Renewable Energy Inverters Market Research Report - Global Forecast till 2028

Renewable Energy Inverters Market Research Report: Information by Product Type (Central Inverter, Micro-Inverter, Off-Grid Inverter, Grid-Tied Inverter and Battery-Based Inverter), Application (Residential and Non-Residential) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) - Forecast till 2028

ID: MRFR/E&P/8545-HCR | February 2021 | Region: Global | 111 pages

Renewable Energy Inverters Market Scenario


Renewable Energy Inverter Market size is projected to reach USD 62 Billion by 2028, with a 17.5% CAGR between 2021 and 2028


The major factors driving the growth of the global renewable energy inverters market is the growing demand for electricity generation from renewable energy sources and increasing government initiatives for the adoption of renewable energy sources for electricity generation. Furthermore, the increasing demand for sustainable electricity generation to reduce the emission of harmful gases is also expected to have a substantial impact on the growth of the global renewable energy inverters market during the forecast period.


The electrification of remote areas and regions in developing countries is expected to further increase the demand for renewable energy inverters during the forecast period. This is primarily due to the numerous initiatives being undertaken by government bodies to increase access to electricity.


Many major players such as SMA Solar Technology, general Electric, and Eaton are focusing on signing contracts and agreements with utilities and industries to provide inverters for renewable energy sources. For instance, in June 2020, Sungrow Power Supply Co signed a contract with DAT Technology Co to supply PV inverters for industrial & commercial installations in Vietnam.     


The global renewable energy inverters market has been segmented based on product type and application. Based on product type, the global market is divided into central inverters, micro-inverters, off-grid inverters, grid-tied inverters, and battery-based inverters. The grid-tied inverters segment is expected to hold the largest share of the market during the forecast period, owing to the increasing installations of large-scale renewable electricity projects.


However, the central inverter segment is expected to grow at the fastest rate during the forecast period due to the increasing installation of solar energy generation equipment. Based on the application, the global market is segmented into residential and non-residential. The non-residential segment held the largest market share in 2019 and is expected to exhibit the highest CAGR during the forecast period due to the increasing installations of renewable energy sources, such as offshore wind and solar power plants, to support power grids.


Global Renewable Energy Inverters Market is expected to register 17.5% CAGR during the forecast period.


Key Players


The key players operating in the global renewable energy inverters market are KACO Group, Ingeteam Power Technology S.A., General Electric, TMEIC, Schneider Electric, SMA Solar Technology AG, Bonfiglioli Transmissions Private Limited, Danfoss, Eaton, Emerson Electric, Enphase Energy, Fronius International GmbH, Mitsubishi Electric Corporation, REFU, and Riello Elettronica Group.


Market Segmentation


Renewable Energy Inverters Market


The global renewable energy inverters market is expected to witness high growth during the forecast period owing to the increasing demand for electricity generation using renewable energy sources.  This is expected to drive the growth of the renewable energy inverters market during the forecast period.


Based on region, the global renewable energy inverters market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific holds the largest market share of the renewable energy inverters market due to the increasing adoption of renewable energy resources in the region. Additionally, the renewable energy inverters market in Asia-Pacific is expected to grow at the fastest rate during the forecast period, primarily due to the numerous government initiatives introduced in the region to increase the adoption of renewable energy sources.


Renewable energy inverters are used to convert DC to AC. The inverters are used both in residential and non-residential applications. For instance, residential inverters are used to convert DC generated from solar panels to AC. Non-residential renewable energy inverters are used to convert DC into AC before transmitting them to end-users.


Global Renewable Energy Inverter Market size is projected to reach USD 62 Billion by 2028, with a 17.5% CAGR between 2021 and 2028.


Intended Audience



  • Government and research organization

  • Consulting companies in the renewable energy inverters -market

  • Raw material suppliers

  • Research consultants

  • Investors and shareholders



Report Scope:
Report Attribute/Metric Details
  Market Size   2028: USD 62 Billion
  CAGR   17.5% (2021-2028)
  Base Year   2020
  Forecast Period   2021-2028
  Historical Data   2019
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Product Type and Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   KACO Group, Ingeteam Power Technology S.A., General Electric, TMEIC, Schneider Electric, SMA Solar Technology AG, Bonfiglioli Transmissions Private Limited, Danfoss, Eaton, Emerson Electric, Enphase Energy, Fronius International GmbH, Mitsubishi Electric Corporation, REFU, and Riello Elettronica Group
  Key Market Opportunities   the numerous initiatives being undertaken by government bodies to increase access to electricity
  Key Market Drivers

  • growing demand for electricity generation from renewable energy sources
  • increasing government initiatives for the adoption of renewable energy sources for electricity generation


  • Frequently Asked Questions (FAQ) :


    The global renewable energy inverters market is predicted to grow at a 17.5% CAGR between 2021- 2028.

    The global renewable energy inverters market is predicted to reach USD 62 billion by 2028.

    Asia Pacific will lead the global renewable energy inverters market.

    Increasing adoption for renewable energy and favorable government initiatives are the key factors driving the global renewable energy inverters market growth.

    Key contenders profiled in the global renewable energy inverters market include KACO Group, Ingeteam Power Technology S.A., General Electric, TMEIC, Schneider Electric, SMA Solar Technology AG, Bonfiglioli Transmissions Private Limited, Danfoss, Eaton, Emerson Electric, Enphase Energy, Fronius International GmbH, Mitsubishi Electric Corporation, REFU, and Riello Elettronica Group.