Global DC/AC Inverter Market Highlights 2022 – 2030
The global DC/AC inverter market is estimated to garner a sizeable revenue by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the rise in the dependability of people on electronic appliances and gadgets is predicted to bring an upsurge in the demand for inverters in the coming years, which in turn is expected to fuel the progress of the market. Furthermore, large inflow of investments in the renewable energy sector, coupled with escalating installations of residential solar rooftops, especially in developed nations, are projected to offer abundant growth opportunities to the market in the near future.
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Along with these, rapidly growing urbanization, and increasing adoption of renewable energy sources for electricity generation around the world. According to the International Energy Agency, 421,131 GWh of electricity was generated from primary solid biofuels, up from 390,848 GWh and 366,375 GWh in 2017 and 2016 respectively.
The market is segmented by output power rating into below 10 kW, 10–50 kW, 50–100 kW, and above 100 kW, out of which, the below 10 KW segment is anticipated to hold the largest share in the global DC/AC inverter market. This can be accounted to the suitability of inverters with power rating less than 10 KW for use in commercial and residential sectors, and rising installation of residential solar PV systems on rooftops. Additionally, on the basis of sales channel, the indirect sales channel segment is assessed to grab the largest share during the forecast period owing to the largescale adoption of these sales channel by inverter manufacturers for providing their solutions to several industry verticals. Apart from these, presence of well-established sales networks of major players in the market is also predicted to boost the segment’s growth in the imminent time.
Major Macro-Economic Indicators Impacting the Market Growth
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Global DC/AC Inverter Market Regional Synopsis
On the basis of geographical analysis, the global DC/AC inverter market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth and occupy the most significant share over the forecast period on the back of the rise in demand for electricity in developing countries of the region, robust growth of industrialization and growing trend of green energy for power generation. For instance, in 2020, China’s population consumed about 7,510 terawatt hours of electricity, up from approximately 7,200 terawatt hours of electricity in 2019. In addition, increasing emphasis on regulations focusing on operational and workforce safety, and surge in electrification of the transportation sector is also projected to drive the region’s market growth in the coming years.
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The global DC/AC inverter market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global DC/AC inverter market includes the following segments:
By Module Type
- Ground Mount
By Output Power Rating
- Below 10 kW
- 10–50 Kw
- 50–100 kW
- Above 100 kW
By Sales Channel
- Rapidly Growing Urbanization
- Increasing Adoption of Renewable Energy Sources for Electricity Generation Worldwide
- High Maintenance Cost of DC/AC Inverter
Top Featured Companies Dominating the Market
- SMA Solar Technology AG
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Omron Corporation
- Huawei Technologies Co., Ltd.
- ABB Ltd.
- Schneider Electric SE
- Solar Edge Technologies Inc.
- Tabuchi Electric Co., Ltd.
- Bonfiglioli Transmissions Private Limited
- Sunpower Corporation