The global power inverter market had a value of approximately US$ 74.7 billion in 2022, and it is projected to reach around US$ 77.9 billion in 2023. According to forecasts by FMI, the market is expected to grow at a steady rate of 5.8% annually from 2023 to 2033. If this growth continues as anticipated, the total value of power inverters sold worldwide in 2033 is predicted to be approximately US$ 137.3 billion.
This growth can be attributed to several factors, including the increasing demand for electricity and a growing gap between the demand for electricity and its supply. These factors are expected to drive higher sales of power inverters in the coming years.
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Global demand for effective power management systems is being fueled by rising energy demand, which is being exacerbated by urbanization and industrialization. Furthermore, the growing interest in unconventional energy sources such as solar and wind has increased the demand for Power Inverters.
Key Takeaways from the Power Inverter Market Report:
- Currently, the market is dominating in North America and Europe, with global shares of 26.5% and 23.4% in 2022, respectively. Meanwhile, the business is thriving in Asia and other regions, with demand fluctuating according on regional energy needs and governmental efforts.
- Among the countries, the United States alone provided roughly 18.4% of worldwide income in 2022.
- Germany is the top manufacturer and provider of Power Inverters in Europe, with a 10.4% global market share in 2022.
- China is the largest producer of Power Inverters in the Asia Pacific area, with a CAGR of 4.3% expected. Surprisingly, India is expected to have a higher CAGR of 8.5% throughout this time period.
By conforming to industry norms, emerging market participants highlight the market’s potential and the lucrative opportunities it provides. New market participants are investing in R&D to meet changing customer expectations, achieve sustainability goals, and enter the market.
Competitive Landscape:
With the increase in the demand for electricity, the leading players are mainly focusing on increasing production capacity. By doing so, these firms may be able to serve the growth of the renewable sector and also further strengthen their operations.
- In July 2022, SMA solar technologies announced the ‘Grid Control 2.0’ research project, which mainly laid emphasis on grid-forming inverters to ensure stable grid operations.
- In June 2022, Schneider Electric launched New Research and Innovations to prepare IT infrastructure for Net Zero Operations.
Leading Key Players:
- Omron Automation PVT Ltd
- TMEIC
- Tabuchi Electric Co., LTD.
- SMA Solar Technology
- Schneider Electric SE
- ABB Ltd.
- Samlex America Inc.
- Enphase Energy Inc.
- Thor Manufactures
- PowerBright
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Power Inverter Market Segmentation:
By Type:
- Less than 5 KW
- 5 to 95 KW
- 100 to 495 KW
- More than 500 KW
By Application:
- Solar PV
- Motor drives
- EVs/HEVs
- Rail traction
- UPS
- Wind Turbines
- Others
By End-use sector:
- Utility
- Residential
- Commercial
- Industrial
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia and Pacific Market
- The Middle East & Africa (MEA) Market
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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