インバータ市場：タイプ別（ソーラーインバータ、車載インバータ）、出力電力定格別（10kW未満、10～50kW、51～100kW、100kW以上）、エンドユーザー別（太陽光発電所、住宅、自動車）、接続、電圧、販売チャネル、地域別 - 2028年までの世界予測

Inverter Market by Type (Solar Inverters, Vehicle Inverter), 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 2028

インバータ市場は、2023年の推定189億米ドルから2028年には396億米ドルに成長し、予測期間中の年平均成長率は16.0%になると推定される。技術革新と太陽光発電システム設置の増加が、インバータ産業拡大の2大原因... もっと見る

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インバータ市場は、2023年の推定189億米ドルから2028年には396億米ドルに成長し、予測期間中の年平均成長率は16.0%になると推定される。技術革新と太陽光発電システム設置の増加が、インバータ産業拡大の2大原因である。最近では、インバーターはその手頃な価格、信頼性、適応性から、家庭市場でますます一般的になっている。インバーター市場は、信頼できるエネルギー・ソリューションのためにインバーターを使用する家庭と、技術の進歩による電気料金の低減の結果として成長すると予想される。
「インバーター市場のエンドユーザー別では住宅用セグメントが最大である。
インバーター市場は、エンドユーザー別に、住宅用、自動車用、太陽光発電（PV）プラント用、その他用の4種類に分類されている。住宅用太陽光発電設備の増加と持続可能なエネルギー源への世界の移行が、インバータ市場の住宅用セグメントの成長を牽引している。住宅所有者は、政府の優遇措置や環境問題に対する国民の意識の高まりによって、ソーラー・システムへの投資を奨励されている。こうした住宅用設備には、太陽光発電で生成された直流を交流に変換し、家庭内で使用できるようにするインバータが必要である。
「接続タイプ別では系統連系型が急成長の見込み
インバーター市場は、接続タイプ別にスタンドアロン型とグリッドタイ型に区分される。インバーター市場のグリッド・タイド分野が最も速いペースで拡大しているのは、エネルギー情勢の変化に対応しているからである。グリッド・タイド・インバータは、太陽エネルギーのような再生可能エネルギーを現在の電力網にスムーズに組み込むことを容易にする。顧客が余剰エネルギーを送電網に戻すことを可能にすることで、この接続タイプは持続可能性を促進し、電気料金を節約できる可能性がある。世界がよりクリーンなエネルギー利用や送電網の近代化に向かうにつれ、系統連系インバーターの需要はますます高まっている。住宅用、商業用、産業用アプリケーションは、効率的で接続性が高く、環境に優しいエネルギー・ソリューションを求めているからだ。
「インバーター市場はアジア太平洋地域が最大になる見込み
地域別では、インバータ市場はアジア太平洋、北米、南米、欧州、中東・アフリカに区分されている。アジア太平洋地域では、急速な経済拡大、工業化の進展、再生可能エネルギーの利用が重視されていることから、インバータ市場が拡大している。積極的なクリーンエネルギー目標を掲げる中国、インド、日本などの国々が市場を牽引し、太陽光発電や風力発電プロジェクト向けのインバーター需要を生み出している。この地域の優位性は、急速な都市化、電化率の上昇、持続可能な技術を奨励する政府の施策の結果である。家庭用太陽光発電設備の需要も、アジア太平洋地域の中間層の拡大が後押ししている。同地域は、グリーン・エネルギー・ソリューションへの積極的な取り組みにより、世界のインバーター市場における主要プレーヤーとして位置づけられている。

"販売チャネル別では間接が最速セグメントとなる見込み"
間接販売チャネルは、インバータ技術の複雑さと専門性のため、インバータ市場で最大のセグメントである。メーカーは、多様なエンドユーザーを獲得するために、代理店、小売店、サードパーティーベンダーのネットワークに依存することが多い。この間接的なアプローチにより、より広い市場カバー、効率的な流通、的を絞った顧客サポートが可能になる。インバーターには複雑な技術的要件があるため、知識豊富な仲介業者が必要となり、間接的な販売チャネルは、幅広い顧客層にリーチし、特定の業界のニーズに応えるのに好ましい方法となっている。
プライマリーの内訳
重要な定性的・定量的情報を入手・検証し、将来の市場見通しを評価するため、様々な主要業界関係者、専門家、主要市場プレイヤーのCレベル幹部、業界コンサルタントなどの専門家に詳細なインタビューを実施した。一次インタビューの分布は以下の通りである：
企業タイプ別ティア1- 45%、ティア2- 30%、ティア3- 25
役職別C-レベル：35％、ディレクターレベル：25％、その他：40
地域別北米27％、欧州20％、アジア太平洋33％、中東・アフリカ12％、南米8
注：その他には、プロダクト・エンジニア、プロダクト・スペシャリスト、エンジニアリング・リードが含まれる。
注：企業の階層は、2021年時点の総収入に基づいて定義されている。ティア1：10億米ドル以上、ティア2：5億米ドル以上10億米ドル未満、ティア3：5億米ドル未満

インバーター市場は、幅広い地域で存在感を示す少数の大手企業によって支配されている。インバーター市場の主要プレーヤーは、Huawei Technologies Co.(Ltd.（中国）、SUNGROW（中国）、SMA Solar Technology AG（ドイツ）、Power Electronics S.L.（スペイン）、Fimer Group（イタリア）である。
調査範囲
本レポートでは、定格出力、エンドユーザー、出力電圧、タイプ、接続タイプ、販売チャネル、地域別にインバータ市場を定義、説明、予測しています。また、市場の詳細な質的・量的分析も行っています。主な市場促進要因、阻害要因、機会、課題について包括的なレビューを提供しています。また、市場の様々な重要な側面もカバーしています。競争環境、市場ダイナミクス、金額ベースの市場予測、インバータ市場の将来動向などの分析が含まれます。
レポート購入の主なメリット
- 再生可能エネルギー分野への投資の増加と、政府主導のインセンティブやスキームによる太陽光発電設備の増加。住宅用ソーラー屋根上設置や分散型エネルギー資源（DERs）の需要拡大。
- 製品開発／イノベーション：Zソースインバータ、ソーラーマイクロインバータ、スマートインバータなどの動向。
- 市場の発展：インバーターの世界的なシナリオは、持続可能なエネルギーソリューションへの世界的なシフト、太陽光発電や風力発電などの再生可能エネルギー源の導入拡大、効率性を高める技術の進歩、電気自動車の需要拡大によって発展してきた。これらの要因が一体となって技術革新を推進し、進化するエネルギー需要に対応するインバーター技術のダイナミックな状況を作り出している。
- 市場の多様化：インバーター市場の多様化は、産業や地域によって異なるエネルギー需要への対応である。再生可能エネルギーの導入が拡大するにつれて、住宅用太陽光発電設備から公益事業規模のプロジェクトまで、多様な用途が出現している。インバータメーカーは、さまざまな分野の特定の要件に対応するために製品を多様化し、市場の成長と回復力を促進している。
- 競争力評価：Huawei Technologies Co., Ltd.(中国)、SUNGROUND.(Ltd.（中国）、SUNGROW社（中国）、SMA Solar Technology AG社（ドイツ）、Power Electronics S.L.社（スペイン）、Fimer Group社（イタリア）など、インバーター市場における主要企業の市場シェア、成長戦略、サービス内容を詳細に評価。

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1 INTRODUCTION 37
1.1 STUDY OBJECTIVES 37
1.2 MARKET DEFINITION 37
1.2.1 INVERTER MARKET, BY OUTPUT POWER RATING: INCLUSIONS AND EXCLUSIONS 38
1.2.2 INVERTER MARKET, BY END USER: INCLUSIONS AND EXCLUSIONS 38
1.2.3 INVERTER MARKET, BY TYPE: INCLUSIONS AND EXCLUSIONS 38
1.2.4 INVERTER MARKET, BY OUTPUT VOLTAGE: INCLUSIONS AND EXCLUSIONS 39
1.2.5 INVERTER MARKET, BY CONNECTION TYPE: INCLUSIONS AND EXCLUSIONS 39
1.2.6 INVERTER MARKET, BY SALES CHANNEL: INCLUSIONS AND EXCLUSIONS 39
1.3 STUDY SCOPE 40
1.3.1 MARKETS COVERED 40
FIGURE 1 INVERTER MARKET: SEGMENTATION 40
1.3.2 REGIONAL SCOPE 40
1.3.3 YEARS CONSIDERED 41
1.3.4 CURRENCY CONSIDERED 41
1.3.5 UNITS CONSIDERED 41
1.4 LIMITATIONS 41
1.5 STAKEHOLDERS 42
1.6 SUMMARY OF CHANGES 42
1.7 RECESSION IMPACT 42
2 RESEARCH METHODOLOGY 43
2.1 RESEARCH DATA 43
FIGURE 2 INVERTER MARKET: RESEARCH DESIGN 43
2.1.1 SECONDARY DATA 44
2.1.1.1 Key data from secondary sources 44
2.1.1.2 List of key secondary sources 44
2.1.2 PRIMARY DATA 45
2.1.2.1 List of key primary interview participants 45
2.1.2.2 Primary interviews with experts 45
2.1.2.3 Breakdown of primaries 45
2.2 DATA TRIANGULATION 46
FIGURE 3 DATA TRIANGULATION 47
2.3 RESEARCH SCOPE 47
FIGURE 4 MAIN METRICS CONSIDERED TO ANALYZE AND ASSESS DEMAND FOR INVERTERS 48
2.4 MARKET SIZE ESTIMATION 48
2.4.1 BOTTOM-UP APPROACH 48
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 49
2.4.2 TOP-DOWN APPROACH 49
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 50
2.4.3 DEMAND-SIDE ANALYSIS 51
2.4.3.1 Regional analysis 51
2.4.3.2 Country-level analysis 52
2.4.3.3 Assumptions for demand-side analysis 52
2.4.3.4 Calculations for demand-side analysis 52
2.4.4 SUPPLY-SIDE ANALYSIS 53
FIGURE 7 KEY STEPS CONSIDERED TO ASSESS SUPPLY OF INVERTERS 53
FIGURE 8 INVERTER MARKET: SUPPLY-SIDE ANALYSIS 53
2.4.4.1 Assumptions for supply-side analysis 54
2.4.4.2 Calculations for supply-side analysis 54
FIGURE 9 COMPANY REVENUE ANALYSIS, 2023 54
2.4.5 GROWTH FORECAST 54
2.5 RISK ASSESSMENT 55
2.6 IMPACT OF RECESSION ON INVERTER MARKET 55
3 EXECUTIVE SUMMARY 56
TABLE 1 INVERTER MARKET SNAPSHOT 56
FIGURE 10 INVERTER MARKET IN ASIA PACIFIC TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 57
FIGURE 11 BELOW 10 KW SEGMENT TO LEAD INVERTER MARKET IN 2028 58
FIGURE 12 100–300 V SEGMENT TO DOMINATE INVERTER MARKET IN 2028 58
FIGURE 13 RESIDENTIAL SEGMENT TO HOLD LARGEST SHARE OF INVERTER MARKET IN 2028 59
FIGURE 14 SOLAR INVERTER SEGMENT TO LEAD INVERTER MARKET IN 2028 59
FIGURE 15 STANDALONE SEGMENT TO DOMINATE INVERTER MARKET IN 2028 60
FIGURE 16 INDIRECT SEGMENT TO HOLD LARGER SHARE OF INVERTER MARKET IN 2028 61
4 PREMIUM INSIGHTS 62
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN INVERTER MARKET 62
FIGURE 17 INCREASING ADOPTION OF RENEWABLE ENERGY SOURCES TO CREATE LUCRATIVE OPPORTUNITIES FOR MARKET PLAYERS DURING FORECAST PERIOD 62
4.2 INVERTER MARKET IN ASIA PACIFIC, BY END USER AND COUNTRY 63
FIGURE 18 RESIDENTIAL SEGMENT AND CHINA TO HOLD LARGEST SHARES OF INVERTER MARKET IN ASIA PACIFIC IN 2023 63
4.3 INVERTER MARKET, BY OUTPUT POWER RATING 63
FIGURE 19 BELOW 10 KW SEGMENT TO DOMINATE INVERTER MARKET IN 2028 63
4.4 INVERTER MARKET, BY OUTPUT VOLTAGE 64
FIGURE 20 100–300 V SEGMENT TO ACCOUNT FOR LARGEST SHARE OF INVERTER MARKET IN 2028 64
4.5 INVERTER MARKET, BY END USER 64
FIGURE 21 RESIDENTIAL SEGMENT TO HOLD LARGEST SHARE OF INVERTER MARKET IN 2028 64
4.6 INVERTER MARKET, BY INVERTER TYPE 65
FIGURE 22 SOLAR INVERTER SEGMENT TO DOMINATE INVERTER MARKET IN 2028 65
4.7 INVERTER MARKET, BY CONNECTION TYPE 65
FIGURE 23 STANDALONE SEGMENT TO ACCOUNT FOR LARGER SHARE OF INVERTER MARKET IN 2028 65
4.8 INVERTER MARKET, BY SALES CHANNEL 65
FIGURE 24 INDIRECT SEGMENT TO HOLD LARGER SHARE OF INVERTER MARKET IN 2028 65
5 MARKET OVERVIEW 66
5.1 INTRODUCTION 66
5.2 MARKET DYNAMICS 66
FIGURE 25 INVERTER MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 66
5.2.1 DRIVERS 67
5.2.1.1 Increasing investments in renewable energy sector 67
FIGURE 26 NET SOLAR PV ELECTRICITY CAPACITY ADDITIONS, BY REGION, 2022–2024 67
FIGURE 27 GLOBAL INVESTMENTS IN CLEAN ENERGY GENERATION, 2015–2023 (USD BILLION) 68
5.2.1.2 Rising number of solar installations attributed to government-led initiatives and schemes 68
5.2.1.3 Increasing residential solar rooftop installations 69
5.2.2 RESTRAINTS 70
5.2.2.1 Safety risks associated with high DC voltages 70
5.2.2.2 Strain on batteries due to prolonged use of inverters 70
5.2.3 OPPORTUNITIES 71
5.2.3.1 Growing demand for electric vehicles 71
5.2.3.2 Increasing investments in development of smart grids 72
5.2.3.3 Demand for high-power density inverters 73
5.2.4 CHALLENGES 73
5.2.4.1 Availability of cost-effective products in gray market leading to pricing pressure on manufacturers 73
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 74
FIGURE 30 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 74
5.4 ECOSYSTEM MAPPING 75
TABLE 2 ROLE OF PLAYERS IN INVERTER ECOSYSTEM 75
FIGURE 31 ECOSYSTEM MAPPING 76
5.5 VALUE CHAIN ANALYSIS 76
FIGURE 32 INVERTER MARKET: VALUE CHAIN ANALYSIS 76
5.5.1 RAW MATERIAL PROVIDERS/COMPONENT MANUFACTURERS/SUPPLIERS 77
5.5.2 INVERTER MANUFACTURERS/ASSEMBLERS 77
5.5.3 DISTRIBUTORS/RESELLERS 77
5.5.4 END USERS 77
5.5.5 MAINTENANCE/SERVICE PROVIDERS 77
5.6 TECHNOLOGY ANALYSIS 77
5.6.1 Z-SOURCE INVERTERS 77
5.6.2 SOLAR MICRO INVERTERS 78
5.6.3 SMART INVERTERS 78
5.7 PATENT ANALYSIS 79
FIGURE 33 INVERTER MARKET: PATENT REGISTRATIONS, 2012–2022 79
TABLE 3 INVERTER MARKET: INNOVATIONS AND PATENT REGISTRATIONS, 2019–2023 80
5.8 TRADE ANALYSIS 83
5.8.1 IMPORT SCENARIO 83
FIGURE 34 IMPORT DATA FOR HS CODE 850440-COMPLIANT PRODUCTS, BY TOP FIVE COUNTRIES, 2020–2022 (USD THOUSAND) 83
TABLE 4 IMPORT DATA FOR HS CODE 850440-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2022 (USD THOUSAND) 84
5.8.2 EXPORT SCENARIO 85
FIGURE 35 EXPORT DATA FOR HS CODE 850440-COMPLIANT PRODUCTS, BY TOP FIVE COUNTRIES, 2020–2022 (USD THOUSAND) 85
TABLE 5 EXPORT DATA FOR HS CODE 850440-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2022 (USD THOUSAND) 85
5.9 PRICING ANALYSIS 86
FIGURE 36 AVERAGE SELLING PRICE (ASP) TREND OF INVERTERS, BY TYPE, 2021–2023 (USD/UNIT) 86
TABLE 6 AVERAGE SELLING PRICE (ASP) TREND OF INVERTERS, BY TYPE, 2021–2023 (USD/UNIT) 86
FIGURE 37 AVERAGE SELLING PRICE (ASP) TREND OF INVERTERS, BY REGION, 2021–2023 (USD/UNIT) 87
TABLE 7 AVERAGE SELLING PRICE (ASP) TREND OF INVERTERS, BY REGION, 2021–2023 (USD/UNIT) 87
5.10 TARIFFS, STANDARDS, AND REGULATORY LANDSCAPE 88
5.10.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 88
TABLE 8 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 88
TABLE 9 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 88
TABLE 10 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 89
TABLE 11 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 89
TABLE 12 GLOBAL: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 90
5.10.2 STANDARDS 90
TABLE 13 GLOBAL: STANDARDS 90
5.10.3 TARIFFS 91
TABLE 14 IMPORT TARIFF FOR HS CODE 850440-COMPLIANT PRODUCTS, 2022 92
5.11 PORTER’S FIVE FORCES ANALYSIS 93
FIGURE 38 INVERTER MARKET: PORTER’S FIVE FORCES ANALYSIS 93
TABLE 15 INVERTER MARKET: PORTER’S FIVE FORCES ANALYSIS 94
5.11.1 THREAT OF SUBSTITUTES 94
5.11.2 BARGAINING POWER OF SUPPLIERS 94
5.11.3 BARGAINING POWER OF BUYERS 94
5.11.4 THREAT OF NEW ENTRANTS 95
5.11.5 INTENSITY OF COMPETITIVE RIVALRY 95
5.12 CASE STUDY ANALYSIS 95
5.12.1 SOLAR POWER PLANT IN BARGAS, SPAIN, TO DEPLOY TURNKEY SOLUTION BY SUNGROW 95
5.12.2 MAN TRUCKS & BUSES, SOUTH AFRICA, TO GO GREEN WITH GOODWE INVERTERS 96
5.12.3 FIVE MID-LARGE SCALE SOLAR FARM PROJECTS IN REGIONAL SOUTH AUSTRALIA TO USE INVERTER BY FIMER 96
5.13 KEY STAKEHOLDERS AND BUYING CRITERIA 97
5.13.1 KEY STAKEHOLDERS IN BUYING PROCESS 97
FIGURE 39 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END USERS 97
TABLE 16 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END USERS 97
5.13.2 BUYING CRITERIA 98
FIGURE 40 KEY BUYING CRITERIA FOR TOP THREE END USERS 98
TABLE 17 KEY BUYING CRITERIA FOR TOP THREE END USERS 98
5.14 KEY CONFERENCES AND EVENTS, 2024 99
TABLE 18 INVERTER MARKET: LIST OF KEY CONFERENCES AND EVENTS, 2024 99
6 INVERTER MARKET, BY OUTPUT POWER RATING 100
6.1 INTRODUCTION 101
FIGURE 41 INVERTER MARKET, BY OUTPUT POWER RATING, 2023 101
TABLE 19 INVERTER MARKET, BY OUTPUT POWER RATING, 2020–2022 (USD MILLION) 101
TABLE 20 INVERTER MARKET, BY OUTPUT POWER RATING, 2023–2028 (USD MILLION) 102
6.2 BELOW 10 KW 102
6.2.1 RISING DEMAND FROM RESIDENTIAL SECTOR TO CONTRIBUTE TO MARKET GROWTH 102
TABLE 21 BELOW 10 KW: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 102
TABLE 22 BELOW 10 KW: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 103
6.3 10–50 KW 103
6.3.1 INCREASING DEPLOYMENT IN EXPANDING COMMERCIAL SECTOR TO FUEL DEMAND 103
TABLE 23 10–50 KW: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 103
TABLE 24 10–50 KW: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 104
6.4 51–100 KW 104
6.4.1 GROWING DEMAND FROM PV PLANTS AND VARIOUS INDUSTRIES TO BOOST MARKET GROWTH 104
TABLE 25 51–100 KW: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 104
TABLE 26 51–100 KW: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 105
6.5 ABOVE 100 KW 105
6.5.1 RISING NUMBER OF PV PLANTS AND EXPANDING AUTOMOTIVE INDUSTRY TO DRIVE MARKET 105
TABLE 27 ABOVE 100 KW: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 105
TABLE 28 ABOVE 100 KW: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 106
7 INVERTER MARKET, BY END USER 107
7.1 INTRODUCTION 108
FIGURE 42 INVERTER MARKET, BY END USER, 2023 (USD MILLION) 108
TABLE 29 INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 108
TABLE 30 INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 109
7.2 RESIDENTIAL 109
7.2.1 RISING GOVERNMENT INITIATIVES TO INCREASE RENEWABLE ENERGY ACCESS FOR HOUSEHOLDS TO DRIVE MARKET 109
TABLE 31 RESIDENTIAL: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 109
TABLE 32 RESIDENTIAL: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 110
7.3 AUTOMOTIVE 110
7.3.1 GROWING ADOPTION OF ELECTRIC VEHICLES TO FUEL DEMAND 110
TABLE 33 AUTOMOTIVE: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 110
TABLE 34 AUTOMOTIVE: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 111
7.4 PHOTOVOLTAIC (PV) PLANTS 111
7.4.1 INCREASING IMPLEMENTATION OF RENEWABLE ENERGY POLICIES IN SEVERAL COUNTRIES TO FOSTER MARKET GROWTH 111
TABLE 35 PHOTOVOLTAIC (PV) PLANTS: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 111
TABLE 36 PHOTOVOLTAIC (PV) PLANTS: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 112
7.5 OTHERS 112
TABLE 37 OTHERS: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 112
TABLE 38 OTHERS: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 113
8 INVERTER MARKET, BY TYPE 114
8.1 INTRODUCTION 115
FIGURE 43 INVERTER MARKET, BY TYPE, 2023 (USD MILLION) 115
TABLE 39 INVERTER MARKET, BY TYPE, 2020–2022 (USD MILLION) 115
TABLE 40 INVERTER MARKET, BY TYPE, 2023–2028 (USD MILLION) 116
TABLE 41 INVERTER MARKET, BY TYPE, 2020–2022 (THOUSAND UNITS) 116
TABLE 42 INVERTER MARKET, BY TYPE, 2023–2028 (THOUSAND UNITS) 116
8.2 SOLAR INVERTER 116
TABLE 43 SOLAR INVERTER: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 117
TABLE 44 SOLAR INVERTER: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 117
TABLE 45 SOLAR INVERTER: INVERTER MARKET, BY SUB-TYPE, 2020–2022 (USD MILLION) 117
TABLE 46 SOLAR INVERTER: INVERTER MARKET, BY SUB-TYPE, 2023–2028 (USD MILLION) 118
8.2.1 CENTRAL INVERTER 118
8.2.1.1 Rising demand from PV plants to drive market 118
TABLE 47 CENTRAL INVERTER: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 118
TABLE 48 CENTRAL INVERTER: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 119
8.2.2 STRING INVERTER 119
8.2.2.1 Rising installation of solar panels in residential and commercial sectors to boost market growth 119
TABLE 49 STRING INVERTER: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 119
TABLE 50 STRING INVERTER: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 120
8.2.3 MICRO INVERTER 120
8.2.3.1 Increasing demand for micro inverters in residential sector to fuel market growth 120
TABLE 51 MICRO INVERTER: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 120
TABLE 52 MICRO INVERTER: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 121
8.2.4 HYBRID INVERTER 121
8.2.4.1 Multiple benefits of hybrid inverters to drive market 121
TABLE 53 HYBRID INVERTER: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 121
TABLE 54 HYBRID INVERTER: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 122
8.3 VEHICLE INVERTER 122
TABLE 55 VEHICLE INVERTER: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 122
TABLE 56 VEHICLE INVERTER: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 123
TABLE 57 VEHICLE INVERTER: INVERTER MARKET, BY SUB-TYPE, 2020–2022 (USD MILLION) 123
TABLE 58 VEHICLE INVERTER: INVERTER MARKET, BY SUB-TYPE, 2023–2028 (USD MILLION) 123
8.3.1 BATTERY ELECTRIC VEHICLE (BEV) 123
8.3.1.1 Favorable government initiatives related to EVs to propel market 123
TABLE 59 BATTERY ELECTRIC VEHICLE (BEV): INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 124
TABLE 60 BATTERY ELECTRIC VEHICLE (BEV): INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 124
8.3.2 HYBRID ELECTRIC VEHICLE (HEV) 124
8.3.2.1 Increased demand for fuel-efficient vehicles and implementation of stringent emission norms to fuel market growth 124
TABLE 61 HYBRID ELECTRIC VEHICLE (HEV): INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 125
TABLE 62 HYBRID ELECTRIC VEHICLE (BEV): INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 125
8.3.3 PLUG-IN HYBRID ELECTRIC VEHICLE (PHEV) 126
8.3.3.1 Rising demand for EVs to boost market growth 126
TABLE 63 PLUG-IN HYBRID ELECTRIC VEHICLE (PHEV): INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 126
TABLE 64 PLUG-IN HYBRID ELECTRIC VEHICLE (PHEV): INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 126
8.4 OTHERS 127
TABLE 65 OTHERS: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 127
TABLE 66 OTHERS: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 127
9 INVERTER MARKET, BY OUTPUT VOLTAGE 128
9.1 INTRODUCTION 129
FIGURE 44 INVERTER MARKET, BY OUTPUT VOLTAGE, 2023 (USD MILLION) 129
TABLE 67 INVERTER MARKET, BY OUTPUT VOLTAGE, 2020–2022 (USD MILLION) 129
TABLE 68 INVERTER MARKET, BY OUTPUT VOLTAGE, 2023–2028 (USD MILLION) 130
9.2 100–300 V 130
9.2.1 RISING ELECTRICITY DEMAND DUE TO URBANIZATION TO DRIVE MARKET 130
TABLE 69 100–300 V: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 130
TABLE 70 100–300 V: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 131
9.3 301–500 V 131
9.3.1 GROWING REQUIREMENT FOR UNINTERRUPTED POWER SUPPLY FROM COMMERCIAL AND INDUSTRIAL SECTORS TO FUEL MARKET GROWTH 131
TABLE 71 301–500 V: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 131
TABLE 72 301–500 V: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 132
9.4 ABOVE 500 V 132
9.4.1 INCREASING INVESTMENTS IN POWER INFRASTRUCTURE DEVELOPMENT TO CONTRIBUTE TO MARKET GROWTH 132
TABLE 73 500 V: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 132
TABLE 74 500 V: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 133
10 INVERTER MARKET, BY CONNECTION TYPE 134
10.1 INTRODUCTION 135
FIGURE 45 INVERTER MARKET, CONNECTION TYPE, 2023 (USD MILLION) 135
TABLE 75 INVERTER MARKET, BY CONNECTION TYPE, 2020–2022 (USD MILLION) 135
TABLE 76 INVERTER MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION) 136
10.2 STANDALONE 136
10.2.1 RISING ELECTRICITY CONSUMPTION AND DEPENDENCE ON ELECTRONIC DEVICES TO BOOST MARKET 136
TABLE 77 STANDALONE: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 136
TABLE 78 STANDALONE: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 137
10.3 GRID-TIED 137
TABLE 79 GRID-TIED: INVERTER MARKET, BY SUB-TYPE, 2020–2022 (USD MILLION) 137
TABLE 80 GRID-TIED: INVERTER MARKET, BY SUB-TYPE, 2023–2028 (USD MILLION) 138
10.3.1 CONVENTIONAL INVERTER 138
10.3.1.1 Increasing installation of solar PV systems in residential and commercial sectors to propel market 138
TABLE 81 CONVENTIONAL INVERTER: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 138
TABLE 82 CONVENTIONAL INVERTER: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 139
10.3.2 SMART INVERTER 139
10.3.2.1 Technological advancements in grid-tied inverters to drive market 139
TABLE 83 SMART INVERTER: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 139
TABLE 84 SMART INVERTER: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 140
11 INVERTER MARKET, BY SALES CHANNEL 141
11.1 INTRODUCTION 142
FIGURE 46 INVERTER MARKET, BY SALES CHANNEL, 2023 (USD MILLION) 142
TABLE 85 INVERTER MARKET, BY SALES CHANNEL, 2020–2022 (USD MILLION) 142
TABLE 86 INVERTER MARKET, BY SALES CHANNEL, 2023–2028 (USD MILLION) 143
11.2 DIRECT 143
11.2.1 RISING PREFERENCE FOR DIRECT PROCUREMENT OF VEHICLE INVERTERS AMONG AUTOMOBILE MANUFACTURERS TO DRIVE MARKET 143
TABLE 87 DIRECT: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 143
TABLE 88 DIRECT: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 144
11.3 INDIRECT 144
11.3.1 INCREASING ADOPTION OF INVERTERS IN RESIDENTIAL SECTOR AND PV PLANTS TO CONTRIBUTE TO MARKET GROWTH 144
TABLE 89 INDIRECT: INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 144
TABLE 90 INDIRECT: INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 145
12 INVERTER MARKET, BY REGION 146
12.1 INTRODUCTION 147
FIGURE 47 INVERTER MARKET, BY REGION, 2023 147
FIGURE 48 ASIA PACIFIC TO REGISTER HIGHEST CAGR IN INVERTER MARKET DURING FORECAST PERIOD 148
TABLE 91 INVERTER MARKET, BY REGION, 2020–2022 (USD MILLION) 148
TABLE 92 INVERTER MARKET, BY REGION, 2023–2028 (USD MILLION) 148
TABLE 93 INVERTER MARKET, BY REGION, 2020–2022 (THOUSAND UNITS) 149
TABLE 94 INVERTER MARKET, BY REGION, 2023–2028 (THOUSAND UNITS) 149
TABLE 95 INVERTER MARKET, BY OUTPUT POWER RATING, 2020–2022 (USD MILLION) 149
TABLE 96 INVERTER MARKET, BY OUTPUT POWER RATING, 2023–2028 (USD MILLION) 150
TABLE 97 INVERTER MARKET, BY OUTPUT VOLTAGE, 2020–2022 (USD MILLION) 150
TABLE 98 INVERTER MARKET, BY OUTPUT VOLTAGE, 2023–2028 (USD MILLION) 150
TABLE 99 INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 150
TABLE 100 INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 151
TABLE 101 INVERTER MARKET, BY TYPE, 2020–2022 (USD MILLION) 151
TABLE 102 INVERTER MARKET, BY TYPE, 2023–2028 (USD MILLION) 151
TABLE 103 INVERTER MARKET, BY TYPE, 2020–2022 (THOUSAND UNITS) 151
TABLE 104 INVERTER MARKET, BY TYPE, 2023–2028 (THOUSAND UNITS) 152
TABLE 105 INVERTER MARKET, BY CONNECTION TYPE, 2020–2022 (USD MILLION) 152
TABLE 106 INVERTER MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION) 152
TABLE 107 INVERTER MARKET, BY SALES CHANNEL, 2020–2022 (USD MILLION) 152
TABLE 108 INVERTER MARKET, BY SALES CHANNEL, 2023–2028 (USD MILLION) 153
12.2 NORTH AMERICA 153
FIGURE 49 NORTH AMERICA: INVERTER MARKET SNAPSHOT 154
12.2.1 IMPACT OF RECESSION ON INVERTER MARKET IN NORTH AMERICA 154
TABLE 109 NORTH AMERICA: INVERTER MARKET, BY OUTPUT POWER RATING, 2020–2022 (USD MILLION) 155
TABLE 110 NORTH AMERICA: INVERTER MARKET, BY OUTPUT POWER RATING, 2023–2028 (USD MILLION) 155
TABLE 111 NORTH AMERICA: INVERTER MARKET, BY OUTPUT VOLTAGE, 2020–2022 (USD MILLION) 155
TABLE 112 NORTH AMERICA: INVERTER MARKET, BY OUTPUT VOLTAGE, 2023–2028 (USD MILLION) 155
TABLE 113 NORTH AMERICA: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 156
TABLE 114 NORTH AMERICA: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 156
TABLE 115 NORTH AMERICA: INVERTER MARKET, BY TYPE, 2020–2022 (USD MILLION) 156
TABLE 116 NORTH AMERICA: INVERTER MARKET, BY TYPE, 2023–2028 (USD MILLION) 156
TABLE 117 NORTH AMERICA: INVERTER MARKET, BY TYPE, 2020–2022 (THOUSAND UNITS) 157
TABLE 118 NORTH AMERICA: INVERTER MARKET, BY TYPE, 2023–2028 (THOUSAND UNITS) 157
TABLE 119 NORTH AMERICA: INVERTER MARKET, BY CONNECTION TYPE, 2020–2022 (USD MILLION) 157
TABLE 120 NORTH AMERICA: INVERTER MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION) 157
TABLE 121 NORTH AMERICA: INVERTER MARKET, BY SALES CHANNEL, 2020–2022 (USD MILLION) 158
TABLE 122 NORTH AMERICA: INVERTER MARKET, BY SALES CHANNEL, 2023–2028 (USD MILLION) 158
TABLE 123 NORTH AMERICA: INVERTER MARKET, BY COUNTRY, 2020–2022 (USD MILLION) 158
TABLE 124 NORTH AMERICA: INVERTER MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 158
12.2.1.1 US 159
12.2.1.1.1 Favorable government policies for renewable energy generation to drive market 159
TABLE 125 US: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 159
TABLE 126 US: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 160
12.2.1.2 Canada 160
12.2.1.2.1 Rise in residential PV installations to fuel market growth 160
TABLE 127 CANADA: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 160
TABLE 128 CANADA: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 161
12.2.1.3 Mexico 161
12.2.1.3.1 Increased deployment of clean energy sources in various applications to contribute to market growth 161
TABLE 129 MEXICO: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 161
TABLE 130 MEXICO: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 162
12.3 MIDDLE EAST & AFRICA 162
12.3.1 IMPACT OF RECESSION ON INVERTER MARKET IN MIDDLE EAST & AFRICA 162
TABLE 131 MIDDLE EAST & AFRICA: INVERTER MARKET, BY OUTPUT POWER RATING, 2020–2022 (USD MILLION) 163
TABLE 132 MIDDLE EAST & AFRICA: INVERTER MARKET, BY OUTPUT POWER RATING, 2023–2028 (USD MILLION) 163
TABLE 133 MIDDLE EAST & AFRICA: INVERTER MARKET, BY OUTPUT VOLTAGE, 2020–2022 (USD MILLION) 163
TABLE 134 MIDDLE EAST & AFRICA: INVERTER MARKET, BY OUTPUT VOLTAGE, 2023–2028 (USD MILLION) 164
TABLE 135 MIDDLE EAST & AFRICA: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 164
TABLE 136 MIDDLE EAST & AFRICA: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 164
TABLE 137 MIDDLE EAST & AFRICA: INVERTER MARKET, BY TYPE, 2020–2022 (USD MILLION) 164
TABLE 138 MIDDLE EAST & AFRICA: INVERTER MARKET, BY TYPE, 2023–2028 (USD MILLION) 165
TABLE 139 MIDDLE EAST & AFRICA: INVERTER MARKET, BY TYPE, 2020–2022 (THOUSAND UNITS) 165
TABLE 140 MIDDLE EAST & AFRICA: INVERTER MARKET, BY TYPE, 2023–2028 (THOUSAND UNITS) 165
TABLE 141 MIDDLE EAST & AFRICA: INVERTER MARKET, BY CONNECTION TYPE, 2020–2022 (USD MILLION) 165
TABLE 142 MIDDLE EAST & AFRICA: INVERTER MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION) 166
TABLE 143 MIDDLE EAST & AFRICA: INVERTER MARKET, BY SALES CHANNEL, 2020–2022 (USD MILLION) 166
TABLE 144 MIDDLE EAST & AFRICA: INVERTER MARKET, BY SALES CHANNEL, 2023–2028 (USD MILLION) 166
TABLE 145 MIDDLE EAST & AFRICA: INVERTER MARKET, BY COUNTRY, 2020–2022 (USD MILLION) 166
TABLE 146 MIDDLE EAST & AFRICA: INVERTER MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 167
12.3.2 GCC COUNTRIES 167
12.3.2.1 Saudi Arabia 167
12.3.2.1.1 Increasing power generation from solar resources to fuel demand 167
TABLE 147 SAUDI ARABIA: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 167
TABLE 148 SAUDI ARABIA: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 168
12.3.2.2 UAE 168
12.3.2.2.1 Expansion of EV charging infrastructure to create demand 168
TABLE 149 UAE: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 168
TABLE 150 UAE: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 169
12.3.3 SOUTH AFRICA 169
12.3.3.1 Expanding automotive industry and establishment of PV plants to contribute to market growth 169
TABLE 151 SOUTH AFRICA: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 169
TABLE 152 SOUTH AFRICA: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 170
12.3.4 REST OF MIDDLE EAST & AFRICA 170
TABLE 153 REST OF MIDDLE EAST & AFRICA: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 170
TABLE 154 REST OF MIDDLE EAST & AFRICA: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 170
12.4 SOUTH AMERICA 171
12.4.1 IMPACT OF RECESSION ON INVERTER MARKET IN SOUTH AMERICA 171
TABLE 155 SOUTH AMERICA: INVERTER MARKET, BY OUTPUT POWER RATING, 2020–2022 (USD MILLION) 171
TABLE 156 SOUTH AMERICA: INVERTER MARKET, BY OUTPUT POWER RATING, 2023–2028 (USD MILLION) 171
TABLE 157 SOUTH AMERICA: INVERTER MARKET, BY OUTPUT VOLTAGE, 2020–2022 (USD MILLION) 172
TABLE 158 SOUTH AMERICA: INVERTER MARKET, BY OUTPUT VOLTAGE, 2023–2028 (USD MILLION) 172
TABLE 159 SOUTH AMERICA: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 172
TABLE 160 SOUTH AMERICA: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 172
TABLE 161 SOUTH AMERICA: INVERTER MARKET, BY TYPE, 2020–2022 (USD MILLION) 173
TABLE 162 SOUTH AMERICA: INVERTER MARKET, BY TYPE, 2023–2028 (USD MILLION) 173
TABLE 163 SOUTH AMERICA: INVERTER MARKET, BY TYPE, 2020–2022 (THOUSAND UNITS) 173
TABLE 164 SOUTH AMERICA: INVERTER MARKET, BY TYPE, 2023–2028 (THOUSAND UNITS) 173
TABLE 165 SOUTH AMERICA: INVERTER MARKET, BY CONNECTION TYPE, 2020–2022 (USD MILLION) 174
TABLE 166 SOUTH AMERICA: INVERTER MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION) 174
TABLE 167 SOUTH AMERICA: INVERTER MARKET, BY SALES CHANNEL, 2020–2022 (USD MILLION) 174
TABLE 168 SOUTH AMERICA: INVERTER MARKET, BY SALES CHANNEL, 2023–2028 (USD MILLION) 174
TABLE 169 SOUTH AMERICA: INVERTER MARKET, BY COUNTRY, 2020–2022 (USD MILLION) 175
TABLE 170 SOUTH AMERICA: INVERTER MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 175
12.4.1.1 Brazil 175
12.4.1.1.1 Increasing investments in solar technology to propel demand 175
TABLE 171 BRAZIL: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 176
TABLE 172 BRAZIL: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 176
12.4.1.2 Argentina 176
12.4.1.2.1 Government incentives to promote solar energy generation to boost market growth 176
TABLE 173 ARGENTINA: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 177
TABLE 174 ARGENTINA: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 177
12.4.1.3 Rest of South America 177
TABLE 175 REST OF SOUTH AMERICA: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 177
TABLE 176 REST OF SOUTH AMERICA: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 178
12.5 ASIA PACIFIC 178
FIGURE 50 ASIA PACIFIC: INVERTER MARKET SNAPSHOT 179
12.5.1 IMPACT OF RECESSION ON INVERTER MARKET IN ASIA PACIFIC 180
TABLE 177 ASIA PACIFIC: INVERTER MARKET, BY OUTPUT POWER RATING, 2020–2022 (USD MILLION) 180
TABLE 178 ASIA PACIFIC: INVERTER MARKET, BY OUTPUT POWER RATING, 2023–2028 (USD MILLION) 180
TABLE 179 ASIA PACIFIC: INVERTER MARKET, BY OUTPUT VOLTAGE, 2020–2022 (USD MILLION) 180
TABLE 180 ASIA PACIFIC: INVERTER MARKET, BY OUTPUT VOLTAGE, 2023–2028 (USD MILLION) 181
TABLE 181 ASIA PACIFIC: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 181
TABLE 182 ASIA PACIFIC: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 181
TABLE 183 ASIA PACIFIC: INVERTER MARKET, BY TYPE, 2020–2022 (USD MILLION) 181
TABLE 184 ASIA PACIFIC: INVERTER MARKET, BY TYPE, 2023–2028 (USD MILLION) 182
TABLE 185 ASIA PACIFIC: INVERTER MARKET, BY TYPE, 2020–2022 (THOUSAND UNITS) 182
TABLE 186 ASIA PACIFIC: INVERTER MARKET, BY TYPE, 2023–2028 (THOUSAND UNITS) 182
TABLE 187 ASIA PACIFIC: INVERTER MARKET, BY CONNECTION TYPE, 2020–2022 (USD MILLION) 182
TABLE 188 ASIA PACIFIC: INVERTER MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION) 183
TABLE 189 ASIA PACIFIC: INVERTER MARKET, BY SALES CHANNEL, 2020–2022 (USD MILLION) 183
TABLE 190 ASIA PACIFIC: INVERTER MARKET, BY SALES CHANNEL, 2023–2028 (USD MILLION) 183
TABLE 191 ASIA PACIFIC: INVERTER MARKET, BY COUNTRY, 2020–2022 (USD MILLION) 183
TABLE 192 ASIA PACIFIC: INVERTER MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 184
12.5.1.1 China 184
12.5.1.1.1 Rising electricity demand due to automation of various sectors to fuel market growth 184
TABLE 193 CHINA: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 185
TABLE 194 CHINA: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 185
12.5.1.2 India 185
12.5.1.2.1 Increase in number of solar rooftop installations to contribute to demand 185
TABLE 195 INDIA: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 186
TABLE 196 INDIA: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 186
12.5.1.3 Australia 186
12.5.1.3.1 Favorable government policies to achieve net-zero target to boost market growth 186
TABLE 197 AUSTRALIA: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 187
TABLE 198 AUSTRALIA: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 187
12.5.1.4 Japan 187
12.5.1.4.1 Rising investments in renewable energy technologies to reduce GHG emissions to drive market 187
TABLE 199 JAPAN: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 188
TABLE 200 JAPAN: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 188
12.5.1.5 Rest of Asia Pacific 188
TABLE 201 REST OF ASIA PACIFIC: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 189
TABLE 202 REST OF ASIA PACIFIC: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 189
12.6 EUROPE 189
12.6.1 IMPACT OF RECESSION ON INVERTER MARKET IN EUROPE 190
TABLE 203 EUROPE: INVERTER MARKET, BY OUTPUT POWER RATING, 2020–2022 (USD MILLION) 190
TABLE 204 EUROPE: INVERTER MARKET, BY OUTPUT POWER RATING, 2023–2028 (USD MILLION) 190
TABLE 205 EUROPE: INVERTER MARKET, BY OUTPUT VOLTAGE, 2020–2022 (USD MILLION) 190
TABLE 206 EUROPE: INVERTER MARKET, BY OUTPUT VOLTAGE, 2023–2028 (USD MILLION) 191
TABLE 207 EUROPE: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 191
TABLE 208 EUROPE: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 191
TABLE 209 EUROPE: INVERTER MARKET, BY TYPE, 2020–2022 (USD MILLION) 192
TABLE 210 EUROPE: INVERTER MARKET, BY TYPE, 2023–2028 (USD MILLION) 192
TABLE 211 EUROPE: INVERTER MARKET, BY TYPE, 2020–2022 (THOUSAND UNITS) 192
TABLE 212 EUROPE: INVERTER MARKET, BY TYPE, 2023–2028 (THOUSAND UNITS) 192
TABLE 213 EUROPE: INVERTER MARKET, BY CONNECTION TYPE, 2020–2022 (USD MILLION) 193
TABLE 214 EUROPE: INVERTER MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION) 193
TABLE 215 EUROPE: INVERTER MARKET, BY SALES CHANNEL, 2020–2022 (USD MILLION) 193
TABLE 216 EUROPE: INVERTER MARKET, BY SALES CHANNEL, 2023–2028 (USD MILLION) 193
TABLE 217 EUROPE: INVERTER MARKET, BY COUNTRY, 2020–2022 (USD MILLION) 194
TABLE 218 EUROPE: INVERTER MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 194
12.6.1.1 Germany 194
12.6.1.1.1 Growing automotive sector and rising adoption of renewable energy to drive market 194
TABLE 219 GERMANY: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 195
TABLE 220 GERMANY: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 195
12.6.1.2 UK 195
12.6.1.2.1 Increasing investments in battery production and solar power generation to propel market 195
TABLE 221 UK: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 196
TABLE 222 UK: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 196
12.6.1.3 ITALY 196
12.6.1.3.1 Rising establishment of large-scale PV plants to fuel market growth 196
TABLE 223 ITALY: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 197
TABLE 224 ITALY: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 197
12.6.1.4 France 197
12.6.1.4.1 Increase in solar PV installation capacity to propel market 197
TABLE 225 FRANCE: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 198
TABLE 226 FRANCE: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 198
12.6.1.5 Spain 198
12.6.1.5.1 Expanding automotive industry to drive market 198
TABLE 227 SPAIN: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 199
TABLE 228 SPAIN: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 199
12.6.1.6 Rest of Europe 199
TABLE 229 REST OF EUROPE: INVERTER MARKET, BY END USER, 2020–2022 (USD MILLION) 200
TABLE 230 REST OF EUROPE: INVERTER MARKET, BY END USER, 2023–2028 (USD MILLION) 200

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Table of Contents

Summary

The Inverter market is estimated to grow from USD 39.6 billion by 2028 from an estimated USD 18.9 billion in 2023, at a CAGR of 16.0% during the forecast period. Innovation in technology and a rise in solar PV system installations are two main drivers of the inverter industry's expansion. These days, inverters are more and more common in the home market because of their affordability, dependability, and adaptability. The inverter market is expected to grow as a result of homes using inverters for dependable energy solutions and lower electricity bills due to advancements in technology.
“Residential segment is the largest segment of the Inverter market, by end user”
Based on end user, the Inverter market has been split into four types: residential, automotive, photovoltaic (PV) plants, and others. The increase in residential solar installations and the world's transition to sustainable energy sources are driving growth in the inverter market's residential segment. Homeowners are encouraged to invest in solar systems by government incentives and growing public awareness of environmental issues. These residential installations require inverters, which transform solar-generated DC into AC that may be used for domestic purposes.
“Grid-tied segment is expected to emerge as the fastest-growing segment based on connection type”
Based on connection type, the Inverter market has been segmented into standalone and grid-tied . The inverter market's grid-tied segment is expanding at the fastest pace because it is in line with the changing energy landscape. Grid-tied inverters make it easier to smoothly incorporate renewable energy sources—like solar energy—into the current electrical grids. By enabling customers to send excess energy back into the grid, this connection type promotes sustainability and may save electricity prices. Grid-tied inverters are becoming more and more in demand as the world moves towards cleaner energy practices and grid modernization. This is because residential, commercial, and industrial applications are looking for energy solutions that are efficient, connected, and environmentally friendly.
“Asia Pacific is expected to emerge as the largest region based on Inverter market”
By region, the Inverter market has been segmented into Asia Pacific, North America, South America, Europe, and Middle East & Africa. In the region, the Inverter market is expanding in Asia Pacific because of the region's rapid economic expansion, growing industrialization, and strong emphasis on the use of renewable energy. With their aggressive clean energy goals, nations like China, India, and Japan are driving the market and creating demand for inverters for solar and wind power projects. The region's supremacy is a result of rapid urbanisation, rising electrification, and government measures encouraging sustainable technologies. Demand for home solar installations is also fueled by Asia Pacific's expanding middle class. The region is positioned as a key player in the global inverter market thanks to its aggressive dedication to green energy solutions.

“Indirect is expected to be the fastest segment based on sales channel”
The indirect sales channel is the largest segment in the inverter market due to the complexity and specialized nature of inverter technologies. Manufacturers often rely on a network of distributors, retailers, and third-party vendors to reach diverse end-users. This indirect approach allows for wider market coverage, efficient distribution, and targeted customer support. The intricate technical requirements of inverters necessitate knowledgeable intermediaries, making the indirect sales channel the preferred method for reaching a broad customer base and catering to specific industry needs.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 45%, Tier 2- 30%, and Tier 3- 25%
By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%
By Region: North America- 27%, Europe- 20%, Asia Pacific- 33%, the Middle East & Africa- 12%, and South America- 8%
Note: Others include product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The Inverter market is dominated by a few major players that have a wide regional presence. The leading players in the Inverter market are Huawei Technologies Co., Ltd. (China), SUNGROW (China), SMA Solar Technology AG (Germany), Power Electronics S.L. (Spain), and Fimer Group (Italy).
Research Coverage:
The report defines, describes, and forecasts the Inverter market, by output power rating, end user, output voltage, type, connection type, sales channel and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the Inverter market.
Key Benefits of Buying the Report
• Increasing investments in renewable energy sector and rising number of solar installations attributed to government-led incentives and schemes. Growing demand for residential solar rooftop installations and distributed energy resources (DERs).
• Product Development/ Innovation: The trends such as Z-source inverter, solar micro-inverter and smart inverters.
• Market Development: The global scenario of Inverter has developed due to a global shift towards sustainable energy solutions, increased adoption of renewable sources like solar and wind power, technological advancements enhancing efficiency, and the growing demand for electric vehicles. These factors collectively propel innovation, creating a dynamic landscape for inverter technologies to meet evolving energy demands.
• Market Diversification: Market diversification in the inverter market is a response to varied energy needs across industries and regions. As renewable energy adoption expands, diverse applications emerge, from residential solar installations to utility-scale projects. Inverter manufacturers diversify their product offerings to cater to the specific requirements of different sectors, fostering market growth and resilience.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Huawei Technologies Co., Ltd. (China), SUNGROW (China), SMA Solar Technology AG (Germany), Power Electronics S.L. (Spain), and Fimer Group (Italy) among others in the Inverter market.

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