USD 6.41 billion
Global DC-AC Inverters Market Size, Share, Growth Analysis, By Type(Modified Sine Wave and Square Wave), By Application(Industrial, and Automotive) - Industry Forecast 2024-2031
Report ID:
SQMIG45N2027 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
60 |
Figures:
75
Global DC-AC Inverters Market Insights
Global DC-AC Inverters Market size was valued at USD 6.41 billion in 2022 and is poised to grow from USD 7.75 billion in 2023 to USD 35.45 billion by 2031, growing at a CAGR of 20.93% in the forecast period (2024-2031).
The DC-AC inverters market worldwide continues to show substantial growth or expansion with key demand driver of the reliance and reliability factor where efficiency is required across a wide spectrum of industries. DC to AC inverter has an integral part in switching DC power into the AC system, meeting with the growing demands for clean energy and where need renewable energy sources relates to infrastructure of the direct current. At present, the market faces many developing equipment that result in rapid technological developments, allowing latest high-efficiency and low costing inverters to grow. There are some important drivers for market growth, such as a significant increase in the installation of renewable energy systems like solar photovoltaic (PV) and wind power that is where DC-AC inverters provide an opportunity to make converted electric AC current compatible with electricity distribution network. Moreover, the increasing acceptance of electric vehicles and energy saving devices as well as energy storage solutions makes DC- AC inverters a right choice that facilitates efficient conversion for numerous usages. Carrying on such research and innovation, key market players are testing ways to improve DC-AC inverters’ efficiency and reliability with features including smart grid compliance, advanced monitoring capabilities and the best-in-class grid stabilization functionality. The trend for collaboration and the move for partnerships is growing into an industry norm as companies seek to capitalize on complementary strengths and increase their market share.
US DC-AC Inverters Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Modified Sine Wave
Fastest Growth
Modified Sine Wave
Growth Rate
20.93% CAGR
Global DC-AC Inverters Market 2021-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
Global DC-AC Inverters Market Size By Type 2021-2030 ($ Bn)
Global DC-AC Inverters Market Size By Type 2021-2030 (%)
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Global DC-AC Inverters Market Segmental Analysis
Global DC-AC Inverters market is segmented by type, application, and region. Based on type, the market can be segmented into modified sine wave, and square wave. Based on technology, the market is segmented into industrial, and automotive. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
DC-AC Inverters Market Analysis by Type
By type, the market can be segmented into modified sine wave and square wave. The modified sine wave segment is expected to dominate the market during the forecast period, owing to its higher efficiency, lower harmonic distortion, and better waveform quality as compared to square wave inverters. The modified sine wave inverters are also preferred in applications that require higher power and precision, such as industrial equipment and solar power systems.
The square wave inverters segment is expected to witness a moderate growth rate during the forecast period. These inverters are relatively simple, low-cost, and suitable for low-power applications such as powering small appliances and charging electronic devices. However, square wave inverters have higher harmonic distortion, which can affect the performance of sensitive electronic equipment.
DC-AC Inverters Market Analysis by Application
By application, the market can be segmented into industrial and automotive. The Industrial application segment is expected to dominate the market during the forecast period, owing to the growing demand for renewable energy sources, increasing industrialization, and the need for continuous power supply in various industries. The industrial sector requires high-power inverters for applications such as machinery, automation systems, and process control systems.
Due to the increased global usage of electric cars, the automotive application category is anticipated to experience the quickest growth throughout the forecast period. The electric vehicle industry is growing rapidly, and inverters are a crucial component of the electric powertrain system. The inverters convert the DC power from the battery to AC power to drive the electric motor. Moreover, the adoption of hybrid and plug-in hybrid electric vehicles is also driving the demand for inverters.
Global DC-AC Inverters Market Size By Type, 2021 (%), 2023 (%)
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Global DC-AC Inverters Market Regional Insights
North America has been the dominating market for DC-AC inverters due to the increasing adoption of renewable energy and energy-efficient products in the region. In addition, the United States has been a major contributor to the North American DC-AC inverter market, due to the growing demand for electric vehicles, the availability of government incentives for renewable energy adoption, and the presence of major players in the region.
APAC is the fastest growing market for DC-AC inverters, owing to the increasing demand for energy-efficient products and the growing adoption of renewable energy sources in the region. Countries such as China, Japan, and India have been major contributors to the APAC DC-AC inverter market due to the growing demand for DC-AC inverters in various end-use industries such as automotive, telecommunications, and healthcare.
Global DC-AC Inverters Market By Geography, 2021-2030, 2024-2031
- Largest
- Fastest
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Global DC-AC Inverters Market Dynamics
DC-AC Inverters Market Drivers
Increasing adoption of renewable energy sources
- One of the major drivers of the DC-AC inverter market is the increasing adoption of renewable energy sources such as solar, wind, and hydropower. DC-AC inverters play a crucial role in converting the DC power generated from renewable sources into usable AC power for homes and businesses. As the demand for renewable energy continues to rise globally, the demand for DC-AC inverters is also expected to increase, driving the growth of the DC-AC inverter market. In addition, government initiatives and incentives to promote renewable energy adoption are also expected to fuel the growth of the DC-AC inverter market.
DC-AC Inverters Market Restraints
High initial cost of installation and maintenance of DC-AC inverters
- One of the major restraints of the global DC-AC inverter market is the high initial cost of installation and maintenance of DC-AC inverters. In addition, the complex nature of DC-AC inverters and the need for specialized knowledge and technical expertise to install and maintain them can also pose a challenge to the growth of the market. Furthermore, the availability and cost of raw materials used in the manufacturing of DC-AC inverters can also impact the growth of the market. However, advancements in technology and increasing investments in research and development are expected to address some of these challenges in the future.
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Global DC-AC Inverters Market Competitive Landscape
The global DC-AC inverter market is highly fragmented, with the presence of several regional and global players. These players engage in competition based on elements including value, utility, performance, and innovation. Additionally, players frequently use alliances, partnerships, mergers, and acquisitions to increase their market presence and acquire a competitive advantage. In order to create sophisticated and effective DC-AC inverters, the market is also seeing rising investments in research and development, which is anticipated to increase market competitiveness.
Top Player’s Company Profiles in DC-AC Inverters Market
- SMA Solar Technology AG (Germany)
- ABB Ltd. (Switzerland)
- Delta Electronics, Inc. (Taiwan)
- Toshiba Corporation (Japan)
- Enphase Energy, Inc. (US)
- Power Electronics Espana S.L. (Spain)
- SolarEdge Technologies Inc. (Israel)
- KACO new energy GmbH (Germany)
- Schneider Electric SE (France)
- Fronius International GmbH (Austria)
- Sungrow Power Supply Co., Ltd. (China)
- Huawei Technologies Co., Ltd. (China)
- Omron Corporation (Japan)
- TMEIC Corporation (Japan)
- Mitsubishi Electric Corporation (Japan)
- General Electric Company (US)
- Danfoss A/S (Denmark)
- Xantrex Technology Inc. (Canada)
- Yaskawa Electric Corporation (Japan)
- Hitachi, Ltd. (Japan)
DC-AC Inverters Market Recent Developments
- In March 2023, Huawei Technologies Co. Ltd. announced that it has secured a contract to supply its inverters for a 2 GW solar project in Brazil.
- In February 2023, SMA Solar Technology AG announced the launch of its new Sunny Tripower CORE2 inverter, which is designed for use in residential and commercial applications.
- In January 2023, ABB announced that it has secured a contract to supply its high-power inverters for a 2 GW solar project in Australia.
- In August 2022, SolarEdge Technologies Inc. announced that it has acquired the Dutch company Alfen BV, a provider of smart grid solutions.
- In June 2022, Huawei Technologies Co. Ltd. announced that it has secured a contract to supply its inverters for a 1 GW solar project in India.
Global DC-AC Inverters Key Market Trends
- One key trend in the DC-AC inverter market is the increasing adoption of smart and connected inverters. Smart inverters offer advanced features such as real-time monitoring, remote control, and optimized performance, which can improve the efficiency and reliability of DC-AC inverters. In addition, the integration of IoT and artificial intelligence technologies in DC-AC inverters is also expected to enable predictive maintenance and energy management, further enhancing their performance and efficiency. The demand for smart and connected DC-AC inverters is expected to increase in the coming years, driving the growth of the market.
Global DC-AC Inverters Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis of the global DC-AC inverter market shows that the market is expanding rapidly as a result of rising demand for energy-efficient products, renewable energy sources, and electric cars. North America and APAC are the largest and fastest-growing markets for DC-AC inverters, respectively. Numerous regional and international businesses compete on the basis of cost, functionality, quality, and innovation in this highly fragmented industry. Some of the major issues facing the market include the high initial cost of installation and maintenance, the complexity of DC-AC inverters, and the cost and availability of raw materials. However, advancements in technology and increasing investments in research and development are expected to address these challenges in the future.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 6.41 billion |
| Market size value in 2031 | USD 35.45 billion |
| Growth Rate | 20.93% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global DC-AC Inverters Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global DC-AC Inverters Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global DC-AC Inverters Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global DC-AC Inverters Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global DC-AC Inverters Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global DC-AC Inverters Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global DC-AC Inverters Market Report Snapshots
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