Inverter Market to Reach USD 33.8 Billion by 2027, Driven by Growing Demand for Solar Power and Renewable Energy

Strategic Insights -

The inverter market is witnessing significant growth, driven by increasing investments in renewable power generation technologies and green infrastructure. The global inverter market is expected to grow at a CAGR of 15.7% to reach USD 33.8 billion by 2027, up from an estimated USD 16.3 billion in 2022, according to a new report by MarketsandMarketsäó. The growth is attributed to the increasing demand for solar power, government-led incentives, and schemes worldwide that are fueling the demand for inverters. With the increasing demand for solar power, various technological developments are taking place in the inverter market, such as remote and wireless diagnostics, smart grid-tied inverters, and predictive maintenance.

Key Takeaways:

  • The solar inverter segment is expected to be the second-fastest-growing segment during the forecast period, driven by the increasing installations of rooftop solar PV systems and favorable government policies.
  • The global inverter market is dominated by a few major players, including Huawei Technologies (China), Sungrow Power Supply (China), SMA Solar Technology (Germany), Power Electronics (Spain), and SolarEdge Technologies (Israel).
  • Asia Pacific is expected to dominate the global inverter market during the forecast period, driven by the growth of the renewable energy sector in countries such as China, Japan, and Australia.
  • The inverter market, by output voltage, has been segmented into 100--300 V, 300--500 V, and Above 500 V, with Above 500 V expected to be the second-fastest-growing market during the forecast period.
  • The increasing investments in the development of smart grids will provide several opportunities in the inverter market, including the ability to stabilize system voltage and smooth the system output.
  • Key players in the inverter market are expected to focus on developing products with advanced technologies such as remote and wireless diagnostics, smart grid-tied inverters, and predictive maintenance.

Statistics:

  • The global inverter market is expected to grow at a CAGR of 15.7% to reach USD 33.8 billion by 2027.
  • The solar inverter segment is expected to grow at a CAGR of 14.5% to reach USD 11.2 billion by 2027.
  • Above 500 V segment is expected to be the second-fastest-growing market during the forecast period, with a CAGR of 14.2%.
  • Asia Pacific is expected to dominate the global inverter market during the forecast period, with a market share of 44.5% in 2027.
  • The global inverter market is expected to reach USD 33.8 billion by 2027, up from an estimated USD 16.3 billion in 2022.

Sources:

  • MarketsandMarketsäó, "Inverter Market by Type (Solar Inverter, UPS Inverter, Consumer Inverter), Output Voltage (100--300 V, 300--500 V, Above 500 V), and Region - Global Forecast to 2027"
  • MarketsandMarketsäó, "Solar Inverter Market by Type (String Inverter, Central Inverter, Micro-Inverter), Output Voltage (100--300 V, 300--500 V, Above 500 V), and Region - Global Forecast to 2027"
  • MarketsandMarketsäó, "Smart Grid Market by Technology (Advanced Metering Infrastructure, Smart Grid Security), and Region - Global Forecast to 2026"