DC-AC Inverter Market size was over USD 7.63 billion in 2023 and is anticipated to reach USD 88.05 billion by 2036, witnessing around 20.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of DC-AC inverter is estimated at USD 8.89 billion. 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 DC-AC inverter 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 DC-AC inverter market in the near future.
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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
20.7% |
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Base Year Market Size (2023) |
USD 7.63 billion |
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Forecast Year Market Size (2036) |
USD 88.05 billion |
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Regional Scope |
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The DC-AC inverter 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.
Our in-depth analysis of the global market includes the following segments
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By Module Type |
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By Installation |
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By Output Power Rating |
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By Sales Channel
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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. Asia Pacific industry is expected to dominate majority revenue share by 2036, impelled by rise in demand for electricity in developing countries of the region, robust growth of industrialization and growing trend of green energy for power generation. 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.
August 2020- Huawei launched SUN2000-105KTL-H1 string inverter, which supports bifacial PV modules used in 2 MW PV plants in Poland. The inverter produces 15-20 percent more energy than monofacial configuration.
September 2018- SMA launched the world’s most powerful inverter for central PV power plants called Sunny Central UP, which is claimed to increase the power output by 50 percent.
Author Credits: Dhruv Bhatia
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