Current growth of Inverter Market segments

 The report "Inverter Market by Type (Solar Inverters, Non-solar Inverters), Output Power Rating, Output Voltage, Sales Channel (Direct, Indirect), End User (PV Plants, Residential, Commercial, Automotive), and Geography - Global Forecast to 2025", is projected to grow from USD 12.8 billion in 2020 to USD 26.5 billion by 2025; it is expected to grow at a CAGR of 15.6% from 2020 to 2025. The inverter market is likely to exhibit lucrative growth potential during the forecast period. The growth of the inverter market is expected to be driven by rising number of residential solar rooftop installations and surging demand for various household devices in vehicles. The market also has several opportunities that can be explored by existing and entry-level companies to expand their businesses.

Browse 110 market data Tables and 62 Figures spread through 179 Pages and in-depth TOC on "Inverter Market - Global Forecast to 2025"

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The non-solar inverters segment of the inverter market is projected to grow at a higher CAGR than the solar inverters segment during the forecast period.

The growth of this segment can be attributed to the introduction of hybrid electric and electric vehicles that has brought new opportunities and challenges in the power electronics industry, especially in terms of the development of the main traction motor drives. The multilevel inverter structure allows these vehicles to reach to high voltages and power levels without using transformers. Moreover, limited installation spaces have also led to the requirement for energy-efficient inverters.

The solar inverter market in APAC projected to grow at the highest growth rate during the forecast period.

In APAC, several operational solar inverter installations are carried out for residential, commercial, and PV power plant applications. Japan and Australia are major adopters of solar inverters, especially micro inverters in APAC. Moreover, the rise in the number of residential rooftop solar PV installations in India and Japan is encouraging inverter manufacturers to cater to the requirements of potential customers in this region.

Huawei Technologies (China), Sungrow Power Supply (China), SMA Solar Technology (Germany), Power Electronics (Spain), and ABB (Switzerland) are the major players operating in the inverter market.

Inverter Market and Top End Users

• Residential - Non-solar residential inverters, commonly known as residential UPS, are mainly used in homes and offices for powering computers, modems, etc. Growing demand for these inverters for powering different electronic systems is leading to their increased adoption in residential applications.
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• Automotive - Vehicle inverters are used in both electric vehicles and internal combustion engine (ICE) vehicles. All types of electric vehicles, such as hybrid electric vehicles (HEVs), battery electric vehicles (BEVs), and plug-in hybrid electric vehicles (PHEVs), require inverters for power management to/from battery packs to motors and for on-board systems. These inverters are also used to power other appliances, such as laptops, mobile chargers, advanced electrical appliances, refrigerators, and microwaves, in vehicles.
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• PV Plants - PV plants are relatively new applications of solar inverters. The PV plants segment accounts for a smaller share of the inverter market than the residential and the commercial segments. The number of solar panels installed in PV plants is large, and it may not be convenient and cost-efficient to specially integrate solar inverters with each panel.
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• Commercial - Besides residential applications, solar inverter systems are witnessing increased demand in commercial applications. Commercial solar systems are either installed on rooftops or can be ground-mounted, which allow customers to generate clean energy and avail different incentives offered by governments of different countries. Commercial-scale PV systems not only generate green energy but also reduce electricity bills.

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