Inverter Market: Growth opportunities led by ABB Ltd. and Altenergy Power System Inc. - Technavio
NEW YORK, Feb. 2, 2023 /PRNewswire/ -- The inverter market size is forecasted to increase by USD 30,136.2 million from 2022 to 2027, at a CAGR of 6.7%, according to the recent market study by Technavio. The report includes historic market data from 2017 to 2021. In 2017, the market was valued at USD 59825.08 million. The growth of the market will be driven by the rise in wind energy consumption, increasing solar energy installation, and growing support from governments for solar energy projects.
Technavio has extensively analyzed 15 major vendors, including ABB Ltd., Altenergy Power System Inc., Danfoss AS, DARFON ELECTRONICS CORP., Delta Electronics Inc., Eaton Corp. Plc, Enphase Energy Inc., Fronius International GmbH, General Electric Co., Huawei Technologies Co. Ltd., Mitsubishi Electric Corp., OMRON Corp., Powerone Micro Systems Pvt. Ltd., Schneider Electric SE, Shenzen Growatt New Energy Technology Co. Ltd., Siemens AG, SMA Solar Technology AG, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd., and Vertiv Holdings Co.
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Key benefits for industry players & stakeholders ?
The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Customer landscape - Analysis of price sensitivity, adoption lifecycle, customer purchase basket, adoption rates, and purchase criteria by Technavio
One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage.
Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
Furthermore, market adoption rates for all regions have been covered.
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The market is segmented by application (motor drive, renewable energy, and UPS) and type (on-grid and off-grid).
Segmentation by application
Inclusion
Motor Drive:
The motor drive segment showed a gradual increase in the market share of USD 26,574.30 million in 2017 and continued to grow by 2021. Electric motors account for 44% of electricity consumption worldwide. The demand for electricity is rising globally due to factors such as high urbanization rate and rising population. Such factors are expected to increase the demand for electric motor driver inverters during the forecast period. In addition, the need to comply with the higher energy standards set by various regulatory bodies across the world is driving the demand for electric motors. These factors will drive the growth of the segment during the forecast period.
Related Reports:
The photovoltaic inverter market share is expected to increase by USD 1.48 billion from 2020 to 2025, and the market's growth momentum will decelerate at a CAGR of 2.96%. Furthermore, this report extensively covers photovoltaic inverter market segmentation by technology (string inverters, central inverters, and micro-inverters) and geography (APAC, Europe, North America, MEA, and South America).
The Solar Hybrid Inverter Market is forecasted to grow by USD 76.44 million during 2022-2026, accelerating at a CAGR of 10.19% during the forecast period. Furthermore, this report extensively covers solar hybrid inverter market segmentation by end-user (commercial and residential) and geography (APAC, Europe, North America, MEA, and South America).
What are the key data covered in this inverter marketreport?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the inverter market between 2023 and 2027
Precise estimation of the inverter market size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the inverter industry across APAC, Europe, North America, Middle East and Africa, and South America
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of inverter market vendors
Inverter Market Scope
Report Coverage
Details
Page number
172
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 6.7%
Market growth 2023-2027
USD 30,136.2 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
5.96
Regional analysis
APAC, Europe, North America, Middle East and Africa, and South America
Performing market contribution
APAC at 41%
Key countries
US, China, Japan, Germany, and UK
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
ABB Ltd., Altenergy Power System Inc., Danfoss AS, DARFON ELECTRONICS CORP., Delta Electronics Inc., Eaton Corp. Plc, Enphase Energy Inc., Fronius International GmbH, General Electric Co., Huawei Technologies Co. Ltd., Mitsubishi Electric Corp., OMRON Corp., Powerone Micro Systems Pvt. Ltd., Schneider Electric SE, Shenzen Growatt New Energy Technology Co. Ltd., Siemens AG, SMA Solar Technology AG, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd., and Vertiv Holdings Co.
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of Contents:
1 Executive Summary
1.1 Market Overview
Exhibit 01: Executive Summary ? Chart on Market Overview
Exhibit 02: Executive Summary ? Data Table on Market Overview
Exhibit 03: Executive Summary ? Chart on Global Market Characteristics
Exhibit 04: Executive Summary ? Chart on Market by Geography
Exhibit 05: Executive Summary ? Chart on Market Segmentation by Application
Exhibit 06: Executive Summary ? Chart on Market Segmentation by Type
Exhibit 07: Executive Summary ? Chart on Incremental Growth
Exhibit 08: Executive Summary ? Data Table on Incremental Growth
Exhibit 09: Executive Summary ? Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market Definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Global inverter market 2017 - 2021
Exhibit 18: Historic Market Size ? Data Table on Global inverter market 2017 - 2021 ($ million)
Exhibit 154: Mitsubishi Electric Corp. - Business segments
Exhibit 155: Mitsubishi Electric Corp. - Key news
Exhibit 156: Mitsubishi Electric Corp. - Key offerings
Exhibit 157: Mitsubishi Electric Corp. - Segment focus
12.14 Schneider Electric SE
Exhibit 158: Schneider Electric SE - Overview
Exhibit 159: Schneider Electric SE - Business segments
Exhibit 160: Schneider Electric SE - Key news
Exhibit 161: Schneider Electric SE - Key offerings
Exhibit 162: Schneider Electric SE - Segment focus
12.15 Siemens AG
Exhibit 163: Siemens AG - Overview
Exhibit 164: Siemens AG - Business segments
Exhibit 165: Siemens AG - Key news
Exhibit 166: Siemens AG - Key offerings
Exhibit 167: Siemens AG - Segment focus
12.16 SMA Solar Technology AG
Exhibit 168: SMA Solar Technology AG - Overview
Exhibit 169: SMA Solar Technology AG - Business segments
Exhibit 170: SMA Solar Technology AG - Key offerings
Exhibit 171: SMA Solar Technology AG - Segment focus
12.17 Vertiv Holdings Co.
Exhibit 172: Vertiv Holdings Co. - Overview
Exhibit 173: Vertiv Holdings Co. - Business segments
Exhibit 174: Vertiv Holdings Co. - Key news
Exhibit 175: Vertiv Holdings Co. - Key offerings
Exhibit 176: Vertiv Holdings Co. - Segment focus
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 177: Inclusions checklist
Exhibit 178: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 179: Currency conversion rates for US$
13.4 Research methodology
Exhibit 180: Research methodology
Exhibit 181: Validation techniques employed for market sizing
Exhibit 182: Information sources
13.5 List of abbreviations
Exhibit 183: List of abbreviations
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