Power Inverter Market Report by Type (<5KW, 5KW to 95KW, 100KW to 495KW, Above 500KW), Application (Motor Drives, Uninterruptible Power Supply (UPS), Rail Traction, Wind Turbines, Electric Vehicles/Hybrid Electric Vehicles (EVs/HEVs), Solar PVs, and Others), End-Use Sector (Utility, Residential, Commercial and Industrial), and Region 2024-2032

Power Inverter Market Report by Type (<5KW, 5KW to 95KW, 100KW to 495KW, Above 500KW), Application (Motor Drives, Uninterruptible Power Supply (UPS), Rail Traction, Wind Turbines, Electric Vehicles/Hybrid Electric Vehicles (EVs/HEVs), Solar PVs, and Others), End-Use Sector (Utility, Residential, Commercial and Industrial), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A347
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Market Overview 2024-2032:

The global power inverter market size reached US$ 80.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 121.7 Billion by 2032, exhibiting a growth rate (CAGR) of 4.6% during 2024-2032.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 80.0 Billion
Market Forecast in 2032
US$ 121.7 Billion
Market Growth Rate 2024-2032 4.6%


Power inverters are electric devices that transform direct current (DC) into alternating current (AC). Unlike generators, power inverters offer low operating cost and eliminate the inconvenience of using change-over switches. Owing to these characteristics, they are used to operate several tools, household appliances and other electrical products. Power inverters are available in a variety of sizes, types and power ranges as per the varied consumer needs and preferences. Some of these variants include modified sine wave power inverters, plug-in grid tie power inverters, and solar power inverters.

Power Inverter Market

Power Inverter Market Trends: 

The rapid economic growth and rising disposable incomes of individuals across the globe have enabled them to spend more on products like power inverters, which enhance their lifestyles and provide comfort. Along with this, with rapid urbanization and growing electrification rates, most people nowadays rely on electronic appliances and gadgets. This has resulted in a significant need for an uninterrupted power supply, in turn increasing the sales of power inverters as an alternate backup solution in case of outages. Besides this, they are noise-free and environment-friendly in nature as they do not emit carbon emissions and eliminate the need for gasoline, which is required for running generators. Moreover, manufacturers are investing in research and development (R&D) activities to introduce new technologies and enhance their operational characteristics. For instance, they have recently invented a new class of power inverters, which use a single switching transistor and generate infinite levels of voltage, as compared to inverters that use multiple transistors and provide only one voltage level. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global power inverter market report, along with forecasts at the global and regional level from 2024-2032. Our report has categorized the market based on type, application and end-use sector.

Breakup by Type:

Power Inverter Market By Type

  • <5KW
  • 5KW to 95KW
  • 100KW to 495KW
  • Above 500KW
     

On the basis of the type, power inverters with a rating between 100KW to 495KW represent the most preferred segment.

Breakup by Application:

  • Motor Drives
  • Uninterruptible Power Supply (UPS)
  • Rail Traction
  • Wind Turbines
  • Electric Vehicles/Hybrid Electric Vehicles (EVs/HEVs)
  • Solar PVs
  • Others


Amongst these, motor drives are the largest application segment.

Breakup by End-Use Sector:

  • Utility
  • Residential
  • Commercial and Industrial
     

Based on the end-use sector, the report finds that the utility sector dominates the market. There are many ongoing development projects undertaken by various nations, which require a continuous flow of electricity. Owing to this, there is a rising demand for power inverters in this sector.

Regional Insights:

Power Inverter Market By Region

  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America
     

On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.

Competitive Landscape:

The market is fragmented in nature with the presence of various large and small manufacturers present in the industry. Some of the leading players are:

  • SMA Solar Technology AG
  • Omron Corporation
  • ABB Ltd
  • Tabuchi Electric Co., Ltd
  • Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC)
  • Advanced Energy Industries, Inc.
  • Enphase Energy, Inc.
  • Schneider Electric SE
  • Huawei Technologies Co., Ltd.
  • SolarEdge Technologies Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion, MW
Segment Coverage Type, Application, End-Use Sector, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered SMA Solar Technology AG, Omron Corporation, ABB Ltd, Tabuchi Electric Co., Ltd, Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), Advanced Energy Industries, Inc., Enphase Energy, Inc., Schneider Electric SE, Huawei Technologies Co., Ltd., SolarEdge Technologies Inc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global power inverter market was valued at US$ 80.0 Billion in 2023. 

We expect the global power inverter market to exhibit a CAGR of 4.6% during 2024-2032. 

The expanding global population, along with the significant need for an uninterrupted power supply, represent some of the factors driving the global power inverter market. 

Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting temporary closure of numerous manufacturing units and disrupted supply chains for power inverters. 

Based on the type, the global power inverter market can be segmented into <5KW, 5KW to 95KW, 100KW to 495KW, and above 500KW. Among these, 100KW to 495KW holds the majority of the total market share.

Based on the application, the global power inverter market has been divided into motor drives, uninterruptible power supply (UPS), rail traction, wind turbines, electric vehicles/hybrid electric vehicles (EVs/HEVs), solar PVs, and others, where motor drives currently represent the largest segment.

Based on the end-use sector, the global power inverter market can be categorized into utility, residential, and commercial and industrial. Among these, the utility sector exhibits a clear dominance in the market.

On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.

Some of the major players in the global power inverter market include SMA Solar Technology AG, Omron Corporation, ABB Ltd, Tabuchi Electric Co., Ltd, Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), Advanced Energy Industries, Inc., Enphase Energy, Inc., Schneider Electric SE, Huawei Technologies Co., Ltd., and SolarEdge Technologies Inc.

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Power Inverter Market Report by Type (<5KW, 5KW to 95KW, 100KW to 495KW, Above 500KW), Application (Motor Drives, Uninterruptible Power Supply (UPS), Rail Traction, Wind Turbines, Electric Vehicles/Hybrid Electric Vehicles (EVs/HEVs), Solar PVs, and Others), End-Use Sector (Utility, Residential, Commercial and Industrial), and Region 2024-2032
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