Inverter Market Size

The global inverter market size was valued at $19.07 billion in 2024 and is projected to reach $48.92 billion by 2030, growing at a CAGR of 17.0% during the forecast period.

Inverter Market Overview

An inverter is an electrical device used to convert direct current (DC) to alternating current (AC). It plays a crucial role in various applications where AC power is required but only DC power sources are available, such as solar photovoltaic systems, battery storage systems, and electric vehicles. Inverters function by using electronic switches to rapidly alternate the direction of current flow, thus producing AC electricity from DC inputs. This conversion process enables the integration of renewable energy sources like solar panels into the electrical grid, where AC power is predominant. Inverters also facilitate the operation of appliances and electronic devices that rely on AC power, ensuring compatibility and efficient energy utilization. Advanced inverters often incorporate features such as grid synchronization, voltage regulation, and power factor correction to optimize performance and reliability in diverse applications, contributing to the advancement of clean energy technologies and smart grid systems.

Inverter Market Dynamics

• The inverter market is expected to witness significant growth in the future due to increasing demand for uninterrupted power supply, growing adoption of renewable energy sources, and technological advancements in power electronics.

• Additionally, rising industrialization and urbanization and the government initiatives and subsidies promoting energy efficiency are the prominent factors driving the growth of the inverter market.

• However, the high initial investment costs and complexity in grid integration are restraining the market growth.

• On the contrary, the expansion of smart grid infrastructure, integration of energy storage systems, and emerging applications in electric vehicles are creating opportunities for market growth.

By Type, the Solar Inverter Segment is projected to be the Largest Segment in the Inverter Market

The solar inverter segment emerges as the largest segment in the inverter market during the forecast period due to rapid expansion of solar photovoltaic (PV) installations worldwide. Solar inverters play a pivotal role in converting the direct current (DC) generated by solar panels into usable alternating current (AC) electricity that can be fed into the grid or used locally. With the global push towards renewable energy sources and sustainable power generation, solar PV systems have become increasingly popular for residential, commercial, and utility-scale applications. Inverters are essential components in these systems, ensuring efficient energy conversion, grid compatibility, and optimization of solar power output. The continuous innovation in solar inverter technology, including improvements in efficiency, reliability, and grid management capabilities, further boosts their demand. Additionally, supportive government policies and incentives aimed at promoting solar energy adoption contribute significantly to the growth of the solar inverter market.

By Geography, North America Holds the Dominant Position in the Market Revenue

North America maintains a commanding lead in market revenue due to the expansion of renewable energy sources and smart grid technologies across the region. With a growing emphasis on reducing carbon emissions and enhancing energy efficiency, there has been significant investment in solar photovoltaic (PV) installations, wind power projects, and energy storage systems across the continent. Inverters play a critical role in these applications by converting DC electricity generated by solar panels or stored in batteries into AC electricity usable by homes, businesses, and the grid. Moreover, the integration of advanced inverters supports the development of smart grid infrastructure, enabling efficient management of electricity distribution and improving grid stability. Regulatory incentives and policies at federal, state, and local levels further stimulate demand for inverters, encouraging renewable energy adoption and fostering a competitive market for energy technologies. Additionally, the North American market benefits from ongoing innovations in power electronics and semiconductor technologies, enhancing the performance and reliability of inverters while driving down costs. As the region continues to prioritize clean energy solutions and grid modernization, the demand for inverters is poised to grow, supporting a sustainable energy future and resilient infrastructure across North America.

Key Target Audience:

• Residential Consumers

• Commercial and Industrial Sectors

• Energy Utilities

• Renewable Energy Developers

• Government and Regulatory Bodies

List of the Key Players Profiled in the Report Includes: 

• Aptiv PLC

• Continental AG

• Delta Electronics, Inc.

• DENSO Corporation

• Hitachi Astemo Ltd

• Huawei Technologies Co. Ltd

• Lear Corporation

• Mitsubishi Electric Corporation

• Nissan Motor Co., Ltd

• Robert Bosch GmbH

• Siemens AG

• Sungrow Power Supply Co. Ltd.

Recent Developments:

• In July 2023, SUNGROW entered into a framework agreement with Sonnedix, a global renewable energy manufacturer, to supply inverter solutions for 750 MWp PV projects. SUNGROW will deliver string inverters, central inverters, and medium-voltage stations, along with professional services including personnel training, to support Sonnedix's expansion across Europe.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Type: 

• Vehicle Inverter

• Solar Inverter

• Other Types 

Market by, Connection Type:

• On-grid

• Off-grid

Market by, Phase: 

• Single Phase

• Three Phase

Market by, Sales Channel:

• Direct

• Indirect

Market by, End User: 

• Automotive

• Commercial

• Industrial

• Photovoltaic (PV) Plants

• Residential

• Other End Users

Market by, Geography:

The inverter market report also analyzes the major geographic regions and countries of the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis

• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis

• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis

• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis

• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis

Scope of the Report:

The report oGlobal Inverter Market: Industry Analysis, Opportunities and Forecast up to 2030o by Diligence Insights provides a detailed analysis of the present market and future outlook with market estimates and forecasts for all specified segments, encompassing both global and regional perspectives as outlined within the research framework. The study includes historical market data for the years 2022, 2023 and offers revenue estimations for 2024, and project forecasts spanning from 2025 to 2030. It places significant emphasis on the examination of market trends, key industry participants, supply chain developments, technological advancements, pivotal milestones, and prospective strategies. Comprehensive market assessments are carried out across major geographic regions, including North America, Europe, Asia Pacific, South America, and Middle East & Africa. As such, this report constitutes a valuable resource for current industry stakeholders, newcomers to the field, and potential investors.

The study offers an in-depth market analysis, drawing insights from industry experts across the value chain. A special focus has been made on 25 countries, including the United States, Canada, Mexico, the United Kingdom, Germany, Spain, France, Italy, China, Brazil, Saudi Arabia, and South Africa, among others. The market data has been meticulously collected through extensive primary interviews and comprehensive secondary research. Market size determination is rooted in the revenue generated from sales across all the specified segments and sub-segments as defined within the research scope. The market sizing analysis includes both top-down and bottom-up approaches for data validation and accuracy measures.

The report offers insights into the following aspects:

• Analysis of major market trends, factors driving, restraining, threatening, and providing opportunities for the market.

• Analysis of the market structure by identifying various segments and sub-segments of the market.

• Understand the revenue forecast of the market for North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

• Analysis of opportunities by identification of high-growth segments/revenue pockets in the market.

• Understand major player profiles in the market and analyze their business strategies.

• Understand competitive developments such as joint ventures, alliances, mergers and acquisitions, and new product launches in the market.