Global Power Inverter Market size was valued at USD 59.5 Billion in 2024 and is expected to reach USD 110.6 Billion by 2033, at a CAGR of 7.7% during the forecast period 2024 – 2033.

Global Power Inverter Market: Overview

A power inverter is an electronic device that converts direct current (DC) electricity into alternating current (AC) electricity. Power inverters are commonly used in a variety of applications, including off-grid solar power systems, recreational vehicles (RVs), boats, trucks, and backup power systems.

The prominent global trend in power inverters is the increasing adoption of renewable energy sources, particularly solar and wind power.

As countries worldwide strive to reduce their carbon footprint and transition towards sustainable energy systems, growing demand for power inverters to efficiently convert the DC electricity generated by solar panels and wind turbines into AC electricity for use in homes, businesses, and the grid.

This trend is fueled by advancements in renewable energy technologies, declining costs of solar panels and wind turbines, and supportive government policies incentivizing clean energy adoption.

Additionally, the rise of energy storage systems, such as batteries, further complements the use of power inverters by enabling the storage and utilization of excess renewable energy during periods of low generation or high demand, contributing to a more reliable and resilient energy infrastructure worldwide.

By type, the 5 KW to 100 KW segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. A notable trend in the 5 kW to 100 kW power inverter segment is the increasing demand for advanced features such as high efficiency, compact design, grid integration capabilities, and enhanced monitoring and control functionalities.

By application, the motor drives segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. The trend in motor drives is shifting towards higher efficiency, compact design, and integration with IoT for enhanced monitoring and control, as industries prioritize energy savings and smart automation solutions.

By end user, the utility segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. One prominent trend in the utility sector is the increasing integration of renewable energy sources like solar and wind power into the grid, driven by environmental concerns and advancements in technology.

In the Asia-Pacific region, the trend in the power inverter market is driven by rapid industrialization, urbanization, renewable energy adoption, and government initiatives promoting energy infrastructure development and clean energy solutions.

Schneider Electric SE is a French multinational company that specializes in digital automation and energy management. It addresses homes, buildings, data centers, infrastructure and industries, by combining energy technologies, real-time automation, software, and services.

Report Scope

Feature of the Report Details
Market Size in 2024 USD 59.5 Billion
Projected Market Size in 2033 USD 110.6 Billion
Market Size in 2023 USD 54.1 Billion
CAGR Growth Rate 7.7% CAGR
Base Year 2023
Forecast Period 2024-2033
Key Segment By Type, Application, End User and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

CMI has comprehensively analyzed the Global Power Inverter market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict in depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Global Power Inverter industry.

The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.

List of the prominent players in the Power Inverter Market:

  • ABB Ltd
  • Schneider Electric SE
  • Siemens AG
  • Eaton Corporation PLC
  • Delta Electronics Inc.
  • SMA Solar Technology AG
  • Huawei Technologies Co. Ltd.
  • Mitsubishi Electric Corporation
  • General Electric Company
  • Emerson Electric Co.
  • Toshiba Corporation
  • Power-One Inc.
  • KACO new energy GmbH
  • Omron Corporation
  • Enphase Energy Inc.
  • SolarEdge Technologies Inc.
  • Growatt New Energy Technology Co. Ltd.
  • Sungrow Power Supply Co. Ltd.
  • Chint Group
  • Tabuchi Electric Co. Ltd.
  • Others

The Power Inverter Market is segmented as follows:

By Type

  • Less than 5 KW
  • 5 KW to 100 KW
  • 100 KW to 500 KW
  • More than 500 KW

By Application

  • Motor Drives
  • Wind Turbines
  • Rail Traction
  • Electric Vehicle
  • UPS
  • Solar PV
  • Others

By End User

  • Residential
  • Commercial and Industrial
  • Utility

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America