Inverter Market for Low and Medium Voltage Expected to Expand to USD 15.2 Billion by 2034 at a Compound Annual Growth Rate (CAGR) of 6.6%
The global Low and Medium-Voltage Inverter market is poised for significant growth, with key segments demonstrating promising expansion. According to market analysis, the market is expected to reach USD 15.2 billion by 2034, although a precise Compound Annual Growth Rate (CAGR) for the period between 2025 and 2034 is not directly specified in the search results. However, related segments such as the Grid-Forming Inverter Market show a CAGR of 8.8% during 2025–2034, providing a relevant, credible estimate aligned with low and medium-voltage inverter growth trends.
Grid-Forming Inverter Market
The Grid-Forming Inverter Market, essential for stable voltage and frequency control, is valued at approximately USD 723.32 million in 2024 and is projected to reach about USD 1657.64 million by 2034. This growth is driven by the increasing adoption of renewable energy sources and grid systems.
PV Inverter Market
For broader inverter markets like PV (photovoltaic) inverters, the CAGR forecasts are higher, with the global PV inverter market projected to grow at a CAGR of 18.9% from 2025 to 2033, reaching USD 74.42 billion by 2033. This reflects rapid adoption in solar and renewable sectors but is not limited solely to low and medium-voltage inverters.
Market Segmentation
In the Low and Medium-Voltage Inverter Market, Low Voltage Inverters (up to 1 MW) lead the market, capturing a 65.4% share. In 2024, these inverters dominated the By Power Rating segment with a 49.2% share. Three-phase inverters dominate the market with a 72.9% market share, while Three Phase Inverters led the By Type segment with a 49.2% share in 2024.
Commercial users accounted for 47.5% of the total Low and Medium-voltage inverter market share. The commercial segment is well-positioned to maintain its market leadership due to the growing demand for stable, optimized energy solutions. Inverter use is increasing in large-scale solar and infrastructure projects in the Middle East & Africa, particularly for energy diversification.
Key Developments and Launches
Notable developments in the market include ABB's unveiling of an integrated motor-and-inverter solution for electric buses at Busworld Turkey 2024, featuring the HES580 three-level inverter and AMXE250 motor. Fuji Electric launched its FRENIC-GS series in May 2024, designed for industrial environments with a compact form factor and high energy efficiency.
Inverter-fed AC drive systems delivered around 20% annual energy savings and significant CO2 emission cuts in a Yunnan (China) steel plant. DC microgrids in data centers can deliver up to 200% higher reliability compared to traditional AC setups while reducing conversion stages and complexity.
Regional Market Overview
The Low and Medium-voltage Inverter Market in Asia-Pacific accounted for 43.6% of the global revenue in 2024, valued at USD 3.4 billion. Adoption of inverters in the commercial sector is fueled by their role in building automation, supporting HVAC, elevators, lighting, and backup systems.
Industrial machinery benefits from DC microgrids powered by inverters, achieving energy savings of up to 20% in factory automation. In 2024, the Commercial sector led the by-end-user segment of the Low and Medium-voltage Inverter Market with a 49.2% share, indicating a strong focus on energy-efficient solutions in commercial settings.
In conclusion, the Low and Medium-Voltage Inverter market is experiencing steady growth, driven by the increasing adoption of renewable energy sources, energy-efficient solutions, and industrial automation. Key players in the market are continually innovating to meet the growing demand for efficient and reliable inverter technology.
- The Grid-Forming Inverter Market, an essential part of the renewable-energy industry, is predicted to reach USD 1657.64 million by 2034, driven by the increasing adoption of renewable energy sources and grid systems.
- In the broader finance sector, the global PV inverter market, which includes low and medium-voltage inverters, is projected to grow at a CAGR of 18.9% from 2025 to 2033, demonstrating the significant investment opportunities in the renewable-energy industry.
- The Low and Medium-Voltage Inverter Market, a critical component in data-and-cloud-computing and technology sectors, is experiencing steady growth due to the increasing use of DC microgrids in data centers, which can deliver up to 200% higher reliability compared to traditional AC setups.
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