Inverter Market Size to Hit $39.6 billion by 2028 | Leading key players are Huawei Technologies Co., Ltd., SUNGROW, SMA Solar Technology AG

According to a new market research report, the Inverter market is projected to reach 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. Factors such the rising demand for renewable energy sources, such as solar and wind power, which require inverters to convert direct current (DC) into usable alternating current (AC). Additionally, advancements in technology have led to more efficient and cost-effective inverters, promoting their adoption in various applications like residential solar systems, electric vehicles, and industrial machinery, further fueling the growth of the inverter market.

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The simplicity of installation for both string and micro inverters is the main factor propelling the global market's expansion. The industry has grown as a result of increased investment in the development of renewable power infrastructure and the rise in demand for electricity from diverse uses. It is projected that the renewable energy and rural electrification sectors would see a sharp increase in investment, which will present profitable prospects for industry participants. The business is growing globally as a result of the increased use of big-sized string inverters in the utility system and other commercial and industrial sectors. These inverters make it easier to install huge solar systems since they can link many solar panels.

Key Market Players:

Huawei Technologies Co., Ltd. (China), SUNGROW (China), SMA Solar Technology AG (Germany), Power Electronics S.L. (Spain), and Fimer Group (Italy) are the market leaders in the Inverter market. These companies use strategies such as acquisitions, sales contracts, product launches, partnerships to increase their market share.

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The above 100 kw segment, by output power rating segment, is expected to be the fastest segment during the forecast period.

This report segments the Inverter market based on output power rating into below 10 kw, 10-50 kw, 50-100 kw, and above 100 kw . The above 100 kW output power rating segment in the inverter market is growing due to the escalating demand for high-capacity inverters in large-scale industrial and commercial applications. Industries and enterprises increasingly seek powerful inverters to handle substantial energy loads efficiently. This trend aligns with the expanding adoption of renewable energy solutions, where solar and wind projects demand inverters with capacities exceeding 100 kW to accommodate higher power outputs. As industries prioritize sustainable practices, the growth in this segment reflects the need for robust, high-power inverters to support large-scale clean energy initiatives.

This research report categorizes the Inverter market by output power rating, end user, type, output voltage, connection type, sales channel, and region
On the basis of output power rating:

Below 10 kW
10-50 kW
51-100 kW
Above 100 kW

On the basis of end user:

Residential
Photovoltaic (PV) Plants
Automotive
Others

On the basis of by type:

Solar inverter
Vehicle inverter
Others

On the basis of by output voltage:

100-300 V
301-500 V
Above 500 V

On the basis of by connection type:

Standalone
Grid-tied

On the basis of by sales channel:

Direct
Indirect

On the basis of region:

Asia Pacific
Europe
North America
Middle East & Africa
South America

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North America is expected to be the second largest region in the Inverter market

Considering many of factors, North America is the second-largest region in the inverter industry. An expanding market for renewable energy, especially in the US and Canada, drives up demand for inverters for solar and wind power systems. The market for inverters is growing as a result of supportive government policies and incentives that encourage the use of renewable energy. Increased inverter deployment is also a result of the region's concentration on grid upgrading and the electrification of numerous sectors. Furthermore, the need for inverters is being driven by a shift towards clean energy and a greater awareness of sustainability, which is why North America is a major player in the worldwide inverter market.

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