Latest News- Inverter Market: Motor drive is expected to lead the Application segment during 2024-2028

The Inverter Market is being driven by Rise in wind energy consumption

The Inverter Market is expected to grow at a CAGR of 6.78% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 32.38 billion. The global population is projected to grow from 7.3 billion in 2015 to 9 billion by 2035, according to The World Bank, necessitating a significant increase in power demand from the current level of 21,385 TWh to 34,454 TWh. This trend is driven by economic expansion and population growth. To meet this demand while addressing climate change concerns, there is a shift towards renewable energy sources such as solar, wind, and hydropower. Sustainable power generation is crucial to support ongoing economic growth and development, while mitigating the environmental impact. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Motor drive
  • Renewable energy
  • UPS
• Type
  • On-grid
  • Off-grid
• Geography
  • APAC
    • China
    • Japan
  • Europe
    • Germany
    • UK
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rise in wind energy consumption
• Increasing solar energy installation
• Growing support from governments for solar energy projects

However, the market also witnesses some limitations, which are as follows:

• Intermittent nature of renewable energy
• Changing market dynamics
• Decline in oil and gas prices

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Market Scope in Inverter Market Research Report

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Research Analysis Overview

The Inverter Market encompasses various technologies and applications, including AC and DC coupling, string monitoring, advanced energy storage, virtual power plants, and distributed energy resources. Key components include energy trading, grid services, power optimization software, energy analytics, and digital twins. Cloud-based monitoring, wireless communication, and autonomous energy systems facilitate renewable energy integration and grid-scale energy storage. Other offerings include energy resilience, disaster preparedness, green building, net-zero energy, and sustainable infrastructure. The market caters to circular economy, carbon emissions reduction, climate change mitigation, and energy transition. Power electronics design incorporates high-voltage, low-voltage, multilevel inverters, active filtering, reactive power compensation, power quality management, fault detection, protection relays, voltage sag mitigation, surge protection, transformerless inverters, galvanic isolation, DC optimization, and partial shading management.

Market Research Overview

The inverter market is a significant segment of the larger electrical components and equipment market. This market encompasses the production of grid-tied, off-grid, hybrid, solar, battery, string, and central inverters. The parent market, which includes manufacturers of electrical cables and wires, electrical components, and electrical equipment, generates revenue from various sub-sectors such as water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. Additionally, the market size is calculated based on rental and leasing revenues for electrical components and equipment to industrial, commercial, and residential end-users.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/