Dublin, Oct. 21, 2022 (GLOBE NEWSWIRE) -- The "Inverter Market by Type (Solar Inverters, Vehicle Inverter, others), Output Power Rating (Upto 10 kW, 10-50 kW, 51-100 kW, above 100 kW), End User (PV Plants, Residential, Automotive), Connection, Voltage, Sales Channel & Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The inverter market is anticipated to grow from an estimated USD 16.3 billion in 2022 to USD 33.8 billion in 2027, at a CAGR of 15.7% during the forecast period.
The market has a promising growth potential due to increased deployment of solar inverters, especially in Asia Pacific. The increasing investments in the renewable energy sector and supportive government initiatives and schemes is propelling demand for inverters. Countries targets on climate change to achieve net-zero goals are shifting them towards sustainability development which increased the demand for electric vehicles and also technological advancements in developing high-power density inverters for various end user applications are expected to offer lucrative opportunities for the inverter market during the forecast period.
Vehicle inverters: The fastest-growing segment of the inverter market, by inverter type
The inverter type segment is categorized as solar inverters, vehicle inverters, and others. The others segment include UPS and battery inverters. Major requirement for the on-board electronic applications in the automobiles, growing concerns on government ambitious EV targets in the countries and the supporting policies which have lowered the costs of electric vehicles is expected to fuel the growth of the segment during the forecast period.
Residential segment is expected to emerge as the largest segment based on end user
The inverter market has been segmented on the basis of end-user industry into residential, automotive, photovoltaic (PV) plants, and others. The others segment includes commercial, industrial, and utilities. The residential segment is expected to hold the largest market share owing to the increased installations of roof top solar PV systems. Emerging markets such as Asia Pacific, South America, Middle East and Africa, and Europe are expected to be the main drivers of this growth, supported by the government supporting schemes which are providing subsidies for the installations.
North America is expected to be the second largest and fastest growing market during the forecast period.
North America is expected to be the second-fastest growing market due to the growing awareness among various sectors on benefits of solar PV installations. Stringent emission norms on vehicles and shift towards sustainable transportation through electric vehicles. Thus propelling the growth of inverters in this region.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Inverter Market
4.2 Inverter Market, by Region
4.3 Inverter Market, by Type
4.4 Inverter Market, by Output Voltage
4.5 Inverter Market, by Power Rating
4.6 Inverter Market, by Connection Type
4.7 Inverter Market, by Sales Channel
4.8 Inverter Market, by End-user
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Investments in Renewable Energy Sector
5.2.1.2 Rising Number of Solar Installations Attributed to Government-Led Incentives and Schemes
5.2.1.3 Growing Demand for Residential Solar Rooftop Installations and Distributed Energy Resources (Ders)
5.2.2 Restraints
5.2.2.1 Safety Risks Associated with High Dc Voltages
5.2.2.2 Strain on Batteries Due to Prolonged Use of Inverters
5.2.3 Opportunities
5.2.3.1 Growing Demand for Electric Vehicles
5.2.3.2 Increasing Investments in Development of Smart Grids
5.2.3.3 Technological Innovations in Inverters and Development of High-Power Density Inverters
5.2.4 Challenges
5.2.4.1 Availability of Low-Quality and Cheap Products in Gray Market and Pricing Pressure on Manufactures
5.2.4.2 Shortage of Components and Parts Due to COVID-19 Crisis
5.3 Porter's Five Forces Analysis
5.4 Key Stakeholders and Buying Criteria
5.4.1 Key Stakeholders in Buying Process
5.4.2 Buying Criteria
5.5 COVID-19 Impact Analysis
5.5.1 COVID-19 Health Assessment
5.5.2 COVID-19 Economic Assessment
5.6 Average Selling Price Trend
5.7 Value Chain Analysis
5.7.1 Research and Development
5.7.2 Component Providers
5.7.3 Manufacturers/Assemblers
5.7.4 System Integrators and Distributors
5.7.5 End-users
5.7.6 Post-Sales Services
5.8 Trends/Disruptions Impacting Customers' Businesses
5.8.1 Revenue Shift and New Revenue Pockets for Inverter Manufacturers
5.9 Technology Analysis
5.9.1 Z-Source Inverter
5.9.2 Solar Micro-Inverter
5.10 Key Conferences and Events Between 2022 and 2023
5.11 Market Map
5.12 Innovations and Patent Registrations
5.13 Trade Data Statistics
5.14 Case Study Analysis
5.14.1 Sungrow Provides Turnkey Solution to Solar Power Plant in Bargas, Spain, 2021
5.14.2 Man Trucks & Buses, South Africa, Decided to Go Green with Goodwe Inverters, 2021
5.14.3 Fimer Provided Inverter to Five Mid-Large Scale Solar Farm Projects in Regional South Australia, 2021
5.15 Tariffs, Codes, and Regulations
6 Inverter Market, by Output Power Rating
6.1 Introduction
6.2 Below 10 Kw
6.2.1 Rising Demand for Residential Invertors in Residential Sector to Fuel Market Growth
6.3 10-50 Kw
6.3.1 Expanding Commercial Sector to Fuel Demand for Inverters with 10-50 Kw Output Power Rating
6.4 50-100 Kw
6.4.1 Growing Demand for Solar Inverters in Pv Plants and Various Industries to Boost Market Growth
6.5 Above 100 Kw
6.5.1 Rising Number of Pv Plants and Expanding Automotive Industry to Drive Market Growth
7 Inverter Market, by Output Voltage
7.1 Introduction
7.2 100-300 V
7.2.1 Rising Electricity Demand to Drive Market Growth
7.3 300-500 V
7.3.1 Requirement for Uninterrupted Power Supply in Commercial Sector and Various Industries to Drive Market Growth
7.4 Above 500 V
7.4.1 Rising Investments in Development of On-Grid Pv Plants to Drive Market Growth
8 Inverter Market, by End-user
8.1 Introduction
8.2 Residential
8.2.1 Government-Led Initiatives to Promote Installation of Rooftop Solar Systems to Drive Market Growth
8.3 Automotive
8.3.1 Growing Adoption of Electric Vehicles as New Mode of Transportation to Fuel Demand for Vehicle Inverters
8.4 Photovoltaic (Pv) Plants
8.4.1 Increasing Renewable Energy Policies in Several Countries to Fuel Market Growth
8.5 Others
9 Inverter Market, by Type
9.1 Introduction
9.2 Solar Inverter
9.2.1 Central Inverter
9.2.1.1 Rising Demand for Central Inverters in Pv Plants to Drive Market Growth
9.2.2 String Inverter
9.2.2.1 Rising Installation of Solar Panels in Residential and Commercial Sectors to Boost Market Growth
9.2.3 Micro-Inverter
9.2.3.1 Increasing Demand for Micro-Inverters in Residential Sector to Fuel Market Growth
9.2.4 Hybrid Inverter
9.2.4.1 High-Performance Feature of Hybrid Inverters is Driving Market Growth
9.3 Vehicle Inverter
9.3.1 Battery Electric Vehicle (Bev)
9.3.1.1 Favorable Government Policies Regarding Ev Vehicles Globally to Drive Market Growth
9.3.2 Hybrid Electric Vehicle (Hev)
9.3.2.1 Multi-Functional Program in Hybrid Electric Vehicles to Drive Market Growth
9.3.3 Plug-In Hybrid Electric Vehicle (Phev)
9.3.3.1 Increasing Demand for Ev Vehicles to Fuel Market Growth
9.4 Others
10 Inverter Market, by Connection Type
10.1 Introduction
10.2 Standalone
10.2.1 Increasing Rural Electrification Programs in Several Regions to Boost Market Growth
10.3 Grid-Tied
10.3.1 Government-Led Initiatives to Increase Solar Energy Generation to Drive Growth of Grid-Tied Inverter Market
10.3.2 Conventional Inverter
10.3.2.1 Rise in Installation of Solar Pv Systems in Residential and Commercial Sectors to Drive Market Growth
10.3.3 Smart Inverter
10.3.3.1 Technological Advancements in Grid-Tied Inverters to Drive Market Growth
11 Inverter Market, by Sales Channel
11.1 Introduction
11.2 Direct Sales Channel
11.2.1 Rising Preference for Directly Procuring Vehicle Inverters Among Automobile Manufacturers to Drive Market Growth
11.3 Indirect Sales Channel
11.3.1 Increasing Sale of Inverters in Residential Sector and Pv Plants Through Indirect Channels to Drive Market Growth
12 Inverter Market, by Region
13 Competitive Landscape
13.1 Key Player's Strategies/Right to Win
13.2 Market Share Analysis of Top Five Players
13.3 Revenue Analysis of Top 5 Market Players
13.4 Company Evaluation Quadrant
13.4.1 Star
13.4.2 Pervasive
13.4.3 Emerging Leader
13.4.4 Participant
13.5 Startup/Sme Evaluation Quadrant, 2021
13.5.1 Progressive Company
13.5.2 Responsive Company
13.5.3 Dynamic Company
13.5.4 Starting Block
13.5.5 Competitive Benchmarking
13.6 Inverter Market: Company Footprint
13.7 Competitive Scenario
14 Company Profiles
14.1 Key Players
14.1.1 Huawei Technologies
14.1.2 Sungrow Power Supply Co. Ltd
14.1.3 Sma Solar Technology Ag
14.1.4 Power Electronics
14.1.5 Fimer
14.1.6 Solaredge Technologies
14.1.7 Fronius International
14.1.8 Altenergy Power System
14.1.9 Enphase Energy
14.1.10 Darfon Electronics Corporation
14.1.11 Schneider Electric
14.1.12 General Electric
14.1.13 Delta Electronics
14.2 Other Players
14.2.1 Continental
14.2.2 Delphi Technologies
14.2.3 Sensata Technologies
14.2.4 Samlex Europe
14.2.5 Bestek
14.2.6 Goodwe
14.2.7 Tmeic
14.2.8 Yaskawa Solectria Solar
14.2.9 Kaco New Energy
14.2.10 Growatt New Energy
14.2.11 Tbea Xinjiang Sunoasis
15 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/hha1vz
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