Power Inverter Market Size, Trends and Insights 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), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Reports Description
Global Power Inverter Market 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.
A power inverter is an electronic device that converts direct current (DC) electricity from sources such as batteries or solar panels into alternating current (AC) electricity. Inverters are commonly used in off-grid or backup power systems, allowing users to utilize DC power sources to run AC-powered devices.
Power Inverter Market: Growth Factors
Increasing adoption of renewable energy sources
The escalating adoption of renewable energy sources has become a pivotal driver propelling the power inverter market forward. As the world shifts towards cleaner and more sustainable energy solutions, such as solar and wind power, the demand for power inverters has surged.
Power inverters play a critical role in converting the direct current (DC) generated by solar panels or wind turbines into alternating current (AC), which is compatible with the electricity grid and can power household appliances and industrial machinery. This vital function positions power inverters as indispensable components within renewable energy systems.
Furthermore, the declining costs of renewable energy technologies, coupled with government incentives and regulations favouring clean energy deployment, have accelerated the adoption of solar and wind power on a global scale.
The expanding deployment of renewable energy installations, both at residential and commercial scales, is driving the need for efficient, reliable, and high-performance power inverters. Manufacturers are increasingly focusing on technological advancements to enhance the efficiency, reliability, and lifespan of power inverters, thereby catering to the growing demand from the renewable energy sector.
Moreover, the integration of advanced features such as grid-interactive capabilities, smart monitoring, and energy management systems further augments the appeal of power inverters in facilitating seamless integration and optimized performance of renewable energy systems, thereby consolidating their position as a cornerstone of the transition towards a sustainable energy future.
Integration of solar panels into the power grid
The integration of solar panels into the power grid has catalysed a significant expansion in the power inverter market. Solar panels generate direct current (DC) electricity, which needs to be converted into alternating current (AC) electricity to be compatible with the power grid.
Power inverters play a crucial role in this conversion process, transforming the DC electricity produced by solar panels into AC electricity that can be used by homes, businesses, and the grid. As the demand for renewable energy sources like solar power continues to rise, so does the need for efficient and reliable power inverters.
Additionally, the push towards grid modernization and the increasing adoption of smart grid technologies further amplifies the importance of power inverters in enabling the smooth integration of solar energy into the existing power infrastructure.
Consequently, the integration of solar panels into the power grid has become a key driver for the expansion and evolution of the power inverter market, shaping its growth trajectory and technological advancements.
Power Inverter Market: Restraints
Fluctuating raw material prices
Fluctuating raw material prices pose a significant challenge to the power inverter market due to their direct impact on manufacturing costs. Power inverters rely on various components such as semiconductors, capacitors, and metals like copper and aluminium, all of which are subject to price volatility influenced by factors like supply chain disruptions, geopolitical tensions, and market speculation.
Sudden increases in raw material costs can squeeze profit margins for inverter manufacturers, leading to higher production expenses that are often passed on to consumers through elevated product prices. Moreover, such fluctuations can disrupt production schedules and inventory management, causing delivery delays and potentially losing market share to competitors.
To mitigate these challenges, companies in the power inverter sector often implement strategies such as hedging against price risks, diversifying their supplier base, and investing in research and development to identify alternative materials or design optimizations that reduce dependency on volatile inputs.
Power Inverter Market: Opportunities
Need for backup power solutions
The escalating demand for backup power solutions is propelling growth in the power inverter market. As modern societies become increasingly reliant on uninterrupted power supply for essential functions in both residential and commercial settings, the need for reliable backup power sources has become paramount.
Power inverters play a pivotal role in this scenario by converting DC electricity from batteries or other sources into AC electricity, which is compatible with most household and commercial appliances.
With the growing frequency and intensity of natural disasters, such as hurricanes, floods, and wildfires, coupled with aging power infrastructure and the risk of grid failures, individuals and businesses are investing more in backup power systems to safeguard against power outages.
Additionally, the rise of remote work and the digital economy has heightened the importance of continuous power supply to ensure productivity and connectivity. This surge in demand for backup power solutions has spurred innovation in power inverter technology, driving manufacturers to develop more efficient, reliable, and versatile inverters tailored to meet various application needs.
Furthermore, government initiatives promoting renewable energy adoption and the increasing adoption of off-grid and hybrid power systems in remote areas contribute to the expansion of the power inverter market as they require inverters for energy conversion and storage.
In conclusion, the escalating need for backup power solutions driven by factors like climate change, digitalization, and energy transition is fuelling the growth of the power inverter market, prompting advancements in technology and expanding its application across diverse sectors.
Power Inverter Market: Segmentation Analysis
The Global Power Inverter market is segmented by type, application, end user, and region. Based on type, the market is classified into Less than 5 KW, 5 KW to 100 KW, 100 KW to 500 KW and More than 500 KW. 5 KW to 100 KW dominated the market in 2023 with a market share of 40.1% and is expected to keep its dominance during the forecast period 2024-2033.
The market for power inverters ranging in size from 5 kW to 100 kW has grown significantly due to a variety of causes. Technological improvements have resulted in more efficient and smaller inverters, making them more suitable for a variety of applications such as renewable energy systems, electric cars, and industrial machinery.
The increased need for renewable energy solutions has accelerated the use of inverters in solar photovoltaic systems and wind turbines, which convert DC electricity into AC power for grid integration. Furthermore, the growth of electric cars has increased the need for high-power inverters, which convert battery DC power into AC power for propulsion.
Industries are also using inverters for motor control applications, which improves production efficiency and precision. The drive power inverter market spanning 5 kW to 100 kW is poised for continued expansion as technological innovation and sustainability imperatives drive demand across diverse sectors.
Based on application, the market is classified into motor drives, wind turbines, rail traction, electric vehicles, UPS, solar PV and others. Motor drives dominated the market in 2023 with a market share of 24.5% and are expected to keep their dominance during the forecast period 2024-2033.
The motor drive power inverter market has grown significantly, owing to rising demand for energy-efficient motor control systems in a variety of sectors. With a growing emphasis on sustainability and energy saving, organizations are implementing motor drive power inverters to improve operational efficiency and performance.
These inverters convert direct current (DC) from a power source into alternating current (AC), allowing for precise control of motor speed and torque. The market is seeing significant technical breakthroughs, such as the use of new semiconductor materials and creative control algorithms, which leads to increased efficiency, dependability, and compactness in motor drive systems.
Furthermore, the increasing use of electric cars and the automation of industrial processes are driving up demand for motor drive power inverters.
Based on the end user, the market is classified into residential, commercial industrial and utility. Utility dominated the market in 2023 with a market share of 45.5% and is expected to keep its dominance during the forecast period 2024-2033.
The rising adoption of renewable energy sources, such as solar and wind power, has propelled the need for power inverters to convert the generated DC electricity into usable AC power for grid connection or standalone systems. Government incentives and mandates promoting clean energy solutions further drive market growth.
Additionally, advancements in technology, such as the development of high-efficiency inverters with improved power conversion rates and grid integration capabilities, are fuelling market expansion. Moreover, the expanding deployment of smart grid infrastructure and microgrid systems necessitates sophisticated inverters capable of managing power flow, voltage regulation, and grid stability.
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. |
Power Inverter Market: Regional Analysis
By region, Power Inverter market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. The Asia-Pacific dominated the global Power Inverter market in 2023 with a market share of 42.3% and is expected to keep its dominance during the forecast period 2024-2033.
The Asia-Pacific rapid industrialization and urbanization across countries like China, India, and Southeast Asian nations have led to increased demand for reliable and efficient power solutions. This demand extends across various sectors including manufacturing, infrastructure development, and telecommunications, driving the need for power inverters to convert DC electricity into AC for a wide range of applications.
Additionally, the burgeoning renewable energy sector in the region, particularly in countries like China and India, has further propelled the growth of the power inverter market. With a shift towards clean energy sources such as solar and wind power, inverters play a crucial role in converting the DC electricity generated by these sources into usable AC electricity for both grid-connected and off-grid systems.
Power Inverter Market: Recent Developments
- In September 2023, RTC Power opened a “Giga-Fab” hybrid inverter facility in Augsburg, southern Germany. The facility has two new production lines for the DC 8 and DC 10 inverter variants.
- In March 2024, Sungrow, a major global photovoltaic (PV) inverter and energy storage system provider, announced the debut of its latest invention, the three-phase hybrid inverter, which is particularly developed to meet the unique energy demands of South African customers.
- In November 2023, Diamond Foundry developed a 250W EV inverter using their diamond wafer technology, with a power electronics unit six times smaller than that of a Tesla 3.
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
These key players are adopting various growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.
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
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market Research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Power Inverter Market, (2024 – 2033) (USD Billion)
- 2.2 Global Power Inverter Market: snapshot
- Chapter 3. Global Power Inverter Market – Industry Analysis
- 3.1 Power Inverter Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Increasing adoption of renewable energy sources
- 3.2.2 Integration of solar panels into the power grid
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market Attractiveness Analysis By Type
- 3.7.2 Market Attractiveness Analysis By Application
- 3.7.3 Market Attractiveness Analysis By End User
- Chapter 4. Global Power Inverter Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Power Inverter Market: Company Market Share, 2023
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaboration, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Power Inverter Market – Type Analysis
- 5.1 Global Power Inverter Market Overview: By Type
- 5.1.1 Global Power Inverter Market Share, By Type, 2023 and 2033
- 5.2 Less than 5 KW
- 5.2.1 Global Power Inverter Market by Less than 5 KW, 2024 – 2033 (USD Billion)
- 5.3 5 KW to 100 KW
- 5.3.1 Global Power Inverter Market by 5 KW to 100 KW, 2024 – 2033 (USD Billion)
- 5.4 100 KW to 500 KW
- 5.4.1 Global Power Inverter Market by 100 KW to 500 KW, 2024 – 2033 (USD Billion)
- 5.5 More than 500 KW
- 5.5.1 Global Power Inverter Market by More than 500 KW, 2024 – 2033 (USD Billion)
- 5.1 Global Power Inverter Market Overview: By Type
- Chapter 6. Global Power Inverter Market – Application Analysis
- 6.1 Global Power Inverter Market Overview: By Application
- 6.1.1 Global Power Inverter Market Share, By Application, 2023 and 2033
- 6.2 Motor Drives
- 6.2.1 Global Power Inverter Market by Motor Drives, 2024 – 2033 (USD Billion)
- 6.3 Wind Turbines
- 6.3.1 Global Power Inverter Market by Wind Turbines, 2024 – 2033 (USD Billion)
- 6.4 Rail Traction
- 6.4.1 Global Power Inverter Market by Rail Traction, 2024 – 2033 (USD Billion)
- 6.5 Electric Vehicle
- 6.5.1 Global Power Inverter Market by Electric Vehicle, 2024 – 2033 (USD Billion)
- 6.6 UPS
- 6.6.1 Global Power Inverter Market by UPS, 2024 – 2033 (USD Billion)
- 6.7 Solar PV
- 6.7.1 Global Power Inverter Market by Solar PV, 2024 – 2033 (USD Billion)
- 6.8 Others
- 6.8.1 Global Power Inverter Market by Others, 2024 – 2033 (USD Billion)
- 6.1 Global Power Inverter Market Overview: By Application
- Chapter 7. Global Power Inverter Market – End User Analysis
- 7.1 Global Power Inverter Market Overview: By End User
- 7.1.1 Global Power Inverter Market Share, By End User, 2023 and 2033
- 7.2 Residential
- 7.2.1 Global Power Inverter Market by Residential, 2024 – 2033 (USD Billion)
- 7.3 Commercial and Industrial
- 7.3.1 Global Power Inverter Market by Commercial and Industrial, 2024 – 2033 (USD Billion)
- 7.4 Utility
- 7.4.1 Global Power Inverter Market by Utility, 2024 – 2033 (USD Billion)
- 7.1 Global Power Inverter Market Overview: By End User
- Chapter 8. Power Inverter Market – Regional Analysis
- 8.1 Global Power Inverter Market Regional Overview
- 8.2 Global Power Inverter Market Share, by Region, 2023 & 2033 (USD Billion)
- 8.3. North America
- 8.3.1 North America Power Inverter Market, 2024 – 2033 (USD Billion)
- 8.3.1.1 North America Power Inverter Market, by Country, 2024 – 2033 (USD Billion)
- 8.3.1 North America Power Inverter Market, 2024 – 2033 (USD Billion)
- 8.4 North America Power Inverter Market, by Type, 2024 – 2033
- 8.4.1 North America Power Inverter Market, by Type, 2024 – 2033 (USD Billion)
- 8.5 North America Power Inverter Market, by Application, 2024 – 2033
- 8.5.1 North America Power Inverter Market, by Application, 2024 – 2033 (USD Billion)
- 8.6 North America Power Inverter Market, by End User, 2024 – 2033
- 8.6.1 North America Power Inverter Market, by End User, 2024 – 2033 (USD Billion)
- 8.7. Europe
- 8.7.1 Europe Power Inverter Market, 2024 – 2033 (USD Billion)
- 8.7.1.1 Europe Power Inverter Market, by Country, 2024 – 2033 (USD Billion)
- 8.7.1 Europe Power Inverter Market, 2024 – 2033 (USD Billion)
- 8.8 Europe Power Inverter Market, by Type, 2024 – 2033
- 8.8.1 Europe Power Inverter Market, by Type, 2024 – 2033 (USD Billion)
- 8.9 Europe Power Inverter Market, by Application, 2024 – 2033
- 8.9.1 Europe Power Inverter Market, by Application, 2024 – 2033 (USD Billion)
- 8.10 Europe Power Inverter Market, by End User, 2024 – 2033
- 8.10.1 Europe Power Inverter Market, by End User, 2024 – 2033 (USD Billion)
- 8.11. Asia Pacific
- 8.11.1 Asia Pacific Power Inverter Market, 2024 – 2033 (USD Billion)
- 8.11.1.1 Asia Pacific Power Inverter Market, by Country, 2024 – 2033 (USD Billion)
- 8.11.1 Asia Pacific Power Inverter Market, 2024 – 2033 (USD Billion)
- 8.12 Asia Pacific Power Inverter Market, by Type, 2024 – 2033
- 8.12.1 Asia Pacific Power Inverter Market, by Type, 2024 – 2033 (USD Billion)
- 8.13 Asia Pacific Power Inverter Market, by Application, 2024 – 2033
- 8.13.1 Asia Pacific Power Inverter Market, by Application, 2024 – 2033 (USD Billion)
- 8.14 Asia Pacific Power Inverter Market, by End User, 2024 – 2033
- 8.14.1 Asia Pacific Power Inverter Market, by End User, 2024 – 2033 (USD Billion)
- 8.15. Latin America
- 8.15.1 Latin America Power Inverter Market, 2024 – 2033 (USD Billion)
- 8.15.1.1 Latin America Power Inverter Market, by Country, 2024 – 2033 (USD Billion)
- 8.15.1 Latin America Power Inverter Market, 2024 – 2033 (USD Billion)
- 8.16 Latin America Power Inverter Market, by Type, 2024 – 2033
- 8.16.1 Latin America Power Inverter Market, by Type, 2024 – 2033 (USD Billion)
- 8.17 Latin America Power Inverter Market, by Application, 2024 – 2033
- 8.17.1 Latin America Power Inverter Market, by Application, 2024 – 2033 (USD Billion)
- 8.18 Latin America Power Inverter Market, by End User, 2024 – 2033
- 8.18.1 Latin America Power Inverter Market, by End User, 2024 – 2033 (USD Billion)
- 8.19. The Middle-East and Africa
- 8.19.1 The Middle-East and Africa Power Inverter Market, 2024 – 2033 (USD Billion)
- 8.19.1.1 The Middle-East and Africa Power Inverter Market, by Country, 2024 – 2033 (USD Billion)
- 8.19.1 The Middle-East and Africa Power Inverter Market, 2024 – 2033 (USD Billion)
- 8.20 The Middle-East and Africa Power Inverter Market, by Type, 2024 – 2033
- 8.20.1 The Middle-East and Africa Power Inverter Market, by Type, 2024 – 2033 (USD Billion)
- 8.21 The Middle-East and Africa Power Inverter Market, by Application, 2024 – 2033
- 8.21.1 The Middle-East and Africa Power Inverter Market, by Application, 2024 – 2033 (USD Billion)
- 8.22 The Middle-East and Africa Power Inverter Market, by End User, 2024 – 2033
- 8.22.1 The Middle-East and Africa Power Inverter Market, by End User, 2024 – 2033 (USD Billion)
- Chapter 9. Company Profiles
- 9.1 ABB Ltd
- 9.1.1 Overview
- 9.1.2 Financials
- 9.1.3 Product Portfolio
- 9.1.4 Business Strategy
- 9.1.5 Recent Developments
- 9.2 Schneider Electric SE
- 9.2.1 Overview
- 9.2.2 Financials
- 9.2.3 Product Portfolio
- 9.2.4 Business Strategy
- 9.2.5 Recent Developments
- 9.3 Siemens AG
- 9.3.1 Overview
- 9.3.2 Financials
- 9.3.3 Product Portfolio
- 9.3.4 Business Strategy
- 9.3.5 Recent Developments
- 9.4 Eaton Corporation PLC
- 9.4.1 Overview
- 9.4.2 Financials
- 9.4.3 Product Portfolio
- 9.4.4 Business Strategy
- 9.4.5 Recent Developments
- 9.5 Delta Electronics Inc.
- 9.5.1 Overview
- 9.5.2 Financials
- 9.5.3 Product Portfolio
- 9.5.4 Business Strategy
- 9.5.5 Recent Developments
- 9.6 SMA Solar Technology AG
- 9.6.1 Overview
- 9.6.2 Financials
- 9.6.3 Product Portfolio
- 9.6.4 Business Strategy
- 9.6.5 Recent Developments
- 9.7 Huawei Technologies Co. Ltd.
- 9.7.1 Overview
- 9.7.2 Financials
- 9.7.3 Product Portfolio
- 9.7.4 Business Strategy
- 9.7.5 Recent Developments
- 9.8 Mitsubishi Electric Corporation
- 9.8.1 Overview
- 9.8.2 Financials
- 9.8.3 Product Portfolio
- 9.8.4 Business Strategy
- 9.8.5 Recent Developments
- 9.9 General Electric Company
- 9.9.1 Overview
- 9.9.2 Financials
- 9.9.3 Product Portfolio
- 9.9.4 Business Strategy
- 9.9.5 Recent Developments
- 9.10 Emerson Electric Co.
- 9.10.1 Overview
- 9.10.2 Financials
- 9.10.3 Product Portfolio
- 9.10.4 Business Strategy
- 9.10.5 Recent Developments
- 9.11 Toshiba Corporation
- 9.11.1 Overview
- 9.11.2 Financials
- 9.11.3 Product Portfolio
- 9.11.4 Business Strategy
- 9.11.5 Recent Developments
- 9.12 Power-One Inc.
- 9.12.1 Overview
- 9.12.2 Financials
- 9.12.3 Product Portfolio
- 9.12.4 Business Strategy
- 9.12.5 Recent Developments
- 9.13 KACO new energy GmbH
- 9.13.1 Overview
- 9.13.2 Financials
- 9.13.3 Product Portfolio
- 9.13.4 Business Strategy
- 9.13.5 Recent Developments
- 9.14 Omron Corporation
- 9.14.1 Overview
- 9.14.2 Financials
- 9.14.3 Product Portfolio
- 9.14.4 Business Strategy
- 9.14.5 Recent Developments
- 9.15 Enphase Energy Inc.
- 9.15.1 Overview
- 9.15.2 Financials
- 9.15.3 Product Portfolio
- 9.15.4 Business Strategy
- 9.15.5 Recent Developments
- 9.16 SolarEdge Technologies Inc.
- 9.16.1 Overview
- 9.16.2 Financials
- 9.16.3 Product Portfolio
- 9.16.4 Business Strategy
- 9.16.5 Recent Developments
- 9.17 Growatt New Energy Technology Co. Ltd.
- 9.17.1 Overview
- 9.17.2 Financials
- 9.17.3 Product Portfolio
- 9.17.4 Business Strategy
- 9.17.5 Recent Developments
- 9.18 Sungrow Power Supply Co. Ltd.
- 9.18.1 Overview
- 9.18.2 Financials
- 9.18.3 Product Portfolio
- 9.18.4 Business Strategy
- 9.18.5 Recent Developments
- 9.19 Chint Group
- 9.19.1 Overview
- 9.19.2 Financials
- 9.19.3 Product Portfolio
- 9.19.4 Business Strategy
- 9.19.5 Recent Developments
- 9.20 Tabuchi Electric Co. Ltd.
- 9.20.1 Overview
- 9.20.2 Financials
- 9.20.3 Product Portfolio
- 9.20.4 Business Strategy
- 9.20.5 Recent Developments
- 9.21 Others.
- 9.21.1 Overview
- 9.21.2 Financials
- 9.21.3 Product Portfolio
- 9.21.4 Business Strategy
- 9.21.5 Recent Developments
- 9.1 ABB Ltd
List Of Figures
Figures No 1 to 30
List Of Tables
Tables No 1 to 77
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2033
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
|
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| Demand-side |
|
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
|
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Prominent Player
- 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
FAQs
The major driver for the Power Inverter market increasing adoption of renewable energy sources and integration of solar panels into the power grid.
The “Motor Drives” had the largest share in the global market for Power Inverter.
The “Less than 5 KW” category dominated the market in 2023.
The key players in the market are 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.
“Asia-Pacific” had the largest share in the Power Inverter Market.
The global market is projected to grow at a CAGR of 7.7% during the forecast period, 2024-2033.
The Power Inverter Market size was valued at USD 59.5 Billion in 2024.