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Inverter market Report 2024 – Market Size, Trends, And Forecast 2024-2033
The Business Research Company's Inverter Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
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The inverter market has seen rapid growth in recent years. It is projected to increase from $17.32 billion in 2023 to $20.43 billion in 2024, reflecting a compound annual growth rate (CAGR) of 17.9%. This growth during the historical period can be attributed to the increasing adoption of renewable energy sources, government incentives, rising energy consumption, a boom in consumer electronics, and the electrification of the automotive sector.
How Big Is the Global Inverter Market Expected to Grow, and What Is Its Annual Growth Rate?
The inverter market is anticipated to experience rapid growth in the coming years. It is projected to reach $38.12 billion by 2028, with a compound annual growth rate (CAGR) of 16.9%. Factors driving this growth during the forecast period include the increasing deployment of smart grid systems, the rollout of 5G technology, a growing emphasis on resilient power solutions, efforts to mitigate climate change, and expanding electrification initiatives.
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What Is Driving the Growth of the Inverter Market?
The rising demand for electric vehicles (EVs) is expected to drive the growth of the inverter market in the future. Electric vehicles are powered by motors that draw electricity from batteries and operate using electric motors instead of fossil fuels. In these vehicles, an inverter plays a crucial role by converting direct current (DC) from the batteries into alternating current (AC), allowing for control of the motor's speed through frequency adjustment.
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Which Leading Companies Are Driving The Growth Of The Inverter Market Share?
Key players in the inverter market include Mitsubishi Electric Corporation, Huawei Technologies Co. Ltd., General Electric Company, Schneider Electric SE, Eaton Corporation, Delta Electronics Inc., OMRON Corporation, Chint Group Co. Ltd., Sungrow Power Supply Co. Ltd., Yaskawa Electric Corporation, KOSTAL Solar Electric GmbH, SolarEdge Technologies Inc., Enphase Energy Inc., Advanced Energy Industries Inc., TMEIC Corporation, Fronius International GmbH, Ingeteam India Pvt. Ltd., Ginlong Technologies Co. Ltd., KSTAR New Energy Co
What Are The Key Trends Driving The Growth Of The Inverter Market Size?
Leading companies in the inverter market are introducing new products, such as micro inverters, to enhance their profitability. A micro inverter is installed at or near individual solar photovoltaic (PV) modules, allowing it to operate independently for each panel. This contrasts with traditional string inverters, which are connected to multiple panels in series.
How Is the Global Inverter Market Segmented?
1) By Inverter Type: Solar Inverter, Vehicle Inverter, Other Types
2) By Connection Type: On-Grid, Off-Grid
3) By Phase: Single Phase, Three Phase
4) By Sales Channel: Direct, Indirect
5) By End-User: Residential, Industrial, Commercial
Asia-Pacific: The Leading Region in the Inverter Market
Asia-Pacific was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is the Inverter Market?
Inverters are circuits that convert direct current (DC) from sources like batteries or fuel cells into alternating current (AC). They also play a crucial role in controlling the speed and torque of electric motors.
The Inverter Global Market Report 2024 from The Business Research Company includes the following key information:
.Market size data for both historical and future periods
.Analysis of both macro and microeconomic factors that have impacted the market over the past five years
.Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
.Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Inverter Market Report: Trends, Opportunities, Strategies, and More
The Inverter Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into inverter market size, inverter market drivers and trends, inverter competitors' revenues, and inverter market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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What Services Does The Business Research Company Offer?
The Business Research Company has published more than 15,000 reports spanning 27 industries and over 60 regions. Our research is supported by 1.5 million datasets, thorough secondary research, and unique insights gained from interviews with industry experts. We offer ongoing and customized research services, featuring a variety of specialized packages designed to meet your specific needs, such as Market Entry Research, Competitor Tracking, Supplier & Distributor Packages, and many others.
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Oliver Guirdham
The Business Research Company
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