What is the global power inverter market size?

Looking to go beyond insights? Explore our premium consulting services designed to help you gain a competitive edge. The global power inverter market size was valued at USD 46.57 billion in 2023 and is projected to grow from USD 53.49 billion in 2024 to USD 209.74 billion by 2032, exhibiting a CAGR of 18.62% during the forecast period.

What is the power inverter market report?

The report depicts detailed insights on the power inverter industry trends and new growth opportunities. The report identifies the power inverter market growth segments and emerging application areas.

What is the market share of power inverters in North America?

North America, which currently has a market share of 35.3%, is expected to be one of the largest markets for power inverters during the forecast period. The rapid growth of several industries, like IT, IoT, Healthcare, etc., in the region is expected to surge the adoption of power inverters in North America.

How will the power inverter market expand?

The expansion of the power inverter market will be aided in the coming years by an increase in the number of construction projects, including decentralized solar power plants, rural electrification initiatives, solar power plants on water bodies and roofs, and commercial buildings.

What is the market share of power inverters in Europe?

Europe, which currently has a market share of 24.1%, is expected to be one of the most significant markets for power inverters during the forecast period. Apart from the growth of various industries, people in this region are generally looking for ways to reduce noise pollution.

How will the global power inverter market perform during the forecast period?

According to CXO perspective, the global power inverter market is expected to witness increased demand during the forecast period, the surge in the demand for renewable power from solar and wind resources and the increase in the investment to develop the solar and wind power generation infrastructure has a positive impact on the market.