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Renewable Energy Inverters Market Research Report - Global Forecast till 2030

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 2030

ID: MRFR/E&P/8545-HCR | December 2022 | Region: Global | 111 Pages         

Renewable Energy Inverter Market

Renewable Energy Inverter Market share is projected to reach USD 62 Billion by 2028, with a 14% CAGR between 2021 and 2028

Segmentation

By Product Type Central Inverter Micro-Inverter Off-Grid Inverter Grid-Tied Inverter Battery-Based Inverter
By Application Residential Non-Residential

Key Players

  • 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
  • Riello Elettronica Group

Drivers

  • The numerous initiatives being undertaken by government bodies to increase access to electricity
  • Growing demand for electricity generation from renewable energy sources
  • Increasing government initiatives for the adoption of renewable energy sources for electricity generation
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Renewable Energy Inverters Market Scenario


Renewable Energy Inverter Market size is projected to reach USD 62 Billion, with a 14% CAGR between 2022 and 2030.


Renewable energy inverters play a significant role in converting DC to AC. Inverters are a prominent part of both residential and non-residential settings. Residential inverters, for example, are used for the conversion of the direct current (DC) supplied by solar panels to alternating current (AC). Non-residential renewable energy inverters convert direct current (DC) into alternating current (AC) before transmitting it to end-users. The growing need for electricity generation from renewable energy sources and increased government measures to promote renewable energy sources for electricity generation is the primary drivers driving the growth of the worldwide renewable energy inverters market.


Renewable energy markets in North America and Europe have increased. As a result, both of these regions dominate the market for renewable energy inverters. Replacement, repair, and maintenance activities are on the rise that will aid in the growth of the renewable energy inverter market and trends in these regions. Furthermore, the growing demand for sustainable power generation to reduce harmful gas emissions is likely to significantly impact the growth of the worldwide renewable energy inverters market during the forecast period.


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.


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.


Recent Developments



  • The globally spread market's most prominent players use several tactics to meet the rising global customer demand. They use several policies and methods, such as collaborations, mergers, and acquisitions, forming a joint venture, inventing a new manufacturing technique, innovating an existing product, expanding the firm, and collaborating. These methods aid the market is expanding its consumer base.

  • Many prominent firms, like SMA Solar Technology, and others like General Electric, and Eaton, are gaining momentum owing to their steps like concentrating their efforts on securing contracts and agreements with utilities and industries to deliver inverters for renewable energy sources. Sungrow Power Supply Co. has signed a contract with DAT Technology Co in June 2020 to supply PV inverters for industrial and commercial installations in Vietnam.


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.     


Market Segmentation


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.
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, with a 14% CAGR between 2022 and 2030.


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
  • 2030 : Significant value
  •   CAGR   14% (2022-2030)
      Base Year   2021
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      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


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    Frequently Asked Questions (FAQ) :

    The global renewable energy inverters market is predicted to grow at a 14% CAGR between 2022-2030.

    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.