(MENAFN- GlobeNewsWire - Nasdaq) Tokyo, June 07, 2023 (GLOBE NEWSWIRE) -- As per Precedence Research, the global inverter market size is expected to expand around USD 57.04 billion by 2030. An inverter is a crucial electronic device that converts DC power from sources like batteries or solar panels to AC power, which is required to power most household appliances and industrial equipment. Inverters are necessary because many devices and systems that require AC power demand a stable and reliable source of electricity. Various types of inverters include grid-tied, off-grid, and hybrid inverters. Inverters operate by using a combination of electronic components such as a DC power source, switches, and transformers to convert DC input voltage to AC output voltage. The efficiency of an inverter is a critical factor that affects the amount of power lost during the conversion process, which can significantly impact system performance. Some models of inverters can achieve efficiencies of up to 99%.
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Grid-tied inverters play a crucial role in solar power systems, converting DC power from solar panels into usable AC power for homes and the grid. With the help of inverters, solar power systems can produce reliable and efficient electricity, making them a popular choice for homeowners and businesses looking to reduce their carbon footprint. Inverters are essential components in electric vehicles, converting the DC power stored in batteries into AC power to drive the motor. By ensuring efficient and reliable operation, inverters play a critical role in the performance of electric vehicles.
Also, Inverters are versatile components used in industrial applications, including variable frequency drives, motor controllers, and power factor correction systems. By enabling efficient and effective equipment operation, inverters can significantly reduce energy consumption and improve overall performance.
The solar industry is a key driver of the global inverter market growth. The increased adoption of solar energy systems in residential, commercial, and industrial sectors is fueling the demand for inverters. The global demand for solar power systems is increasing rapidly as more countries and regions shift towards renewable energy to reduce carbon emissions and combat climate change. This demand is driving the need for inverters, which play a critical role in converting the DC power generated by solar panels into usable AC power. As a result, the demand for inverters is rising alongside the growth of solar energy systems. Governments incentivizing the adoption of renewable energy, declining solar panel costs, and heightened environmental awareness among the public are among the other factors fueling the solar power industry's growth. In the coming years, the industry is expected to continue expanding, leading to further demand for inverters and advancements in solar power system technology.
Additionally, Governments across the globe are actively promoting the adoption of solar energy systems by offering various incentives and policies. These include tax credits, rebates, and feed-in tariffs, which have significantly contributed to the rising demand for solar energy systems and inverters. As a result, the solar power industry is experiencing rapid growth, and the demand for inverters is expected to continue to rise in the coming years. In addition to government incentives, decreasing costs of solar panels and increased environmental awareness among consumers are also fueling the growth of the solar power industry. By continuing to invest in solar energy and incentivize its adoption, governments can encourage further growth in the industry, which will have significant positive impacts on the environment and the economy.
Report highlights
The solar energy segment is expected to dominate the global inverter market, driven by the increasing adoption of solar power systems. Asia-Pacific is the largest market for inverters, accounting for more than 40% of the global market share. The region's growth is driven by increasing demand from countries such as China, India, and Japan. The residential and commercial applications of inverters are growing rapidly, driven by the increasing adoption of solar power systems in these sectors. These applications are expected to account for more than 60% of the market share by 2030.
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Scope of this report
| Coverage | Details |
| Market Size in 2030 | USD 57.04 Billion |
| CAGR | 16% from 2023 to 2032 |
| Central Inverter Segment | 49% in 2022 |
| Utility Segment | 47% in 2022 |
| Largest Revenue Holder | North America |
| Key Players | SMA Solar Technology AG, Huawei Technologies Co. Ltd, ABB Ltd., Enphase Energy Inc., Fronius International GmbH, TMEIC Corporation Sungrow Power Supply Co. Ltd., Delta Electronics Inc., SolarEdge Technologies Inc., Mitsubishi Electric Corporation, Siemens AG, General Electric Company, KACO new energy GmbH, Schneider Electric SE, Emerson Electric Co., and Others |
Regional Snapshots
The global inverter market is a highly competitive and rapidly growing market, with the demand for inverters increasing due to the rising adoption of renewable energy sources. The Asia-Pacific region is the largest market for inverters globally, with a majority market share. The region's growth can be attributed to rapid industrialization and urbanization, as well as increasing government initiatives to promote renewable energy sources such as solar and wind. The major players in the inverter market are based in China, Japan, and South Korea. As a result, the region is at the forefront of inverter technology and production, with companies such as Huawei, Sungrow, and TMEIC dominating the market. With the demand for solar energy systems and inverters continuing to rise, the Asia-Pacific region is likely to maintain its leading position in the market for the foreseeable future.
North America is a significant market for inverters, with the United States being the largest market in the region. The growing demand for solar energy systems and government initiatives to promote renewable energy sources are driving the market in this region. The US government has implemented policies and incentives to encourage the adoption of solar energy systems, including tax credits, rebates, and grants for residential and commercial installations. As a result, the demand for inverters in North America is expected to continue to grow in the coming years. In addition, North America is home to several leading inverter manufacturers, such as SolarEdge, Enphase Energy, and Fronius, which are playing a crucial role in meeting the rising demand for solar energy systems. With the increasing focus on renewable energy sources and the need to reduce carbon emissions, the demand for inverters in North America is expected to remain strong in the foreseeable future.
Market dynamics
Drivers
The global inverter market is experiencing significant growth driven by various factors. One of the primary market drivers is the increasing adoption of renewable energy sources like solar and wind energy . The need to reduce carbon emissions, address climate change, and reduce reliance on fossil fuels is driving the shift towards renewable energy sources. Moreover, technological advancements in inverter technology are leading to more efficient, reliable, and cost-effective inverters, which improve the performance of solar energy systems, leading to their increasing adoption.
Government initiatives and policies promoting renewable energy sources are also driving the growth of the inverter market. Governments worldwide are offering incentives and subsidies to promote the adoption of solar and wind energy systems, creating a favorable environment for the inverter market to grow.
Restraints
Regulations and policies play a crucial role in the adoption and growth of renewable energy sources, which in turn can impact the demand for inverters. Regulatory barriers such as limitations on grid connection, complex permitting processes, and other barriers can increase the cost of installation and slow down the adoption of renewable energy systems, leading to a decrease in demand for inverters.
For example, certain jurisdictions may require permits or approvals for the installation of solar panels or wind turbines, which can increase the time and cost of installation. Additionally, some regions may not have sufficient grid infrastructure to accommodate the integration of renewable energy systems, leading to limitations on grid connection.
Opportunities
The energy storage market is experiencing rapid growth, fueled by the increasing adoption of renewable energy sources. This growth is creating opportunities for inverter manufacturers to provide products that can integrate with energy storage systems. As more homes and businesses turn to solar and wind power, the need for reliable energy storage solutions is growing. Energy storage systems allow users to store excess energy produced by their renewable energy sources and use it when needed, reducing their reliance on the grid. Inverter manufacturers can take advantage of this trend by developing products that are compatible with energy storage systems . By providing inverters that can work seamlessly with energy storage solutions, manufacturers can offer their customers a complete renewable energy package.
Challenges
The installation and maintenance of inverters can be complex and require skilled personnel with technical expertise. As the demand for inverters continues to grow, the demand for skilled personnel will also increase, potentially leading to shortages and increased costs.
Recent developments
In June 2021, Sungrow announced a partnership with Krannich Solar to expand its European product portfolio for economic decarbonization. The partnership will enable Sungrow, a leading global inverter solution supplier for renewables, to strengthen its presence in the European market and accelerate the transition to clean energy.
Market Segmentation
By Product
Central PV inverter String PV inverter Micro PV inverter Other PV inverters
By End Use
Commercial Residential & Industrial Utilities
By Geography
North America Europe Asia-Pacific Latin America Middle East and Africa
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