Wilmington, Delaware, United States, Dec. 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The Global Inverter market is estimated to flourish at a CAGR of 6.1% from 2023 to 2031. According to Transparency Market Research, sales of inverters are slated to total US$ 25.6 billion by the end of the aforementioned period of assessment.
Market diversification is a crucial factor diverse application beyond traditional sectors like solar and renewable energy sources fuel inverter adoption. For instance, integrating inverters in electric vehicles to manage power flow efficiently is a burgeoning trend.
The emergence of smart grid initiatives and the need for reliable backup power solutions in regions prone to frequent power outages drive inverter market growth. Advanced inverter technologies catering to specific niche segments, such as medical devices requiring precise power management, are gaining traction.
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Policy changes and government incentives globally to promote clean energy and sustainable practices directly influence inverter market dynamics. Collaborations between industries, fostering innovative solutions like hybrid inverters combining storage and solar, represent a significant shift in market direction.
Inverter Market: Competitive Landscape
The competitive landscape in the inverter market is vibrant, characterized by a mix of established players and innovative newcomers striving for market share. Key industry giants like SMA Solar Technology, ABB, and Huawei Technologies maintain their stronghold through continuous technological advancements and global expansion strategies.
Emerging companies such as SolarEdge Technologies and Enphase Energy disrupt the market with innovative microinverter solutions and smart energy management platforms. Regional players like GoodWe and Growatt leverage their expertise in specific needs, intensifying competition.
Partnerships, mergers, and acquisitions remain integral as companies seek to diversify portfolios and capitalize on emerging opportunities, fostering a dynamic and competitive ecosystem within the inverter market. Some prominent manufacturers are as follows:
- Delta Electronics Inc.
- Enphase Energy
- Fronius International GmbH
- General Electric Company
- GoodWe
- KACO new energy GmbH
- Mitsubishi Electric Corporation
- Schneider Electric
- SolarEdge
- TMEIC
Key Findings of the Market Report
- String Inverter leads the inverter market due to its versatility, scalability, and suitability for various residential and small commercial applications.
- Three-phase inverters dominate the market, catering to industrial and large-scale applications, significantly surpassing the demand for single-phase inverters.
- Outdoor installation dominates the inverter market, leveraging weather-resistant designs for solar arrays, ensuring efficiency and durability in diverse environments.
Inverter Market Growth Drivers & Trends
- Inverters align with the expanding energy storage sector, facilitating efficient management and utilization of stored energy reserves.
- Inverter market growth is boosted by the increased deployment of microgrids, fostering localized energy distribution and resilience.
- Inverters are pivotal in electrification efforts, supporting the shift toward electric transportation and infrastructure.
- Inverter technology converges with IoT advancements, enabling remote monitoring, predictive maintenance, and enhanced operational efficiency.
- Inverters facilitate industrial automation by optimizing power conversion processes, reducing energy wastage, and enhancing overall production capabilities.
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Global Inverter Market: Regional Profile
- Robust technological advancements and a growing inclination toward renewable energy sources characterize North America's inverter market. The region emphasizes sustainable practices, driving demand for inverters in residential, commercial, and utility-scale solar installations.
- Europe stands at the forefront of the inverter market, driven by ambitious renewable energy targets and a focus on decarbonization. The region witnesses a surge in smart grid deployments, necessitating sophisticated inverters for seamless energy management.
- Asia Pacific dominates the global inverter market, which is attributed to rapid industrialization, urbanization, and the surging demand for energy. Countries like China, India, and Japan lead in solar power installations, driving substantial inverter demand for utility-scale projects. The region's burgeoning manufacturing sector and the push for clean energy solutions further boost inverter market growth.
Product Portfolio
- Schneider Electric offers a comprehensive product portfolio, including Conext solar inverters, MPPT solar charge controllers, and XW Pro hybrid inverters. Their solutions cater to residential, commercial, and utility-scale applications, emphasizing efficiency, reliability, and seamless energy management.
- SolarEdge specializes in innovative solar power optimization and monitoring solutions. Their product lineup includes HD-Wave inverters, power optimizers, and StorEdge storage solutions. These offerings enable enhanced energy production, safety, and smart energy management for residential and commercial installations.
- TMEIC provides a diverse range of industrial inverters, including PV utility-scale inverters and solar power conditioning systems. Their portfolio emphasizes high efficiency, grid stability, and adaptability, meeting the demands of large-scale solar projects while ensuring optimal performance and reliability.
Inverter Market: Key Segments
By Product Type
-
- PV Inverter System
- Central Inverter
- String Inverter
- Battery Inverter
By Load
-
- Single Phase Inverter
- Three Phase Inverter
By Capacity
-
- Up to 10kW
- 10kW - 15kW
- 15kW - 20kW
- Above 20kW
By Installation
-
- Indoor
- Outdoor
By End User
-
- Residential
- Commercial
- Offices
- Institutions
- Malls
- Theaters
- Others (Restaurants, Hotels, etc.)
- Industrial
- Renewable Energy
- Automotive
- Food & Beverage
- Others (Pharmaceutical, etc.)
By Distribution Channel
-
- Direct Sales
- Indirect Sales
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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