Global Power Inverter Market Analysis by Type, Connection Type, Power Rating, Output Voltage, Sales Channel, End User, Application and Region and segments forecast till 2033

Market Overview

The global Power Inverter Market was worth USD 75,250 million in 2022 and is anticipated to amplify at a CAGR of 5.54% over 2023-2033, thereby accumulating USD 115,840 million by end of the analysis timeline.

Report Scope

Power inverters are electric devices that transmit Direct Current (DC) into Alternating Current (AC). Unlike generators, power inverters provide low operating cost and quash the inconvenience of using change-over switches. Due to existence of these characteristics, they are utilized to operate several tools, household appliances and other electrical products. Power inverters are conveniently available in a variety of sizes, types and power ranges as per the varied consumer needs and preferences.

Some of these variants consist of modified sine wave power inverters, plug-in grid tie power inverters, and solar power inverters. The layout or circuitry of a power inverter affects the input voltage, frequency, output voltage and overall power handling. Power inverters come in different sizes such as 1000 watts, 3000 watts, and 5000 watts, among which, 3000 watts inverter is the most desirable. Modern power inverters come with USB outlets, mobile phone chargers and digital screens. The major applications of power inverters include commercial, residential and industrial. Additionally, factors like no requirement of fuel, moving parts or lubricants are the major advantages of this product.

The heightening demand for power inverters from the residential sector, owing to the effortless installation, increasing standards of living, rising rates of electrification, and growing investments in the preparedness in case of power cuts, is thriving the market growth. The functional cost of inverter is low, require concentrated maintenance, and are environment friendly, which are likely to be the stimulating factors of the market. The rising commonness of high-end electrical equipment and appliances in the household will robust the demand for the product in the forecast period. Meanwhile, the increasing employment of solar power systems in the commercial and industrial sector is projected to propel the demand for power inverters in the coming years.

The widening economic growth and rising disposable incomes of individuals across the globe have permitted them to spend more on products like power inverters, which magnify their lifestyles and offer comfort. Coupled with rapid urbanization and hiking electrification rates, most people at present are dependent on electronic appliances and gadgets. This has resulted in a notable need for an uninterrupted power supply. In return increasing the sales of power inverters as a substitute backup solution in case of outages. Besides this, they are noise-free and environment-friendly in nature as they do not exhibit carbon emissions and extinguish the need for gasoline, which is required for running generators.

Meanwhile, the increasing adoption of solar power systems in the commercial and industrial sector is propelling the demand for power inverters in the up-coming years. The growth of the market is also thrived by huge inflow of investments in the renewable energy sector and rise in the number of residential solar rooftop installations.

Connection Type Insights

The ultrasonic segment is poised to register notable gains over 2023-2033 due to the ability to authenticate fingerprints by reading the epidermal skin layeSolar inverters are prime elements of solar electric power systems. The DC power, which is generated by solar power plants, is not suitable for common household appliances. Hence, it is necessary to convert this DC power to AC power. Solar inverters transform the variable DC output of PV solar panels into usable AC.

Sensor Output Power Rating Insights

Inverters with power rating below 10 kW are suitable for use in the residential and commercial sectors. Residential solar PV systems are mostly used in rooftop installations, which offer benefits of feed-in tariffs and net metering.

Sales Channel Insights

Indirect sales channels or third parties hold a notable share of the inverter market as these channels are adopted by inverter manufacturers to provide their inverter solutions to different end users. Most key players in the market have well-established sales networks and provide their products globally.

Regional Insights

The market for global power inverter is segmented into major region- North America, Europe, Asia