR of 15.7% from 2023-2030.

Power inverters are electric devices that transform direct current (DC) into alternating current (AC). Unlike generators, power inverters offer low operating costs and eliminate the inconvenience of using change-over switches. Owing to these characteristics, they are used to operate several tools, household appliances, and other electrical products. Power inverters are available in a variety of sizes, types, and power ranges as per the varied consumer needs and preferences. Some of these variants include modified sine wave power inverters, plug-in grid tie power inverters, and solar power inverters.

The rapid economic growth and rising disposable incomes of individuals across the globe have enabled them to spend more on products like power inverters, which enhance their lifestyles and provide comfort. Along with this, with rapid urbanization and growing electrification rates, most people nowadays rely on electronic appliances and gadgets. This has resulted in a significant need for an uninterrupted power supply, in turn increasing the sales of power inverters as an alternate backup solution in case of outages. Besides this, they are noise-free and environment-friendly in nature as they do not emit carbon emissions and eliminate the need for gasoline, which is required for running generators. Moreover, manufacturers are investing in research and development (R&D) activities to introduce new technologies and enhance their operational characteristics. These factors will help to boost the market.

On the other hand, in traditional PV systems, PV panels, wires, and other equipment are energized with high DC voltages. These high DC voltages pose risks to installers, maintenance personnel, and firefighters. Solar inverters with PV arrays involve high DC voltages, making it difficult to isolate DC electric devices from PV arrays using DC isolation switches. When PV modules are connected in series, they create a high voltage, which can be dangerous for installers during the system installation, thus there is a high safety risk with high DC voltages and this is the major factor hindering the growth of the market. 

The COVID-19 pandemic has adversely affected the growth of the inverter market globally as the demand for inverters was reduced significantly. Governments worldwide have restricted many business activities to minimize the spread of the coronavirus. The wide expansions in the renewable energy sector which were planned by the government have also got shut-down due to the pandemic, this delayed the path that was targeted for the clean energy transition. Additionally, companies across different geographies had to shut down their manufacturing facilities and services as partial or full lockdowns were imposed to contain the pandemic. This resulted in increased procurement costs of raw materials due to the shortage of supplies, which ultimately led to delays in order closures. Thus, the pandemic has negatively impacted the demand for inverters in the short term.

Delvens Industry Expert's Standpoint

The inverter market has witnessed significant growth in recent years, driven by increasing demand for clean and reliable power sources, rising adoption of renewable energy systems, and growing awareness about energy efficiency. The market has seen technological advancements, such as the development of smart inverters with advanced features like grid connectivity and energy storage integration. Additionally, the expansion of industries such as solar power generation, electric vehicles, and home appliances has also boosted the demand for inverters. Moreover, favorable government policies and incentives to promote renewable energy sources and energy-efficient solutions have further stimulated the inverter market's growth. The increasing focus on reducing greenhouse gas emissions and mitigating the impact of climate change has led to the adoption of renewable energy systems, which in turn has driven the demand for inverters.

Market Portfolio

Key Findings

  • The output power rating segment is further segmented into Below 10 kW, 10–50 kW, 50–100 kW, and Above 100 kW. Below 10 kW is expected to be the largest segment during the forecast period. These inverters with a power rating below 10 kW are commonly used in residential applications. The growth of the market can be mainly attributed to the increase in the number of solar rooftop installations in various countries. Mainly in Asia Pacific countries such as India and China, government initiatives and schemes in developing solar PV systems are fuelling the growth of the below 10 kW segment.
  • The end-user segment is further fragmented into Residential, Automotive, Photovoltaic (PV) Plants, and Others (Commercial, Industrial, and utilities). The automotive segment held the largest CAGR and is expected to dominate the market during the forecast period. The adoption of electric vehicles is growing substantially due to the implementation of emission regulations to limit emissions from traditional vehicles. Apart from electric vehicles, inverters are also used in conventional vehicles for onboard power appliances. These factors are thus responsible for the increased demand for vehicle inverters which is expected to fuel the growth of the automotive segment.
     
  • The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia Pacific is expected to dominate the global inverter market between 2023-2030, followed by North America and Europe. The inverter market in the Asia Pacific is witnessing significant developments in the renewable energy sector due to increased initiatives towards climate change and net zero targets, which have supported the demand for inverters across countries of the region.

Regional Analysis

Asia Pacific to Dominate the Market

  • Asia Pacific is expected to dominate the global inverter market between 2023-2030, followed by North America and Europe. The inverter market in the Asia Pacific is witnessing significant developments in the renewable energy sector due to increased initiatives towards climate change and net zero targets, which have supported the demand for inverters across countries of the region.
     
  • The increasing investments in photovoltaic (PV) plants, a rise of installations in the residential sector along with the shift in transportation towards electrical vehicles in countries such as China, India, Australia, and Japan.

Competitive Landscape

  • Luminous Power Technologies Pvt. Ltd.
  • V-Guard Industries
  • Microtek International Private Limited
  • Su-Kam Power Systems Limited
  • Exide Industries Limited
  • Amara Raja Batteries Limited
  • Genus Innovation Limited
  • Arise India Limited
  • Consul Neowatt Power Solutions Private Limited
  • Uniline Energy Systems Private Limited