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

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 inverter market is highly fragmented, with the presence of several regional and 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. '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)'

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.

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.

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.