DC/AC Inverter Market Size

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.