North America Power Inverter Market Outlook, 2029
The North America Power Inverter Market is segmented into By Type (5 KW to 100 KW, Less than 5 KW, 100 KW to 500 KW and More than 500 KW), By Application (Motor Drives, Electric Vehicle, Solar PV, UPS, Wind Turbines and others) and By End User (Commercial and Industrial, Utility and Residential).
- Bonafide Research
- 31-07-2024
- Pages : 88
- Figures : 12
- Tables : 20
- Region : North America
- Category : Energy & Utility
- Power storage & Backup
The North America Power Inverter market was valued at over USD 20 billion in 2023, driven by increasing demand for renewable energy and residential inverters.
- Historical Period2018-2022
- Base Year2023
- Forecast Period2024-2029
- CAGR (2024-2029) 4%
- Largest Market United States
- Fastest Market Canada
- Format
Featured Companies
- 1. General Electric Company
- 2. SMA Solar Technology AG
- 3. Huawei Technologies Co.Ltd
- 4. Schneider Electric
- 5. Siemens AG
- 6. Delta Electronics
- More...
Power Inverter Market Analysis
Power inverters, crucial for converting direct current (DC) electricity from renewable sources into alternating current (AC) power compatible with the grid, are pivotal in the energy transition. The North American power inverter market is characterized by a strong emphasis on technological innovation, efficiency, and reliability. The region has been at the forefront of developing advanced inverter solutions, with a focus on maximizing energy yield, improving grid integration, and enhancing system performance. The presence of a robust research and development ecosystem, coupled with supportive government policies, has fostered a conducive environment for inverter manufacturers to thrive. A key aspect of the North American market is the emphasis on product safety and certification. Stringent regulations and standards ensure that power inverters meet rigorous quality and performance requirements. This focus on safety and reliability has built consumer confidence in the technology, driving wider adoption. Additionally, the North American market has witnessed a growing trend towards the integration of power inverters with energy storage systems, creating new opportunities for manufacturers and system integrators. The region's advanced electrical infrastructure and grid modernization initiatives provide a solid foundation for the deployment of these integrated solutions. Furthermore, the North American market is characterized by a diverse range of applications for power inverters. Beyond the residential and commercial solar sectors, the market encompasses industrial, utility-scale, and off-grid applications. This diversity has led to the development of specialized inverter solutions tailored to specific needs, demonstrating the market's maturity and adaptability. According to the research report "North America Power Inverter Market Outlook, 2029," published by Bonafide Research, the North America Power Inverter market was valued at more than USD 20 Billion in 2023. The United States, with its vast territory and diverse climate conditions, presents a complex yet lucrative market. California, for instance, has been at the forefront of solar energy adoption, driving demand for residential and commercial inverters. The state's grid parity achievement has accelerated inverter installations, making it a benchmark for the industry. In contrast, the Northeast region, with its colder climate and higher electricity costs, has seen a surge in demand for backup power inverters. Canada, while smaller in terms of market size, exhibits unique characteristics. The country's abundant renewable resources, particularly hydropower, have shaped the power inverter market. Ontario, with its Feed-in Tariff program, has been a pioneer in solar power adoption, influencing inverter demand. However, the Canadian market also faces challenges posed by its vast geography and varying climatic conditions, requiring inverters with specific performance characteristics. Mexico, though still developing its renewable energy sector compared to the US and Canada, is emerging as a significant market for power inverters. The country's growing industrial base and increasing urbanization are driving demand for reliable power solutions. While solar energy is gaining traction, the market for inverters in other applications, such as UPS systems and industrial processes, is also expanding.
Click Here to Download this information in a PDF
What's Inside a Bonafide Research`s industry report?
A Bonafide Research industry report provides in-depth market analysis, trends, competitive insights, and strategic recommendations to help businesses make informed decisions.
Download SampleMarket Dynamic
Market Drivers • Data Center Expansion and Energy Efficiency: The proliferation of data centers across North America to support the digital economy is a major driver for the power inverter market. Data centers require precise power conditioning to ensure uninterrupted operations and prevent equipment failures. Additionally, the increasing focus on energy efficiency within data centers is driving the demand for high-efficiency inverters capable of optimizing power consumption. • Electric Vehicle (EV) Charging Infrastructure Development: The rapid growth of the electric vehicle market in North America is creating a demand for charging infrastructure, including charging stations for residential, commercial, and public spaces. Power inverters play a crucial role in converting AC power from the grid to DC power for EV charging. As EV adoption continues to accelerate, the demand for power inverters in this segment is expected to soar. Market Challenges • Competition : The North American power inverter market is highly competitive, with numerous domestic and international players offering a wide range of products. This intense competition has led to price erosion and margin compression for manufacturers. Differentiating products and finding cost-effective solutions is crucial to survive in this competitive landscape. • Supply chain disruptions: The global supply chain for electronic components, including those used in power inverters, has experienced disruptions in recent years due to factors such as trade tensions, geopolitical conflicts, and the COVID-19 pandemic. This has led to component shortages, increased costs, and delivery delays, impacting the power inverter industry.
Power Inverter Segmentation
| By Type | 5 KW to 100 KW | |
| Less than 5 KW | ||
| 100 KW to 500 KW | ||
| More than 500 KW | ||
| By Application | Motor Drives | |
| Electric Vehicle | ||
| Solar PV | ||
| UPS | ||
| Wind Turbines | ||
| Others | ||
| By End User | Commercial and Industrial | |
| Utility | ||
| Residential | ||
| North America | United States | |
| Canada | ||
| Mexico | ||
According to the report, the Power Inverter market is segmented into 5 KW to 100 KW, Less than 5 KW, 100 KW to 500 KW and More than 500 KW. Within the North American power inverter market, the 5kW to 100kW segment reigns supreme, driven by a confluence of factors that align perfectly with the region's energy landscape. This segment encompasses a wide range of applications, from residential and commercial solar installations to small-scale industrial facilities. The growing adoption of solar photovoltaic (PV) systems, particularly in the residential and commercial sectors, has fueled demand for inverters in this power range. Additionally, the increasing focus on energy efficiency and grid reliability has prompted businesses and homeowners to invest in power backup solutions, further driving the popularity of 5kW to 100kW inverters. The availability of government incentives, such as tax credits and rebates, for solar installations has also contributed to the growth of this segment. Furthermore, the modular design and scalability of inverters in this range make them suitable for a variety of applications, enhancing their appeal to both residential and commercial consumers. The 5kW to 100kW inverter segment is further bolstered by the increasing electrification of transportation and the growing need for charging infrastructure. Electric vehicle (EV) charging stations require power inverters to convert AC power from the grid to DC power for charging EVs. The expansion of EV charging networks across North America is creating a demand for inverters in this power range to support the charging infrastructure. Additionally, the integration of energy storage systems with solar PV installations is driving the adoption of inverters capable of handling both grid-tied and off-grid operations. This trend is particularly prevalent in the residential and commercial sectors, where energy storage is becoming increasingly popular for backup power and load shifting purposes. The 5kW to 100kW inverter segment is also benefiting from advancements in inverter technology, such as the integration of smart features and digital connectivity. These features enable remote monitoring, diagnostics, and optimization of inverter performance. As the demand for data-driven insights and predictive maintenance grows, the adoption of smart inverters in this power range is expected to increase. Based on the report, the Power Inverter market is segmented into Motor Drives, Electric Vehicle, Solar PV, UPS, Wind Turbines and Others. Based on the report, the Power Inverter market is segmented into Commercial and Industrial, Utility and Residential. In terms of application, motor drives currently hold a leading position, driven by their widespread use in industrial processes. The region's manufacturing prowess and emphasis on automation have fueled the demand for high-performance inverters to control electric motors efficiently. However, the rapid expansion of the electric vehicle (EV) industry is rapidly gaining traction, positioning it as a significant growth segment. Solar PV and wind turbines also contribute substantially to the market, as the region accelerates its renewable energy adoption. UPS systems, while essential for critical applications, occupy a smaller but steady market share. When considering the end-user perspective, the commercial and industrial sector dominates the North American power inverter market. The region's robust manufacturing base, coupled with a growing focus on energy efficiency and automation, drives demand for industrial-grade inverters. The utility sector is another key player, with power inverters essential for grid integration of renewable energy sources. While the residential market is growing due to increased adoption of solar PV and battery storage systems, the commercial and industrial segment continues to be the primary revenue driver for power inverter manufacturers in North America.
Click Here to Download this information in a PDF
Power Inverter Market Regional Insights
Based on the report, the major countries covered in the report include the United States, Canada, Mexico, and the rest of North America. The United States undeniably leads the North American power inverter market. This dominance is rooted in several key factors. Firstly, the U.S. has been at the forefront of technological advancements in power electronics, with a robust research and development ecosystem. This has led to the development of highly efficient and reliable power inverters catering to various applications, from residential solar systems to large-scale industrial installations. Secondly, the country's substantial renewable energy installations, primarily solar and wind, have created a significant demand for grid-tied and off-grid inverters. The integration of these renewable sources necessitates efficient power conversion, driving inverter adoption and innovation. Thirdly, the U.S. boasts a mature data center industry, which is a major consumer of power inverters for uninterrupted power supply (UPS) systems. The stringent power quality requirements of data centers have spurred the development of advanced power inverters capable of handling critical loads with high reliability and efficiency. Finally, the presence of a large automotive industry and the push towards electric vehicles have created a growing market for traction inverters.
Click Here to Download this information in a PDF
Companies Mentioned
- General Electric Company
- SMA Solar Technology AG
- Huawei Technologies Co.Ltd
- Schneider Electric
- Siemens AG
- Delta Electronics
- Omron Healthcare (Omron Corporation)
- Amada Weld Tech
- Enphase Energy, Inc
- SolarEdge Technologies, Inc.
- Advanced Energy Industries, Inc
- Toshiba Mitsubishi-Electric Industrial Systems Corporation
Table of Contents
- 1. Executive Summary
- 2. Research Methodology
- 2.1. Secondary Research
- 2.2. Primary Data Collection
- 2.3. Market Formation & Validation
- 2.4. Report Writing, Quality Check & Delivery
- 3. Market Structure
- 3.1. Market Considerate
- 3.2. Assumptions
- 3.3. Limitations
- 3.4. Abbreviations
- 3.5. Sources
- 3.6. Definitions
- 4. Economic /Demographic Snapshot
- 5. Global Power Inverter Market Outlook
- 5.1. Market Size By Value
- 5.2. Market Share By Region
- 5.3. Market Size and Forecast, By Type
- 5.4. Market Size and Forecast, By Application
- 5.5. Market Size and Forecast, By End User
- 6. North America Power Inverter Market Outlook
- 6.1. Market Size By Value
- 6.2. Market Share By Country
- 6.3. Market Size and Forecast, By Type
- 6.4. Market Size and Forecast, By Application
- 6.5. Market Size and Forecast, By End User
- 7. Market Dynamics
- 7.1. Market Drivers & Opportunities
- 7.2. Market Restraints & Challenges
- 7.3. Market Trends
- 7.3.1. XXXX
- 7.3.2. XXXX
- 7.3.3. XXXX
- 7.3.4. XXXX
- 7.3.5. XXXX
- 7.4. Covid-19 Effect
- 7.5. Supply chain Analysis
- 7.6. Policy & Regulatory Framework
- 7.7. Industry Experts Views
- 7.8. United States Power Inverter Market Outlook
- 7.8.1. Market Size By Value
- 7.8.2. Market Size and Forecast By Type
- 7.8.3. Market Size and Forecast By Application
- 7.8.4. Market Size and Forecast By End User
- 7.9. Canada Power Inverter Market Outlook
- 7.9.1. Market Size By Value
- 7.9.2. Market Size and Forecast By Type
- 7.9.3. Market Size and Forecast By Application
- 7.9.4. Market Size and Forecast By End User
- 7.10. Mexico Power Inverter Market Outlook
- 7.10.1. Market Size By Value
- 7.10.2. Market Size and Forecast By Type
- 7.10.3. Market Size and Forecast By Application
- 7.10.4. Market Size and Forecast By End User
- 8. Competitive Landscape
- 8.1. Competitive Dashboard
- 8.2. Business Strategies Adopted by Key Players
- 8.3. Key Players Market Positioning Matrix
- 8.4. Porter's Five Forces
- 8.5. Company Profile
- 8.5.1. Huawei Technologies Co., Ltd.
- 8.5.1.1. Company Snapshot
- 8.5.1.2. Company Overview
- 8.5.1.3. Financial Highlights
- 8.5.1.4. Geographic Insights
- 8.5.1.5. Business Segment & Performance
- 8.5.1.6. Product Portfolio
- 8.5.1.7. Key Executives
- 8.5.1.8. Strategic Moves & Developments
- 8.5.2. Schneider Electric SE
- 8.5.3. Omron Corporation
- 8.5.4. Enphase Energy, Inc
- 8.5.5. Advanced Energy Industries, Inc
- 8.5.6. SolarEdge Technologies, Inc
- 8.5.7. SMA Solar Technology AG
- 8.5.8. General Electric Company
- 8.5.9. Delta Electronics, Inc.
- 8.5.10. Fronius International GmbH
- 8.5.11. Siemens AG
- 8.5.12. Toshiba Mitsubishi-Electric Industrial Systems Corporation
- 9. Strategic Recommendations
- 10. Annexure
- 10.1. FAQ`s
- 10.2. Notes
- 10.3. Related Reports
- 11. Disclaimer
Table 2: Top 10 Counties Economic Snapshot 2022
Table 3: Economic Snapshot of Other Prominent Countries 2022
Table 4: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 5: Global Power Inverter Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 6: Global Power Inverter Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 7: Global Power Inverter Market Size and Forecast, By End User (2018 to 2029F) (In USD Billion)
Table 8: North America Power Inverter Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 9: North America Power Inverter Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 10: North America Power Inverter Market Size and Forecast, By End User (2018 to 2029F) (In USD Billion)
Table 11: Influencing Factors for Power Inverter Market, 2023
Table 12: United States Power Inverter Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 13: United States Power Inverter Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 14: United States Power Inverter Market Size and Forecast By End User (2018 to 2029F) (In USD Billion)
Table 15: Canada Power Inverter Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 16: Canada Power Inverter Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 17: Canada Power Inverter Market Size and Forecast By End User (2018 to 2029F) (In USD Billion)
Table 18: Mexico Power Inverter Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 19: Mexico Power Inverter Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 20: Mexico Power Inverter Market Size and Forecast By End User (2018 to 2029F) (In USD Billion)
Figure 2: Market attractiveness Index, By Region 2029
Figure 3: Market attractiveness Index, By Segment 2029
Figure 4: Global Power Inverter Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 5: Global Power Inverter Market Share By Region (2023)
Figure 6: North America Power Inverter Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 7: North America Power Inverter Market Share By Country (2023)
Figure 8: US Power Inverter Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 9: Canada Power Inverter Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 10: Mexico Power Inverter Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 11: Competitive Dashboard of top 5 players, 2023
Figure 12: Porter's Five Forces of Global Power Inverter Market
Power Inverter Market Research FAQs
Related Reports
One individual can access, store, display, or archive the report in Excel format but cannot print, copy, or share it. Use is confidential and internal only. Read More
One individual can access, store, display, or archive the report in PDF format but cannot print, copy, or share it. Use is confidential and internal only. Read More
Up to 10 employees in one region can store, display, duplicate, and archive the report for internal use. Use is confidential and printable. Read More
All employees globally can access, print, copy, and cite data externally (with attribution to Bonafide Research). Read More
Safe and Secure SSL Encrypted
Quick Contacts
Want to customize this report?
We offer 10% Free Customization at the time of purchase
Get Free Customization
Trusted Partners
Budget constraints? Get in touch with us for special pricing
Request DiscountOrder Detail
- Order Placed (22 December, 2024)
- Notify To Team (22 December, 2024)
- Report updation (23 December, 2024)
- Report Quality Check (23 December, 2024)
- Report Dispatch (24 December, 2024)
- Hard Copy
Recently Viewed Products
North America Power Inverter Market Outlook, 2029
We are friendly and approachable, give us a call.