Energy, Automobile, EV, Renewable News | Global Inverter Market Report 2022 to 2027

Global Inverter Market Report 2022 to 2027

October 28, 2022

DUBLIN–(BUSINESS WIRE)–The “Inverter Market by Type (Solar Inverters, Vehicle Inverter, others), Output Power Rating (Upto 10 kW, 10-50 kW, 51-100 kW, above 100 kW), End User (PV Plants, Residential, Automotive), Connection, Voltage, Sales Channel & Region – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.

The inverter market is anticipated to grow from an estimated USD 16.3 billion in 2022 to USD 33.8 billion in 2027, at a CAGR of 15.7% during the forecast period.

The market has a promising growth potential due to increased deployment of solar inverters, especially in Asia Pacific. The increasing investments in the renewable energy sector and supportive government initiatives and schemes is propelling demand for inverters. Countries targets on climate change to achieve net-zero goals are shifting them towards sustainability development which increased the demand for electric vehicles and also technological advancements in developing high-power density inverters for various end user applications are expected to offer lucrative opportunities for the inverter market during the forecast period.

Vehicle inverters: The fastest-growing segment of the inverter market, by inverter type

The inverter type segment is categorized as solar inverters, vehicle inverters, and others. The others segment include UPS and battery inverters. Major requirement for the on-board electronic applications in the automobiles, growing concerns on government ambitious EV targets in the countries and the supporting policies which have lowered the costs of electric vehicles is expected to fuel the growth of the segment during the forecast period.

Residential segment is expected to emerge as the largest segment based on end user

The inverter market has been segmented on the basis of end-user industry into residential, automotive, photovoltaic (PV) plants, and others. The others segment includes commercial, industrial, and utilities. The residential segment is expected to hold the largest market share owing to the increased installations of roof top solar PV systems. Emerging markets such as Asia Pacific, South America, Middle East and Africa, and Europe are expected to be the main drivers of this growth, supported by the government supporting schemes which are providing subsidies for the installations.

North America is expected to be the second largest and fastest growing market during the forecast period.

North America is expected to be the second-fastest growing market due to the growing awareness among various sectors on benefits of solar PV installations. Stringent emission norms on vehicles and shift towards sustainable transportation through electric vehicles. Thus propelling the growth of inverters in this region.

Market Dynamics

Drivers

Increasing Investments in Renewable Energy Sector
Rising Number of Solar Installations Attributed to Government-Led Incentives and Schemes
Growing Demand for Residential Solar Rooftop Installations and Distributed Energy Resources (Ders)

Restraints

Safety Risks Associated with High Dc Voltages
Strain on Batteries Due to Prolonged Use of Inverters

Opportunities

Growing Demand for Electric Vehicles
Increasing Investments in Development of Smart Grids
Technological Innovations in Inverters and Development of High-Power Density Inverters

Challenges

Availability of Low-Quality and Cheap Products in Gray Market and Pricing Pressure on Manufactures
Shortage of Components and Parts Due to COVID-19 Crisis

Companies Mentioned