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Redding, California - May 14, 2024

Power Inverter Market to be Worth $109.7 Billion by 2031

Power Inverter Market by Product Type (Pure Sine Wave, Modified Sine Wave), Grid Type (Grid Tie Inverters, Hybrid Inverters), Source, Phase, Portability, End User (Residential, Commercial, Industrial), and Geography - Global Forecast to 2031


Meticulous Research®—a leading global market research company, published a research report titled, Power Inverter Market by Product Type (Pure Sine Wave, Modified Sine Wave), Grid Type (Grid Tie Inverters, Hybrid Inverters), Source, Phase, Portability, End User (Residential, Commercial, Industrial), and Geography- Global Forecast to 2031.

According to this latest publication from Meticulous Research®, the power inverter market is projected to reach $109.7 billion by 2031, at a CAGR of 5.3% from 2024–2031. The growth of the power inverter market is driven by increasing investment in renewable energy, growing demand for uninterrupted power supply across various industries, and increasing government initiatives to promote the use of renewable energy. However, high installation and maintenance costs and grid integration regulations restrain the growth of this market.

Furthermore, the adoption of smart grid technologies and the integration of solar inverters with energy storage systems are expected to generate growth opportunities for the stakeholders in this market. However, limited power output and efficiency are major challenges impacting the growth of the power inverter market.

The power inverter market is segmented by product type (pure sine wave inverter, modified sine wave inverter, square wave inverter), grid type (off grid inverters, grid tie inverters, hybrid inverters), source (current source inverter, voltage source inverter), phase (single phase inverter, three phase inverter), portability (portable, non-portable), end user (residential, commercial (corporate offices, retail spaces, hospital & healthcare centers, educational institutes, transit stations, other commercial applications), industrial (utility, construction sites, industrial manufacturing, mining, agriculture, other industrial applications)). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on product type, the power inverter market is segmented into pure sine wave inverter, modified sine wave inverter, and square wave inverter. In 2024, the pure sine wave inverter segment is expected to account for the largest share of the power inverter market. The large market share of this segment is attributed to the increasing sales of electronics products, growth of renewable energy systems, rising consumer awareness about the advantages of pure sine wave inverters, and increasing government incentives to promote renewable energy usage. Increasing sales of electronics products such as laptops, TVs, medical equipment, and power tools equipped with sophisticated power supplies that require AC sine waves for optimal performance further support the segment's growth.

However, the modified sine wave inverter segment is projected to register the highest CAGR during the period. The segment's growth is attributed to the increasing use of modified sine wave inverters for light bulbs and fans, and simple power tools and modified sine wave inverters being cheaper than other power inverters.

Based on grid type, the power inverter market is segmented into off grid inverters, grid tie inverters, and hybrid inverters. In 2024, the grid tie inverters segment is expected to account for the largest share of above 47% of the power inverter market. The large market share of this segment is attributed to the increasing government initiatives to promote renewable energy adoption, increasing demand for cost-effective solar panels, the increasing cost of traditional electricity, and rising concerns about climate change and fossil fuel dependence.

However, the hybrid inverters segment is projected to register the highest CAGR during the forecast period. The segment's growth is attributed to the growing trend of renewable energy, advancements in battery technology, and increasing demand for smart homes and energy management solutions. In May 2023, Solis Technologies (India) launched the S6 Advanced Power Hybrid Inverter to offer automatic UPS switching and up to 10 seconds of 200% surge power backup overload capability.

Based on source, the power inverter market is segmented into current source inverter and voltage source inverter. In 2024, the voltage source inverter segment is expected to account for the larger share of the power inverter market. The large market share of this segment is attributed to the rising demand for voltage source inverters (VSIs) across various sectors, driving electrification, increasing renewable energy adoption, advancements in semiconductor technology, and adoption of smart grid technology. Moreover, this segment is also projected to register the highest CAGR during the forecast period.

Based on phase, the power inverter market is segmented into single phase inverter and three phase inverter. In 2024, the three phase inverter segment is expected to account for the larger share of above 76% of the power inverter market. The large market share of this segment is attributed to the increasing demand for three-phase inverters for powering machinery in factories, water treatment plants, and various heavy-duty applications, the increasing adoption of industrial automation systems, and the increasing need to improve energy efficiency in industrial applications. In January 2021, FIMER S.p.a. (Italy) launched PVS-10/33-TL three-phase string inverter solutions for commercial and industrial applications. Moreover, this segment is also projected to register the highest CAGR during the forecast period.

Based on portability, the power inverter market is segmented into portable and non-portable. In 2024, the portable segment is expected to account for the larger share of above 64% of the power inverter market. The large market share of this segment is attributed to the increasing use of power essential appliances and electronic devices such as laptops, phones, and cameras, growing concern regarding power outages, and increasing affordability of portable inverters.

However, the non-portable segment is projected to register the highest CAGR during the forecast period. The segment's growth is attributed to the increasing use of non-portable inverters in industrial applications, increasing focus on critical infrastructure backup power, and the development of smart grid technologies.

Based on end user, the power inverter market is segmented into residential, commercial, and industrial. In 2024, the commercial segment is expected to account for the largest share of above 46% of the power inverter market. The large market share of this segment is attributed to the increasing demand for uninterrupted power supply for commercial spaces such as data centers, retail stores, and hospitals, increasing integration of energy management systems in commercial buildings, government regulations for promoting energy efficiency and increasing applications of power inverters in the commercial sector such as powering LED lighting systems and operating HVAC equipment. In May 2024, Sungrow Power Supply Co., Ltd. (China) launched hybrid inverters and battery solutions for the residential and commercial sectors in Australia to enhance the experience and safeguard the reliability of power plants. Moreover, this segment is also projected to register the highest CAGR during the forecast period.

Based on geography, the power inverter market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of above 43% of the power inverter market. The market growth in Asia-Pacific is driven by the rising demand for reliable power supplies for factories, warehouses, and construction sites in the region, increasing government initiatives to promote renewable energy adoption, increasing demand for consumer electronics and appliances, and increasing investment to upgrade grid infrastructure. Developed economies such as China, Japan, and South Korea are focusing on grid-tie inverters for renewable energy integration while developing countries are experiencing higher demand for portable inverters for backup power and off-grid applications. Moreover, this region is also projected to record the highest CAGR of above 6.5% during the forecast period.

Key Players

The key players operating in the power inverter market are SMA Solar Technology AG (Germany), SolarEdge Technologies Inc. (Israel), Enphase Energy, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Huawei Technologies Co., Ltd. (China), General Electric Company (U.S.), Sungrow Power Supply Co., Ltd. (China), Eaton Corporation plc (Ireland), Delta Electronics, Inc. (Taiwan), ABB Ltd (Switzerland), Schneider Electric SE (France), Siemens AG (Germany), Omron Corporation (Japan), Growatt New Energy (China), and Tabuchi Electric Co., Ltd. (Japan).

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Key Questions Answered in the Report:

  • What are the high-growth market segments in terms of product type, grid type, source, phase, portability, and end user?
  • What is the historical market size for the power inverter market?
  • What are the market forecasts and estimates for 2024–2031?
  • What are the major drivers, restraints, opportunities, challenges, and trends in the power inverter market?
  • Who are the major players in the power inverter market, and what are their market shares?
  • What is the competitive landscape like?
  • What are the recent developments in the power inverter market?
  • What are the different strategies adopted by major market players?
  • What are the trends and high-growth countries?
  • Who are the local emerging players in the power inverter market, and how do they compete with other players?

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Power Inverter Market - Global Opportunity Analysis and Industry Forecast (2024-2031)
Report ID: MRSE - 1041199 Pages: 250 Formats*:PDF Category: Semiconductor and Electronics
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