Inverters are power devices that convert DC power to usable AC power. This conversion is carried out with the help of transformers, switching circuits, and control circuits. Inverters deliver AC voltage from DC power sources. This AC voltage is useful for operating electronic and electrical equipment, which are rated for the AC mains voltage.
The global inverter market 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.
Rising number of residential solar rooftop installations and surging demand for various household devices in vehicles are the major factors driving the growth of the inverter market.
Key Market Players:
Huawei Technologies (China), Sungrow Power Supply (China), and SMA Solar Technology (Germany) are among the key players operating in the inverter market.
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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.
Among end users, the residential segment held the largest share of the inverter market in 2019.
Rising energy costs, coupled with supportive government policies worldwide, have led to the increasing adoption of energy conservation measures such as solar rooftop PV installations for controlling the increased energy expenditure in residential applications. Countries such as the US, Australia, and the Netherlands, which are among the prominent markets for residential rooftop PV installations, have widely adopted solar inverters over conventional non-solar inverters. In addition, countries such as India, Mexico, the UK, and Brazil are currently witnessing significant growth in the residential solar energy market.
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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.
