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Global Inverter Market Size Study, by Product Type, by Load, by Capacity, and Regional Forecasts 2024-2032

Global Inverter Market Size Study, by Product Type, by Load,...

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Global Inverter Market Size Study, by Product Type, by Load, by Capacity, and Regional Forecasts 2024-2032
Global Inverter Market Size Study,...
Report Code
RO11/103/1658

Publish Date
06/Nov/2024

Pages
200
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The Global Inverter Market, valued at USD 15.92 billion in 2023, is expected to experience significant growth, expanding at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2032. Inverters are witnessing increasing demand across various sectors due to their ability to convert direct current (DC) from sources like solar panels and batteries into alternating current (AC), suitable for household and commercial use. This technology's flexibility and reliability are driving its adoption, particularly within the residential market. As more households seek to reduce electricity costs, the demand for inverters is projected to rise. Furthermore, advancements in inverter technology, such as remote monitoring, energy storage capabilities, and surge protection, are enhancing the accessibility of these devices, which is expected to propel market expansion in the coming years.

The surge in solar PV system installations, coupled with declining solar component costs, plays a pivotal role in the growth of the inverter industry. Solar inverters are a critical component in converting the DC electricity generated by solar panels into usable AC power for households and businesses. With more consumers transitioning to renewable energy sources, the demand for inverters is set to increase. For instance, in 2022, over one million residential battery energy storage systems (BESS) were installed across Europe, highlighting the growing reliance on solar energy. Technological advancements are also contributing to the inverter market's progress. Inverters with advanced features such as energy storage, voltage regulation, and power management have broadened their applicability. Moreover, the rise of smart grids and energy storage systems has opened new avenues for inverter manufacturers. These technologies allow consumers to store excess energy from renewable sources for future use, making energy management more efficient. This trend is expected to continue driving the market forward.

The key regions considered in the study include Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Asia Pacific is projected to dominate the inverter market, driven by rising investments in solar energy projects, demand for energy-efficient products, and technological advancements. North America is expected to witness the fastest growth rate, with government initiatives promoting the adoption of renewable energy sources, which further boosts the market.

Major Market Players Included in This Report Are:
Delta Electronics, Inc.
Enphase Energy
Fronius International GmbH
General Electric Company
GoodWe
KACO new energy GmbH
Mitsubishi Electric Corporation
Schneider Electric
SolarEdge
TMEIC
Enphase Energy Inc.
FIMER SpA
Sineng Electric Co., Ltd.
Zhuzhou CRRC Times Electric Co., Ltd.
TBEA Co., Ltd.
The Detailed Segments and Sub-segments of the Market Are Explained Below:
By Product Type:
PV Inverter System
Central Inverter
String Inverter
Battery Inverter
By Load:
Single Phase Inverter
Three Phase Inverter
By Capacity:
Up to 10kW
10kW - 15kW
15kW - 20kW
Above 20kW
By Installation:
Indoor
Outdoor
By End-user:
Residential
Commercial
Industrial
By Distribution Channel:
Direct Sales
Indirect Sales
By Region:
North America:
U.S.
Canada
Europe:
UK
Germany
France
Spain
Italy
ROE
Asia Pacific:
China
India
Japan
Australia
South Korea
RoAPAC
Latin America:
Brazil
Mexico
Rest of Latin America
Middle East & Africa:
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:
Historical Year - 2022
Base Year - 2023
Forecast Period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand-side and supply-side analysis of the market.

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