CHICAGO, June 2, 2022 /PRNewswire/ -- According to the new market research report "Inverter Market by Type (Solar Inverters, Vehicle Inverter, others), 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 2027", published by MarketsandMarkets, the Inverter Market is expected to grow at a CAGR of 15.7% during the forecast period, from an estimated USD 16.3 billion in 2022 to USD 33.8 billion in 2027. Increasing adoption of inverters worldwide in case of power back-ups, rise in the investments and technological developments in PV systems to generate clean power is fueling demand for inverters. The rise in the roof top installations, and developments in the smart grid infrastructure are creating numerous opportunities for inverter manufacturers.
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The 100-300 V, by output voltage, is expected to be the largest and fastest Inverter Market during the forecast period
The 100-300 V holds the largest share of the global Inverter Market. The increase in the urbanization has increased the electricity demand in the various sectors. One such sector is residential sector where there is increased electricity demand. The AC voltage that is operated in this sector generally lies in between 100-300 V. Due to rise in the number of roof-top solar installations and as well as the power backup systems in households. This is fuelling the demand for inverters which are in connection with the PV systems and power backup systems in the range of 100-300 V in the market.
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Above 100 kW segment is anticipated to be the fastest-growing Inverter Market by output power rating, during the forecast period
Above 100 kW segment is expected to have the largest market share during the forecast period. Government initiatives in increasing the renewable energy mix in their countries contributed to the rise in the developments of PV plants is fuelling the demand for above 100 kW output power rating inverters. The expanding automotive industry towards manufacturing electric vehicles is also contributing to the growth of the segment.
Asia Pacific is expected to dominate the global Inverter Market during the forecast period
In this report, the Inverter Market has been analyzed for 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Asia Pacific is expected to lead the market during the forecast period.
The Inverter Market in Asia Pacific is witnessing significant developments in the renewable energy generation due to climate change actions taken by various countries in the region, which has supported the demand for inverters across countries of the region. China is among the fastest growing economies in the world and the increase automation in the country has tremendously increased power generation and consumption. These factors have made China one of the most lucrative markets for the power industry. Moreover, the government policies and schemes supporting solar energy generation in the country is expected to contribute to the growth of the Inverter Market in Asia Pacific. Policies like feed-in-tariff, and net metering have also been designed to support the growth of roof top solar installations. These factors are likely to create a huge demand for inverters in the region.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Inverter Market. These include Huawei Technologies (China), Sungrow Power Supply (China), SMA Solar Technology (Germany), Power Electronics (Spain), FIMER (Italy). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions to increase their respective market shares.
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