Power Inverter Market Size Expected to Reach USD 117.26 Billion by 2029 | Exhibiting CAGR of 16.4%

According to Fortune Business Insights, the global power inverter market size is projected to grow from USD 35.22 Billion in 2021 to USD 117.26 Billion in 2029 at CAGR of 16.4% during forecast period.

Pune, India, April 04, 2023 (GLOBE NEWSWIRE) — The global power inverter market size was valued at USD 35.22 billion in 2021. The market is expected to grow from USD 40.52 billion in 2022 to USD 117.26 billion by 2029 at a CAGR of 16.4% during the forecast period. Rising technological developments and disposable incomes are likely to facilitate market growth. Fortune Business Insights™ provides this information in its report titled “Power Inverter Market, 2022-2029.”

Key Industry Development:

March 2022: Growatt announced its novel inverters series for residential purposes. It was announced in China and is now sold across Europe with MOD3-10KTL3-XH.

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Report Scope:

Market Drivers and Restraints:

Rapid Development of Solar Panel Technology to Propel Market Progress

Power inverters are devices capable of changing currents from Direct Current (DC) to Alternating Current (AC). The rapid development of solar panel technologies is expected to escalate the adoption of power inverters. Furthermore, increasing power demand from numerous sectors is likely to elevate the product demand. The increasing adoption of the product from the commercial and residential sectors is likely to elevate this industry’s growth. Furthermore, increasing investments in the development of renewable technologies are likely to elevate the power inverter market growth.

However, high maintenance and installation costs will likely hamper the market growth.

COVID-19 Impact:

Halt on Production Hampered Industry Growth During the Pandemic

This market was negatively affected during the COVID-19 pandemic due to halt on production activities. The rising spike in COVID-19 infections provoked governments of all nations to impose strict lockdown norms, thereby leading to the closure of several industries. Furthermore, transport and travel restrictions created hurdles in acquiring raw materials. However, the post-COVID-19 phase has provided remunerative opportunities for major players and empowered them to enhance their annual revenues. This factor may elevate the industry in the post-COVID-19 phase.

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Report Coverage:

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.

Segmentation:

String Inverter Segment to Lead Backed by its Robust Adoption from Residential and Commercial Sectors

By product, the market is segmented into string inverter, micro inverter, and central inverter, and others. The string inverter segment is expected to lead due to its strong adoption from the commercial and residential sectors.

High Segment to Dominate Owing to Increasing Demand from the Utility Sector

As per output voltage, the market is segregated into low, medium, and high. The high segment is expected to lead due to its robust demand from the utility sector.

Utility Segment is One of the Fastest-Growing Segments During the Forecast Period

Based on end-user, the market is classified into residential, commercial, utility, and others. The utility segment is expected to dominate as the global demand for renewable energy is gradually increasing, especially in developing countries.

Regionally, the market is clubbed into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.

Regional Insights:

Rising Electric Vehicle Consumption to Propel Market Progress in Asia Pacific

Asia Pacific is expected to dominate the power inverter market share due to increasing electric vehicle consumption. The market in Asia Pacific stood at USD 11.81 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, increasing demand for solar energy may boost the adoption of power inverters.

In North America, the presence of several major players may boost the market’s growth. Further, the presence of an established research and development infrastructure is expected to enhance the power inverter industry’s progress.

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Competitive Landscape:

Major Players Announce Novel Range of Inverters to Reinforce their Product Portfolio

The prominent companies operating in the market announce a novel range of inverters to elevate their brand image. For example, SMA Solar Technology AG announced its novel inverter product lineup with rated voltages in April 2022 to reinforce its product portfolio. Furthermore, several players deploy mergers, acquisitions, partnerships, research and development, and industrial automation to boost their market progress globally.

A List of Key Manufacturers Operating in the Global Market:

• SMA Solar Technology AG (Germany)
• SUNGROW (China)
• Enphase Energy (California)
• Fimer Group (Italy)
• GOODWE (China)
• Huawei Technologies Co., Ltd (China)
• General Electric (U.S.)
• Growatt New Energy (China)
• Luminous India (India)
• KACO New Energy (Germany)

Power Inverter Market Segmentation:

By Product:

• String Inverter
• Micro Inverter
• Central Inverter
• Others

By Output Voltage:

• Low
• Medium
• High

By End-user:

• Residential
• Commercial
• Utility
• Automotive
• Others

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Table of Content:

1.       Introduction

1.1.   Research Scope

1.2.   Market Segmentation

1.3.   Research Methodology

1.4.   Definitions and Assumptions

2.       Executive Summary

3.       Market Dynamics

3.1.   Market Drivers

3.2.   Market Restraints

3.3.   Market Opportunities

4.       Key Insights

4.1.   Key Emerging Trends

4.2.   Latest Technological Advancement

4.3.   Insight on Regulatory Landscape

4.4.   Porters Five Forces Analysis

4.5.   Impact of COVID-19 on the Power Inverter Market

5.       Global Power Inverter Market Analysis (USD Billion), Insights and Forecast, 2018-2029

5.1.   Key Findings / Summary

5.2.   Market Analysis, Insights and Forecast – By Product

5.2.1.String Inverter

5.2.2.Micro Inverter

5.2.3.Central Inverter

5.2.4.Others

5.3.   Market Analysis, Insights and Forecast – By Output Voltage

5.3.1.Low

5.3.2.Medium

5.3.3.High

5.4.   Market Analysis, Insights and Forecast – By End-User

5.4.1.Residential

5.4.2.Commercial

5.4.3.Utility

5.4.4.Automotive

5.4.5.Other

5.5.   Market Analysis, Insights and Forecast – By Region

5.5.1.North America

5.5.2.Europe

5.5.3.Asia Pacific

5.5.4.Latin America

5.5.5.Middle East & Africa

Continued….

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