The study involved major activities in estimating the current size of the Inverter market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.
Secondary Research
This research study on the Inverter market involved the use of extensive secondary sources, directories, and databases, such as US Department of Energy, US Environmental Protection Agency (EPA), National Electrical Manufacturers Association (NEMA), Consumer Product Safety Commission (CPSC, California Energy Commission (CEC), European Committee for Electro Technical Standardization, European Union Agency for the Cooperation of Energy Regulators (ACER), Bureau of Indian standards, China National Institute of Standardization, Japanese Standards Association, and Electricity & Co-Generation Regulatory Authority (ECRA), to identify and collect information useful for a technical, market-oriented, and commercial study of the global Inverter market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
Primary Research
The Inverter market comprises several stakeholders such as Inverter manufacturers, manufacturers of subcomponents of Inverter, manufacturing technology providers, and technology support providers in the supply chain. The increased use of renewable energy sources worldwide, especially in solar and wind power projects, is driving up demand for inverters. An essential function of inverters is to transform the direct current (DC) produced by solar panels or wind turbines into alternating current (AC) that may be used for human consumption. Inverters are becoming more and more necessary as countries work to achieve sustainable energy solutions and shift to cleaner power sources. There is also a greater need for inverters in a variety of industries due to growing electrification, the development of infrastructure for electric vehicles, and improvements in industrial processes.
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the Inverter market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
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The key players in the industry and market have been identified through extensive secondary research, and their market share in the respective regions have been determined through both primary and secondary research.
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The industry’s value chain and market size, in terms of value, have been determined through primary and secondary research processes.
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All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Global Inverter Market Size: Top-down Approach
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Global Inverter Market Size: Bottom-Up Approach
Data Triangulation
After arriving at the overall market size from the estimation process explained above, the total market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments, the data triangulation and market breakdown processes have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand- and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.
Market Definition
An inverter transforms DC voltage to alternating current voltage. In most circumstances, the input DC voltage is lower, but the output AC voltage is equivalent to the grid supply voltage, which might be 120 or 240 volts depending on the country. The inverter is designed to act as a standalone piece of equipment for applications such as solar power or as a backup power supply from batteries that are charged separately.
Key Stakeholders
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Energy utilities
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Government and research organizations
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Institutional investors
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Investors/shareholders
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Process industries and power and energy associations
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Public and private operators of power plants
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Inverter manufacturers, dealers, and suppliers
Objectives of the Study
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To define, describe, segment, and forecast the Inverter market, in terms of value and output power rating, end user, type, output voltage, connection type, sales channel and region
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To forecast the market size for five key regions: North America, South America, Europe, Asia Pacific, and Middle East & Africa, along with their key countries
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To provide detailed information about the key drivers, restraints, opportunities, and challenges influencing the growth of the market
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To strategically analyze the subsegments with respect to individual growth trends, prospects, and contributions of each segment to the overall market size
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To analyze market opportunities for stakeholders and the competitive landscape of the market
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To strategically profile the key players and comprehensively analyze their market shares and core competencies
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To analyze competitive developments, such as deals and agreements in the market
Available Customizations:
With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for this report:
Geographic Analysis
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Further breakdown of region or country-specific analysis
Company Information
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Detailed analyses and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Inverter Market