Allied Market Research

2024

Inverter Systems Market

Inverter Systems Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type and, by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032

EP : Storage and Distribution

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Author's: | Eswara Prasad
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A power inverter, often known as an inverter, is a piece of electronic equipment that converts direct current (DC) to alternating current (AC). The design of the specific device or circuitry determines the input voltage, output voltage and frequency, and overall power handling. The inverter does not generate any electricity; instead, the DC source provides it. Depending on the circuit architecture, an inverter can create a square wave, modified sine wave, pulsed sine wave, pulse width modulated wave (PWM), or sine wave. Modified sine wave and square wave are the two most used commercialized waveform kinds of inverters.

An inverter is a device that converts DC electricity from batteries or fuel cells to AC electricity. The electricity can be of any voltage; for example, it can power AC equipment meant for mains operation, or it can be rectified to create DC at any voltage. It is also in charge of regulating the speed and torque of electric motors. Most of the items used to conduct work, such as small electronics, transportation, and office appliances contain electric motors. Electricity is required to drive these motors. To minimize wasting energy, it's critical to match the motor's speed to the process at hand. In industries, squandered energy and materials could jeopardize operations, therefore inverters are utilized to control electric motors, increasing output while reducing energy consumption. 

COVID-19 Impact Analysis

  • The COVID-19 pandemic had a negative impact on the market growth of inverter system and caused a decline in the demand for inverter. 
  • The supply chain was interrupted and the raw material availability was hindered due to the restriction in movement of raw material across boundaries. This had a negative impact on the inverter system market.
  • The energy demands reduced from the industries and commercial area as all production activities stopped to prevent the gathering of people, which decreased the demand for inverter system from these sectors.
  • The economic activities in the countries were stopped and no new investment or development were done during this period. This stagnated the market growth for inverter systems.
  • The operation activity in the inverter system manufacturing industries were all stopped, keeping in mind the lockdown restriction and the industries started the capacity of the plants could not run at the optimum utilization. 
  • The inverter system market is now increasing after the lockdown has been uplifted and is expected to a gain large amount of the market share. 

Top Impacting Factor

  • Increase in investments in industrial automation solutions, increased emphasis on regulations that demand operational and workforce safety, expansion of power generation capacity of plants, electrification of the transportation sector, and reduction in the production and operational costs of power plants due to advancements in technology in emerging economies drive the market for inverter system. However, the high cost that are associated with the inverter system and the availability of cheaper material for the production will cause a restrain to the market to grow.  Micro inverters are gaining popularity due to a variety of advantages they provide. For example, they allow for individual monitoring and tuning of each solar panel in order to maximize electricity generation. This enables end users to improve the performance of their solar systems by providing panel-level Maximum power point tracking (MPPT). Micro inverters are more reliable and have a simpler design than other types of inverters. The growth of the inverter system market would be aided by the increased deployment of micro inverters.

Market Trends

  • Many firms are facing new hurdles as they race to bring electric propulsion in the market, not least in the quick prototyping of inverters for new motor control applications.  Manufacturers must choose between proven but inflexible "off the shelf" solutions from established providers or fully flexible development methods that necessitate substantial input and knowledge before producing a functional end-product.
  • Toshiba Mitsubishi-Electric Industrial Systems Corporation (hereafter "TMEIC"; President & CEO Masahiko Yamawaki) created a new universal design inverter for both solar and energy storage systems (ESS). In May 2019, sales of the new modular-type inverter with great variability began for the global market. 
  • TMEIC has achieved the world's highest conversion efficiency of 99.1 percent*1 with the new inverter for solar power generating systems/ESS, while expanding the maximum capacity for a single unit from the usual 3.2MW to the world-class 5.5MW. 
  • On 16th May 2019, ABB introduced the next-generation central inverter, which includes unique cooling capabilities. The PVS980-58 central inverter, which is a finalist for the Intersolar Award 2019, has a 1500V output and high-power capabilities. For EPCs, developers, and end users, it allows one of the greatest DC/AC ratios up to 2.0, with power outputs up to 5,000kVA at 690VAC. This advanced inverter can also be offered as an integrated solution with all key components from the ABB portfolio, such as a plug and play compact skid PVS980-CS or a pad mounted solution, PVS980-MVP. With the PVS980-MVP, the new solution includes all electrical equipment needed to connect the solar plant to any medium-voltage (MV) grid globally, quickly and easily.

Key Benefits of Report

  • This study presents the analytical depiction of the inverter systems market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the inverter systems market share.
  • The current market is quantitatively analyzed to highlight the inverter systems market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed inverter systems market analysis based on competitive intensity and how the competition will take shape in the coming years.

Inverter Systems Market Report Highlights

Aspects Details
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By Type
  • Square Wave Inverter
  • Modifies Sine Wave Inverter
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By Application
  • Residential
  • Industrial
  • Commercial
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Key Market Players

Alstom, Bonfiglioli, ABB, Danfoss, GE, Delta Electronics, SMA Solar Technology, Schneider Electric, Mitsubishi Electric, Siemens

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Inverter Systems Market

Global Opportunity Analysis and Industry Forecast, 2023-2032