According to a research report titled ‘Global Inverter Market study by Type (Solar Inverters and Non-solar inverters), by Output power rating (Additive, substrative and others), by Output Voltage (3 Axes, 4 Axes, 5 Axes and others), by Sales Channel (Direct and Indirect) End-use Industries (PV plants, Residential, commercial and automotive) and Regional Forecasts 2020-2027’, available with Market Study Report, global inverter market was valued at USD 11.07 billion in 2019 and is anticipated to register 15.6% CAGR during 2020-2027, subsequently accruing USD 35.3 billion by the end of the forecast timespan.
 

As per report findings, increasing demand for production of renewable energy, coupled with rising necessity for household devices in vehicles are driving global inverter market growth.
 

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According to Indian Brand Equity Foundation, the installed renewable power generation in India grew at a CAGR of 17.33% during 2016-2020 and reached 87.26 GW of which solar and wind sectors comprised 34.81 GW and 34.74 GW respectively. In the same vein, China's National Energy Administration reported that the country’s renewable energy installation capacity reached 728 GW during 2018 which was an increase of over 12% from 647.32 GW in 2017. Thus, increasing additions to renewable energy capacity in other emerging countries will accelerate global inverter market development in the upcoming years.
 

For the uninitiated, inverters are electrical devices that convert DC voltage from batteries into standard AC voltage for further use by common household appliances. Inverters are of types, namely, solar and non-solar based, and find application in various verticals across residential, industrial, commercial, and PV plant sectors.
 

Despite the lucrative prospects, the adverse effects on vehicle batteries caused by use of inverters for powering secondary devices is anticipated to hamper market expansion during the forthcoming years.
 

On the regional front, North America, Asia Pacific, Europe, and Latin America are the key regions covered in global inverter market research report. Speaking of country-level assessment, United States, Canada, India, Japan, Australia, South Korea, Germany, Spain, Italy, France, Brazil, and Mexico are the major economies for business expansion.
 

North America accounted for a major market share in the recent past and will likely record strong gains in the upcoming years, owing to large influx of investments in the renewable power sector.
 

Meanwhile, Asia-Pacific region is anticipated to grow at an exponential rate during the forecast period, due to the region’s burgeoning demand for household devices in vehicles.
 

Key contenders influencing global inverter market trends are Huawei Technologies Co. Ltd., SMA Solar Technology AG, ABB Ltd., Fronius International GmbH, Enphase Energy Inc., Sungrow Power Supply Co. Ltd., Power Electronics, Altenergy Power System Inc., SolarEdge Technologies Inc., and Darfon Electronics Corporation.