Dublin, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The "Global DC-AC Inverters Market Size, Share, Growth Analysis, By Type, By Application - Industry Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global DC-AC Inverters market is experiencing remarkable growth, with the market size reaching USD 6.1 billion in 2022 from USD 5.3 billion in 2021. Projections suggest that the market will continue its robust expansion, reaching USD 8.80 billion by 2030. This growth is expected to be at an impressive compound annual growth rate (CAGR) of 20.93% during the forecast period from 2023 to 2030.
Market Overview
The global DC-AC Inverters market is on a continuous growth trajectory, driven by several compelling factors. Firstly, the increasing emphasis on renewable energy sources, including solar and wind power, is boosting the demand for DC-AC inverters.
These inverters play a pivotal role in converting the DC power generated by renewable sources into usable AC power for grid integration and consumption.
Secondly, the growing awareness of energy efficiency and the imperative to reduce carbon emissions are spurring demand for DC-AC inverters across various industries. These devices optimize energy consumption, reduce transmission losses, and enhance overall energy efficiency in electrical systems.
Market Segmentation
The global DC-AC Inverters market is segmented based on type, application, and region:
- By Type: The market includes two primary types: modified sine wave and square wave inverters. The modified sine wave segment is expected to dominate the market during the forecast period due to its superior efficiency and reliability.
- By Technology: The market encompasses industrial and automotive applications.
- By Region: The market spans North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Regional Insights
North America, led by the United States, has emerged as the dominant market for DC-AC inverters, driven by the region's significant adoption of renewable energy and energy-efficient technologies. The Asia-Pacific region is experiencing rapid growth in the market, especially in countries like China, Japan, and India, owing to increasing demand for energy-efficient products and the widespread adoption of renewable energy sources.
Market Dynamics
Market Drivers
- Increasing Adoption of Renewable Energy Sources: The global shift toward renewable energy sources, such as solar and wind power, is a major driver for the DC-AC inverter market. These inverters are instrumental in converting DC power generated by renewables into usable AC power, supporting the integration of clean energy into the grid.
Market Restraints
- High Initial Costs and Technical Expertise: The market faces challenges related to the high initial costs of installing and maintaining DC-AC inverters. Their complex nature requires specialized knowledge and technical expertise, which can act as barriers to adoption.
Key Market Trends
One notable trend is the growing adoption of smart and connected inverters, equipped with real-time monitoring and remote control capabilities. Additionally, IoT and artificial intelligence technologies are being integrated into DC-AC inverters, enabling predictive maintenance and advanced energy management. This trend is expected to contribute significantly to market growth.
Competitive Landscape
The global DC-AC Inverters market is characterized by high fragmentation, with numerous regional and global players. Major companies are investing heavily in research and development to create advanced and efficient DC-AC inverters, fostering innovation and technological advancements. Recent developments include contracts awarded to Huawei Technologies Co. Ltd. and product announcements by SMA Solar Technology AG.
Companies Mentioned
- SMA Solar Technology AG (Germany)
- ABB Ltd. (Switzerland)
- Delta Electronics, Inc. (Taiwan)
- Toshiba Corporation (Japan)
- Enphase Energy, Inc. (US)
- Power Electronics Espana S.L. (Spain)
- SolarEdge Technologies Inc. (Israel)
- KACO new energy GmbH (Germany)
- Schneider Electric SE (France)
- Fronius International GmbH (Austria)
- Sungrow Power Supply Co., Ltd. (China)
- Huawei Technologies Co., Ltd. (China)
- Omron Corporation (Japan)
- TMEIC Corporation (Japan)
- Mitsubishi Electric Corporation (Japan)
- General Electric Company (US)
- Danfoss A/S (Denmark)
- Xantrex Technology Inc. (Canada)
- Yaskawa Electric Corporation (Japan)
- Hitachi, Ltd. (Japan)
For more information about this report visit https://www.researchandmarkets.com/r/opfjs2
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