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Global Power Inverter Market Growth, Trend, Forecast, Report: By Rating: <5KW, 5kW to 100kW, 100kW to 500kW, Above 500kW; By Application: Motor Drives, UPS, Rail Traction, Wind Turbines, EVs/HEVs, Solar PVs, Others; By End Use: Utilities, Residential, Commercial and Industrial, Others; Regional Analysis; Competitive Landscape; 2024-2032
Global Power Inverter Market Outlook
The global power inverter market size reached a value of about USD 72.7 billion in 2023. The market is further expected to increase at a CAGR of about 5.2% between 2024 and 2028 to reach a value of approximately USD 97.5 billion by 2032.
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The global power inverter market is being dominated by the Asia Pacific region owing to the increased establishment of multinational companies in the region, due to low manufacturing costs and readily available cheap labour.
There are currently a variety of favourable factors driving the power inverter market. The industry growth is also boosted by technological innovations that have led to portable inverters that could be used to charge cell phones and tablets while commuting. Based on rating, 100KW to 495KW accounts for the largest share of the global power inverter market. On the basis of the application, the EMR report finds that motor drives account for the highest profit margins. Due to the high reliance on electronic devices, the market for motor drives is on the rise throughout the globe. The utilities sector, meanwhile, dominates the end-use sector.
Properties and Applications
Power inverter refers to an electronic system that converts direct current (DC) from solar panels, batteries, or high voltage DC transmission lines to alternating current (AC). It is used to run machines, equipment, as well as other residential and commercial electrical appliances. Unlike traditional generators, the inverter is usually smaller, lighter, and more energy-saving. Throughout the years, they have gained popularity by providing a highly efficient and reliable power source, offering low operating costs and reducing the inconvenience of switching.
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On the basis of rating, the power inverter market can be divided into:
- <5KW
- 5KW to 95KW
- 100KW to 495KW
- Above 500KW
It finds wide application in the following sectors:
- Motor Drives
- UPS
- Rail Traction
- Wind Turbines
- Electric Vehicles/Hybrid Electric Vehicles (EVs/HEVs)
- Solar PVs
- Others
It finds its end-uses in the following sectors:
- Utilities
- Residential
- Commercial and Industrial
- Automotive and Transportation
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Market Analysis
With growing electrification as well as rapid urbanisation, most of the population is now dependent on electronic appliances and devices, including air conditioners, televisions, computers, and refrigerators, among others. It has resulted in a major demand for power inverters to provide an uninterrupted electricity source and an effective backup solution in the case of emergencies. In addition, inverters generate zero emissions while generating energy and are also substantially quieter in operation than standard generators. The manufacturers in the industry are making investments in R&D activities to develop new technologies that will improve the characteristics associated with the use of these inverters.
Competitive Landscape
The report gives a detailed analysis of the following key players in the global power inverter market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Huawei Technologies Co., Ltd.
- SMA Solar Technology AG
- Tabuchi Electric Co.,Ltd.
- OMRON Corporation
- SolarEdge Technologies Inc.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Rating |
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| Breakup by Application |
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| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Power Inverter Market Analysis
8.1 Key Industry Highlights
8.2 Global Power Inverter Historical Market (2018-2023)
8.3 Global Power Inverter Market Forecast (2024-2032)
8.4 Global Power Inverter Market by Rating
8.4.1 <5KW
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 5kW to 100kW
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 100kW to 500kW
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Above 500kW
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.5 Global Power Inverter Market by Application
8.5.1 Motor Drives
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 UPS
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Rail Traction
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Wind Turbines
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 EVs/HEVs
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
8.5.6 Solar PVs
8.5.6.1 Historical Trend (2018-2023)
8.5.6.2 Forecast Trend (2024-2032)
8.5.7 Others
8.6 Global Power Inverter Market by End Use
8.6.1 Utilities
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Residential
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Commercial and Industrial
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.3 Automotive and Transportation
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Others
8.7 Global Power Inverter Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Power Inverter Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Power Inverter Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Power Inverter Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Power Inverter Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Power Inverter Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Loans and Financial Assistance
17 Project Economics
17.1 Capital Cost of Project
17.2 Techno-Economic Parameters
17.3 Product Pricing and Margins
17.4 Taxation and Depreciation
17.5 Income Projections
17.6 Expenditure Projections
17.7 Financial Projections
17.8 Profit Analysis
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Huawei Technologies Co., Ltd.
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 SMA Solar Technology AG
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 Tabuchi Electric Co.,Ltd.
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 OMRON Corporation
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 SolarEdge Technologies Inc.
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Power Inverter Market: Key Industry Highlights, 2017 and 2027
2. Global Power Inverter Historical Market: Breakup by Rating (USD Billion), 2018-2023
3. Global Power Inverter Market Forecast: Breakup by Rating (USD Billion), 2024-2032
4. Global Power Inverter Historical Market: Breakup by Application (USD Billion), 2018-2023
5. Global Power Inverter Market Forecast: Breakup by Application (USD Billion), 2024-2032
6. Global Power Inverter Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Power Inverter Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Power Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Power Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Power Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Power Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Power Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Power Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Power Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Power Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Power Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Power Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Power Inverter Market Structure
Key Questions Answered in the Report
In 2023, the global power inverter market attained a value of nearly USD 72.7 billion.
In the forecast period of 2024-2032, the market is projected to grow at a CAGR of almost 5.2%.
By 2028, the market is estimated to reach a value of about USD 97.5 billion.
The major drivers of the market include the growing popularity of portable inverters, the rising reliance on electronic devices, and the surging use of power inverters in the utility sector.
The key trends guiding the market are rapid electrification and urbanisation, the sustainable benefits of power inverters, and increasing investments in the development of new inverter technologies.
The major regions in the market are Latin America, North America, the Middle East and Africa, Europe, and the Asia Pacific.
The various rating segments considered in the market report are <5KW, 5kW to 100kW, 100kW to 500kW, and above 500kW.
The major applications of power inverter are motor drives, UPS, rail traction, wind turbines, EVs/HEVs, and solar PVs, among others.
The significant end uses of power inverter include utilities, residential, commercial and industrial, and automotive and transportation, among others.
The leading players in the market are Huawei Technologies Co., Ltd., SMA Solar Technology AG, Tabuchi Electric Co.,Ltd., OMRON Corporation, and SolarEdge Technologies Inc., among others.
Analyst Review
The global power inverter market attained a value of USD 72.7 billion in 2022 driven by the growing electrification and rising need for uninterrupted power. Aided by rising R&D activities and growing technological advancements, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 5.2%. The market is projected to reach USD 97.5 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on rating, the market can be segmented into <5kW, 5kW to 100kW, 100kW to 500kW, and above 500KW, with 100kW to 500kW accounting for the largest market share. On the basis of application, the motor drives sector accounts for the global market. Utilities, residential, commercial and industrial, and automotive and transportation sectors are the major end-use sectors in the market, with the utilities sector accounting for the largest share in the market. The major regional markets for the product are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with the Asia Pacific accounting for the largest share of the market. The key players in the above market include Huawei Technologies Co., Ltd., SMA Solar Technology AG, Tabuchi Electric Co.,Ltd., OMRON Corporation, and SolarEdge Technologies Inc., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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