Power Inverter Market

Power Inverter Market Size Survey Report – In a Glance

As per the survey report on global Power Inverter Market, the market is projected to foresee a CAGR of 5.8% between 2024-2033, and further generate a market size of USD 139.5 billion revenue by the end of 2033. In the year 2023, the market size was valued at USD 77.8 billion revenue.

• The global expanding electricity demand is projected to grow on account of advancement in packaging industry.
• In Japan, the expanding renewable energy incorporation can be attributed to the increased innovation in the Power Inverter market.
• KDMI analyst’s growth analysis foresees restricted efficiency and performance to challenge the market growth.
• Asia Pacific, having the highest market share in the Power Inverter Market, is projected to dominate the global market.

Power Inverter Market Analysis

A power inverter, a device that enables the power supply, is responsible for low-voltage DC power conversion from a battery to ideal household AC power. A power inverter transforms ~ 12V dc--> ~120 AC to enhance the power output, and the proportion of output current from the equipment sources is expanded; however, its output voltage remains unchanged. Power inverters, which alter DC electricity from sources such as batteries or solar panels into AC electricity for application in businesses, homes, and industries are becoming more & more compulsory as the global electricity demand increases, specifically in developing nations. Worldwide electricity demand is anticipated to expand by 4% in 2024, an upsurge of 2.5% from 2023. The robust expansion in the worldwide electricity demand is set to continue till 2025 with the expansion around 4%. The growing electricity demand is a considerable growth factor in the power inverter market size. ABB Ltd., Enphase Energy Inc. and Omron Automation Pvt Ltd are significant manufacturers in the global market for Power Inverters.

Analyst’s Observation on Japan Power Inverter Market Survey

The shift to RES with economic growth will lead to an increase in electricity demand by 40% by 2030, and it will double by 2050. The incorporation of renewable energy sources such as wind and solar power needs more efficient power inverters to convert the DC electricity these sources offer into AC electricity, which is used for grid-connected or off-grid appliances. As of 2023, the proportion of renewables for the entire West and Central Japan is 22.7%, higher than the national average of about 22.3%, while wind and PV power together registered for 0.6 & 11.2% of VRE, respectively, for a cumulative of 11.8%. Hokuriku Electric Power Area, 3rd rank with regards to renewable energy share, the proportion will reach 36% as of 2023, but wind power and solar PV will register for 0.9% and 6.1%, respectively. The increasing renewable energy production & incorporation foresees the growth of the Japanese power inverter market size. Diamond Electric Holdings and Fuji Electric are the significant manufacturers in the Japanese Power Inverter market.

Power Inverter Market Growth Driver

Increasing adoption of electric vehicles:

A power inverter, in the case of electric vehicles, is an essential power electronic equipment that transforms a direct current demand from the vehicle’s batteries into an alternating current production. This AC production is then applied to power the electric motor that propels the vehicle. In 2023, around 14 million new electric cars were registered worldwide, bringing their cumulative number on the roads to about 40 million, closely recording the sales prediction from the 2023 edition of the worldwide EV outlook. In 2023, the electric car sales were 3.5 million greater than in 2022, an increase of 35% on a year-to-year basis. The increasing adoption of electric vehicles is one of the significant reasons for the growth of the power inverter market size globally.

Power Inverter Market Segmentation

Our experts at KD Market Insights have segmented the global Power Inverter Market research report as:

Power Inverter Market Regional Synopsis

Asia Pacific dominates the Power Inverter market due to the presence of significant regional players in India, China and Japan. Huawei Technologies Co., Ltd. in China has a wide variety of power applications used across all sectors and has innovative technology. The organization spends a considerable amount of money on research & development every year. As of 10th June 2022, Huawei introduced Energy Storage Systems and residential inverters for households, to allow residential owners to use clean energy. Further, the increasing use of solar energy is another growth driver of the power inverter market. As of 2023, China installed around 55% more solar capacity compared to the previous year, a 12% increase compared to the previous year. India has plans to double its electricity production capacity from 400 GW as of 2022 to roughly 849 GW by 2032, especially solar power, which is anticipated to expand from 66.78 GW in 2023 to 366 GW by 2032, accessing ½ of the total expansion.

Regional Company Names

• Sungrow
• Goodwe
• Huawei Technologies Co., Ltd
• Growatt New Energy
• Luminous India

Power Inverter Market Competitive Landscape

Some of the key players who top the global Power Inverter Market share:

• 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 Marvell Technology, Inc.

1. Executive Summary
   1. Market Overview
   2. Key Findings
   3. Market Trends
   4. Market Outlook
2. Introduction
   1. Scope of the Report
   2. Research Methodology
   3. Definitions and Assumptions
   4. Acronyms and Abbreviations
3. Market Dynamics
   1. Drivers
   2. Restraints
   3. Opportunities
   4. Challenges
4. Global Power Inverter Market
   1. Market Overview
   2. Market Size and Forecast
   3. Market Segmentation
      1. By Type
      2. By Output Power Capacity
      3. By Application
      4. By Region
5. Market Segmentation by Type
   1. Pure Sine Wave Power Inverters
   2. Modified Sine Wave Power Inverters
   3. Square Wave Power Inverters
   4. Others
6. Market Segmentation by Output Power Capacity 
   1. Low Power (Up to 1 kW)
   2. Medium Power (1 kW – 10 kW)
   3. High Power (Above 10 kW):
   4. Others
7. Market Segmentation by Application 
   1. Residential
   2. Commercial
   3. Industrial
   4. Automotive
   5. Others
8. Regional Analysis
   1. North America
      1. United States
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
      2. Canada
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
      3. Mexico
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
   2. Europe
      1. United Kingdom
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
      2. Germany
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
      3. France
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
      4. Italy
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
      5. Spain
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
      6. Rest of Europe
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
   3. Asia Pacific
      1. China
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
      2. Japan
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
      3. India
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
      4. Australia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
      5. South Korea
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
      6. Rest of Asia Pacific
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
   4. Latin America
      1. Brazil
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
      2. Argentina
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
      3. Colombia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
      4. Rest of Latin America
         1. Market Size and Forecast
         2. Key Trends and Developments
         3.               Market Analysis by Type, Output Power Capacity and Application 
   5. Middle East & Africa
      1. South Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
      2. Saudi Arabia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
      3. UAE
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
      4. Rest of Middle East & Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, Output Power Capacity and Application 
9. Competitive Landscape
   1. Market Share Analysis
   2. Company Profiles
      1. Omron Automation PVT Ltd
      2. TMEIC
      3. Tabuchi Electric Co., LTD.
      4. SMA Solar Technology
      5. Schneider Electric SE
      6. ABB Ltd.
      7. Samlex America Inc.
      8. Enphase Energy Inc.
      9. Thor Manufactures
      10. PowerBright Marvell Technology, Inc.
      11. Others
10. Strategic Recommendations
11. Appendix
    1. List of Tables
    2. List of Figures
12. References