Energy storage inverter industry equipment manufacturing profit analysis

How big is the power inverter market?

The market is projected to grow from USD 53.49 billion in 2024 to USD 209.74 billion by 2032, exhibiting a CAGR of 18.62% during the forecast period. A power inverter converts Direct Current (DC) to Alternating Current (AC). The power inverter market growth is attributed to the growing solar industry.

How much does a solar inverter cost?

The solar inverter cost is based on its brand and size. A string inverter can cost anywhere from USD 1,000 to over USD 2,000. Furthermore, if a battery inverter is used, the overall cost of the installation will generally increase by around USD 2,000 to USD 3,000.

Why is Asia Pacific a major market for power inverters?

In addition, Asia Pacific is one of the major players in the production of power inverters as well as one of the major regions in terms of demand as it has rising consumers of electric vehicles, solar energy, and others.

How do governments support the adoption of power inverter systems?

Governments globally are offering some incentives to facilitate the adoption of power inverter systems to support the evolution of the usage of the product. Countries such as India support in covering some product costs, which may help consumers.

Where is the Latin American power inverter market located?

The Latin American market for inverters is studied in Brazil, Mexico, and the rest of Latin America. Mexico dominates in the Latin America power inverter market share due to ongoing urbanization and population, and energy demands have skyrocketed, requiring alternative energy sources to meet those demands.

How much does a string inverter cost?

A string inverter can cost anywhere from USD 1,000 to over USD 2,000. Furthermore, if a battery inverter is used, the overall cost of the installation will generally increase by around USD 2,000 to USD 3,000. Residential consumers in emerging nations do not want to spend large sums of money on maintaining equipment.