The global inverter market size is expected to reach USD 52.90 billion by 2030, according to a new study by Polaris Market Research. The report “Inverter Market Share, Size, Trends, Industry Analysis Report, By Type (Vehicle, Solar, Others); By Connection Type (On-grid, Off-grid); By Phase; By End-Use; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Manufacturers aim to design inverters that are cost-efficient and lightweight. Automobile manufacturers are investing in the creation of new technologies and expanding their production capabilities to meet the demand created by the surge in sales of electric vehicles. Therefore, demand for power inverters is expected to increase simultaneously with the growth in the trend of hybrid and electric vehicle sales around the globe during the forecast period.
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The significant growth rate in the renewable energy sector is expected to drive the growth of the market during the forecast period. Asia-Pacific has registered the highest growth rate and market share in renewable energy, owing to the increase in investment in renewable energy projects along with increased capacity and utilization.
Emerging economies such as China, India, Japan, South Korea, and Brazil are the fastest growing economies, which are engaged in investing in the electrification of remote and rural areas. An increase in population and massive urbanization are the primary drivers for the increase in the electrification rate, which fuels the demand for solar energy in these countries, thereby driving the growth of the industry.
Countries such as India, Nepal, and others in Asia-Pacific registered the highest electrification growth rates in the past five years with the help of on-grid and off-grid system solutions. An increase in solar inverter demand from emerging economies is expected to provide potential opportunities for industry expansion during the forecast period.
Inverter Market Report Highlights
- The vehicle inverter segment is expected to be the fastest growing during the forecast period. This is due to the surge in demand for high efficiency and high-power density products for longer battery life and compactness
- On-grid segment accounted for the largest revenue share owing to easy feeding of energy, cost-efficiency, and high electricity requirement
- By phase, the market is categorized single phase, and three phase. The single-phase segment is expected to be the fastest growing segment during the forecast period on account of greater application in residential & small commercial applications
- Residential segment accounted for the largest revenue share. Rise in demand for the industry to energize home appliances such as lights and pumps drives the growth of this segment
- Asia-Pacific region will lead the global market by 2030. This is due to rise in need for continuous and stable power supply to address greater requirement of increasing population
- The global market is highly competitive owing to the existence of large industry players with global presence including Aptiv PLC, Changsha BYD, Continental AG, Delta Electronics, Inc., DENSO Corporation, FIMER S.P.A, and Hitachi Astemo Ltd.
Polaris Market Research has segmented the inverter market report based on based on type, connection type, phase, end-use, and region.
Inverter, Type Outlook (Revenue – USD Billion, 2018 – 2030)
Inverter, Connection Type Outlook (Revenue – USD Billion, 2018 – 2030)
- On grid
Inverter, Phase Outlook (Revenue – USD Billion, 2018 – 2030)
- Single Phase
- Three Phase
Inverter, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)
Inverter, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa