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Inverter Market to Grow by USD 32.38 Billion (2024-2028) as Wind Energy Demand Rises, with AI Redefining the Market Landscape – Technavio

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NEW YORK, Sept. 20, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global inverter market size is estimated to grow by USD 32.38 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.78%  during the forecast period. Rise in wind energy consumption is driving market growth, with a trend towards increase in demand for clean power. However, intermittent nature of renewable energy  poses a challeng – Key market players include ABB Ltd., Altenergy Power System Inc., Danfoss AS, DARFON ELECTRONICS CORP., Delta Electronics Inc., Eaton Corp. Plc, Enphase Energy Inc., Fronius International GmbH, General Electric Co., Huawei Technologies Co. Ltd., Mitsubishi Electric Corp., OMRON Corp., Powerone Micro Systems Pvt. Ltd., Schneider Electric SE, Shenzen Growatt New Energy Technology Co. Ltd., Siemens AG, SMA Solar Technology AG, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd., and Vertiv Holdings Co..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Inverter Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 6.78%

Market growth 2024-2028

USD 32.38 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.23

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 39%

Key countries

China, US, Germany, Japan, and UK

Key companies profiled

ABB Ltd., Altenergy Power System Inc., Danfoss AS, DARFON ELECTRONICS CORP., Delta Electronics Inc., Eaton Corp. Plc, Enphase Energy Inc., Fronius International GmbH, General Electric Co., Huawei Technologies Co. Ltd., Mitsubishi Electric Corp., OMRON Corp., Powerone Micro Systems Pvt. Ltd., Schneider Electric SE, Shenzen Growatt New Energy Technology Co. Ltd., Siemens AG, SMA Solar Technology AG, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd., and Vertiv Holdings Co.

Market Driver

The global demand for power is projected to increase significantly due to population growth and economic expansion, reaching 34,454 TWh by 2035 according to The World Bank. Renewable energy sources, such as solar, wind, and hydropower, are becoming increasingly popular due to climate change policies and technology advancements. China and the US accounted for approximately 20% of the global power generation capacity in 2020, with China projected to expand its capacity by 3% year-over-year until 2035, primarily in renewable energy. Governments worldwide are promoting wind energy through favorable policies, such as Feed-in Tariffs (FiTs) and auctions, to encourage competition and grid connection infrastructure investment. Renewable energy sources, particularly wind power, are gaining popularity among end-users as they reduce dependence on fossil fuels and help countries meet their carbon emission goals. China is a leading region in offshore wind energy generation growth. Droughts and drastic weather changes have prompted governments to diversify their energy mix further, leading to increased investment in renewable energy infrastructure. 

The Inverter Market is experiencing significant growth due to increasing trends in renewable energy projects and the shift towards electric vehicles. Car batteries and household electronics are major applications driving demand for inverters. Manufacturing facilities and plants are also procuring inverters for uninterruptible power supplies as backup solutions during electricity outages. Technological developments in solar inverters, particularly solar PV systems and solar modules, are key factors fueling growth. Rising disposable incomes and environmental concerns are boosting demand for silent, environment-friendly inverters. Supply bottlenecks and procurement costs of raw materials are challenges for market players. Renowned companies like Continental, Delphi Technologies, Toyota Industries, Sensata Technologies, Samlex Europe, BESTEK, and the International Energy Agency are major players in the inverter market. Government bodies are promoting clean energy and reducing reliance on fossil fuels, such as gasoline, through incentives and regulations. Renewable energy sources like wind and solar are becoming more cost-effective, making inverters essential for their efficient conversion and storage. 

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Market Challenges

The solar PV market is experiencing significant growth due to decreasing installation costs and favorable government regulations. However, the intermittent nature of solar energy is a major challenge to market expansion. Solar energy production can vary throughout the day, impacting energy consistency. Solar PV converts only 12-16% of sunlight into electric energy, and monocrystalline silicon panels offer the highest efficiency of up to 15%. Advanced panels from companies like SunPower, with conversion rates of up to 20%, help mitigate intermittency. Yet, their high cost limits widespread adoption, making intermittency a key challenge for the global inverter market.The inverter market is experiencing significant growth due to the increasing adoption of renewable energy sources and electric vehicles. Renewable power infrastructure, including Solar PV systems, relies heavily on solar inverters to convert Direct Current (DC) from solar panels into Alternating Current (AC) for use in homes and businesses. Key players in the solar inverter segment include Continental, Delphi Technologies, Toyota Industries, Sensata Technologies, Samlex Europe, and BESTEK. Government bodies and international organizations like the International Energy Agency are pushing for clean energy solutions to reduce reliance on fossil fuels. This trend is driving demand for inverters in various sectors, including automotive, building & construction, and oil & gas industry. Automotive segment is witnessing growth with the rise of hybrid and electric vehicles. Component suppliers are developing advanced inverters for electric motors in vehicles. In the renewable power sector, there is a need for maintenance services for on-grid and off-grid solar power systems. Rural electrification projects and charging station infrastructure are other areas where inverters play a crucial role. The market is segmented into vehicle, residential, commercial, and industrial segments. Renewable energy adoption is essential to mitigate environmental pollution and transition towards a sustainable future.

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Segment Overview

This inverter market report extensively covers market segmentation by  

Application 1.1 Motor drive1.2 Renewable energy1.3 UPSType 2.1 On-grid2.2 Off-gridGeography 3.1 APAC3.2 Europe3.3 North America3.4 Middle East and Africa3.5 South America

1.1 Motor drive-  The global inverter market’s motor drive segment is experiencing significant growth due to the increasing need to optimize manufacturing processes and reduce operational costs by monitoring energy consumption using variable frequency drive systems. Electric motors, which consume 44% of the world’s electricity, require control drives to adjust their speed and increase energy efficiency. The demand for these drives is growing as electric motors replace mechanical and hydraulic motors in various applications, including household appliances, motor vehicles, aerospace, and industrial equipment. As urbanization rates rise and populations grow, the demand for electricity continues to increase, leading to a higher demand for electric motor driver inverters. Compliance with energy standards set by regulatory bodies is also driving market growth. The APAC and European regions are expected to see particularly strong demand for compact AC drives for electric motors.

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Research Analysis

The inverter market is experiencing significant growth due to the increasing adoption of renewable energy sources, such as solar and wind, for generating clean energy. Electric vehicles (EVs) are another major driver, as they require inverters for converting DC battery power to AC for use in homes and charging stations. Government bodies are promoting the use of renewable power and emission rules for reducing dependence on fossil fuels, further boosting market growth. The solar inverter segment holds a prominent share, supplying power conditioning solutions for Solar PV systems. Other significant applications include the automotive segment with electric motors and hybrid vehicles, building & construction, and the oil & gas industry for remote operations. Component suppliers, such as Continental, Delphi Technologies, Toyota Industries, Sensata Technologies, Samlex Europe, and BESTEK, are key players in the market. The market also includes maintenance services and charging station infrastructure providers. Renewable power, automakers, and rural electrification are other notable sectors driving market expansion.

Market Research Overview

The inverter market is witnessing significant growth due to the increasing adoption of renewable energy sources, such as solar, wind, and hydro, for generating clean energy. Electric vehicles (EVs) are another major driver, as they require inverters for converting DC power from their batteries to AC power for use in homes and charging stations. Government bodies and international energy agencies are promoting the use of renewable power to reduce reliance on fossil fuels and mitigate environmental pollution. Solar inverters, specifically, are a key segment of this market, used in Solar PV systems to convert DC power from solar modules to AC power for use in homes and businesses. The solar industry is also seeing technological developments, including the use of DC microgrids and energy storage systems, which require advanced inverters. The automotive segment is another significant market for inverters, with applications in electric motors, charging station infrastructure, and hybrid and battery electric vehicles. Inverters are also used in the building & construction industry, oil & gas industry, and manufacturing facilities for renewable power infrastructure and backup solutions. The solar inverter segment is expected to continue its growth trajectory, driven by the increasing deployment of solar PV systems for residential, commercial, and industrial applications. The residential segment is a major market, with the growing trend of rooftop solar installations. The commercial and industrial segments are also expected to see significant growth due to the rising disposable incomes and the need for uninterruptible power supplies as backup solutions during outages. The solar panel manufacturing industry also requires inverters for converting DC power from solar panels to AC power for use in renewable energy projects. The procurement costs of raw materials and supply bottlenecks can impact the order completion time and the overall cost of solar projects. However, the technological developments in the solar industry and the increasing focus on reducing CO2 emissions are expected to drive the growth of the solar inverter market. Inverters are also used in household electronics and vehicle applications, such as car batteries and charging stations. The automakers are investing in research and development to improve the efficiency and performance of inverters for use in their vehicles, including hybrid and electric vehicles, to meet emission rules and reduce reliance on gasoline. The silent and environment-friendly nature of inverters makes them a preferred choice for renewable energy projects and backup solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationMotor DriveRenewable EnergyUPSTypeOn-gridOff-gridGeographyAPACEuropeNorth AmericaMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Marquis Who’s Who Honors Rupin Chothani for Engineering Leadership

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UNIONDALE, N.Y., July 23, 2026 /PRNewswire/ — Marquis Who’s Who honors Rupin Chothani for his leadership in engineering and project management. With more than two decades of professional experience to his credit, Mr. Chothani leverages a unique expertise in fire and petrochemical solutions to find success in his field. As project manager, project engineer and proposal manager at Technip Energies N.V., Mr. Chothani ensures effective results.

Drawn to Engineering

Coming from a family of engineers, Mr. Chothani was naturally drawn to the profession. This inclination was reinforced by comprehensive aptitude and attitude tests administered at the age of 14, which highlighted his strengths in engineering and architecture. Ultimately, this direction reinforced his determination to pursue a degree in mechanical engineering.

By 2003, Mr. Chothani earned a Bachelor of Science in Mechanical Engineering at the University of Mumbai. After a brief role as a junior manufacturing engineer at Artech Cooling Tower Pvt. Ltd., he completed a Master of Science in Mechanical Engineering at the University of Bridgeport in 2006. In addition to these degrees, Mr. Chothani later achieved AutoCAD certification.

Following his graduation in 2006, Mr. Chothani joined CB&I Lummus / ABB Lummus Heat Transfer (now Lummus Technology) as a thermal engineer. Though his work at Lummus Technology lasted only three years, Mr. Chothani was greatly influenced by mentor figures at the company. These mentors, including Ken Catala, Peter Harvard, Chin Dang and Miller Alanath Carter, provided essential guidance.

Building a Family

In December 2008, Mr. Chothani married his wife, Cathy. Along with his son and daughter, his family has contributed richly to his success in engineering and they continue to inspire him to excel. In addition to their support, Mr. Chothani recognizes that there is no alternative to hard work and dedicated learning.

From Lummus Technology to Technip Energies N.V.

Following his work at Lummus Technology, Mr. Chothani worked with Maco Corporation India Pvt. Ltd. By 2011, he joined Complete Heat Transfer Solutions – Environ Energy Systems as a thermal and mechanical engineer. By 2013, Mr. Chothani became a part of Technip Energies N.V. as a furnace mechanical engineer. By 2023, he added to this role and became a project manager, project engineer and proposal manager at the company.

In his current role at Technip Energies N.V., Mr. Chothani is responsible for a variety of essential duties. He manages and executes on engineering projects for ethylene cracking furnaces and heaters, and oversees proprietary technologies. Additionally, he actively coordinates with procurement, logistics, mechanical engineering and process engineering teams to ensure effective results.

Plans for the Future

Moving forward, Mr. Chothani hopes to advance his project management skills, particularly within the firejet industry. At the same time, he aims to share his knowledge of the industry with the next generation of professionals. Outside of his professional ambitions, Mr. Chothani intends to prepare his children to find success, inspiring them and their peers with hands-on experiments and full-day events.

About Marquis Who’s Who®:

Since 1899, when A. N. Marquis printed the First Edition of Who’s Who in America®, Marquis Who’s Who® has chronicled the lives of the most accomplished individuals and innovators from every significant field, including politics, business, medicine, law, education, art, religion and entertainment. Who’s Who in America® remains an essential biographical source for thousands of researchers, journalists, librarians and executive search firms worldwide. The suite of Marquis® publications can be viewed at the official Marquis Who’s Who® website, www.marquiswhoswho.com.

Marquis Who’s Who
Uniondale, NY
(844) 394 – 6946
info@marquiswhoswho.com
www.marquiswhoswho.com

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COALITION OF INDEPENDENT INTERNET PROVIDERS ASKS CRTC TO FIX ERRORS IN WHOLESALE FIBRE RATES

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Coalition of competitive ISPs say current fibre rates make competition impossible and threatens to harm millions of Canadian consumers

CHATHAM, ON, July 23, 2026 /CNW/ — A coalition of independent internet service providers (the Coalition) led by TekSavvy Solutions Inc. (TekSavvy) today applied to the Canadian Radio-Television and Telecommunications Commission (CRTC) to review and vary Telecom Order 2026-77, which set final wholesale rates for fibre internet services. In that decision, the CRTC approved wholesale rates for fibre internet services that are higher than the retail prices charged by the large carriers. This makes competition impossible, as independent providers are forced to either sell at a loss or set prices above the large carriers, leaving millions of Canadian consumers without competitive options for essential internet services.

The application identifies key errors that led the CRTC to approve severely inflated final wholesale rates, which make it economically impossible for independent providers to compete. The Coalition argues that the CRTC’s incorrect rates negate the very purpose of Canada’s wholesale framework, which is to foster competition in retail broadband markets. Specifically, the Coalition asks the CRTC to make three key changes to Telecom Order 2026-77:

Eliminate one cost factor that is inconsistent with the CRTC’s established costing principles, which artificially increased fibre wholesale rates by an estimated 25% to 30% (the Adjustment Factor).Reduce another element of the costing that is inflated above reasonable levels: The Coalition calls on the CRTC to reduce the markup applied to wholesale fibre services from 30% to 15%, reflecting declining costs, operational efficiencies, and the need to support competition.Correct technical errors relating to certain wholesale fibre speed descriptions.

“Canadians were promised greater competition for fibre internet services, but these rates make competition impossible.” said Andy Kaplan-Myrth, TekSavvy’s Vice President of Regulatory and Carrier Affairs. “The CRTC must correct these errors to ensure its wholesale rates promote broadband competition that challenges the market power of monopoly incumbents, lowers prices, and increases consumer choice.”

About the Coalition

The Coalition consists of competitive telecommunications providers and industry associations advocating for fair wholesale access to fibre networks and a competitive broadband marketplace that delivers affordable, high-quality Internet services to Canadians, including: TekSavvy Solutions Inc., BC Broadband Association (“BCBA”), Canada-Wide Internet Service Providers Association (“CanWISP”), Fibernetics Inc., ISP Telecom Inc., National Capital FreeNet Inc., Novus Entertainment Inc. and Purple Cow Internet Inc.

About TekSavvy Solution Inc.

Based in Chatham, Ontario, TekSavvy is Canada’s largest independent telecom service company. TekSavvy has been proudly delivering award-winning services and fighting for consumers’ rights for nearly 30 years. TekSavvy is committed to providing quality competitive choice and closing Canada’s digital divide.

SOURCE TekSavvy Solutions Inc.

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Monk Launches Voice Collections, Bringing AI Phone Calls and Callbacks to Accounts Receivable

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Monk’s collections agent, Julia, can now place outbound collection calls and answer inbound AR questions from a dedicated business number, so finance teams can use the channel that collects best without adding headcount.

Multimedia: Watch Voice Collections in action: https://youtu.be/w09PoN1yACE 

NEW YORK, July 23, 2026 /PRNewswire/ — Monk, the AI-native accounts receivable platform, today launched Voice Collections. Its collections agent, Julia, can now place outbound collection calls and answer inbound customer questions about invoices and payments from a dedicated phone number for each organization. The feature brings the phone, long the most effective collections channel and the hardest one to scale, into Monk’s Intelligent Collections.

Roughly $10 trillion sits in unpaid invoices worldwide, and the average invoice now takes 59 days to clear (Allianz). Most accounts receivable runs on email, and most of it waits. More than half of B2B invoices in the United States are overdue at any given time, and 92% of businesses are typically paid after their due date (Chaser, 2026). Phone calls recover overdue invoices two to three times better than email (Dunwise), yet 91% of finance teams still rely on email as their main follow-up channel and only 56% use the phone, because calling every overdue account by hand does not scale and a single human dunning call can cost $12 to $18 (HighRadius).

Voice Collections gives teams that coverage. Julia can call on the accounts a playbook flags for phone follow-up, and answer when a customer calls the same number back to ask about an invoice, a payment, or a bank detail. Businesses that follow up on 100% of overdue invoices are 76% more likely to be paid within a week (Chaser), and a voice agent is what makes full coverage possible.

Monk’s collections agent is already proven on the accounts it handles by email. Across Monk’s first 100 customers, Julia reaches customers with a 24% higher response rate than standard dunning and resolves 88.2% of collections with zero human intervention. Voice extends that reach to the phone.

“For years the assumption was that customers would not talk to an AI on the phone,” said George Kurdin, Founder and CEO of Monk. “The evidence now points the other way. People engage with a good voice agent, and in AR the phone was always the channel that collected best. We built Voice Collections so finance teams can finally use it at the scale email gave them.”

That assumption is worth retiring. In a University of Chicago Booth field study of roughly 70,000 interviews, people interviewed by a voice AI agent were 12% more likely to receive an offer, 18% more likely to start, and 17% more likely to still be there after 30 days, and 80% chose the voice AI over a human when given the choice. The setting was recruiting rather than collections, but the finding travels: given a capable voice agent, people lean in rather than hang up. A call also does something email cannot, which is secure a verbal promise to pay in the moment.

Built for finance, with the phone agents kept with strict guardrails

Voice in finance has to be constrained, and Monk designed Voice Collections around that from the start. The agent is read-only on the phone. It answers questions, confirms details, and routes the next step. It will not rewrite an invoice, change a payment status, or accept a sensitive payment change by voice.

The agent is also reference-based. If a caller asks about an invoice, Julia asks for both the company name and the invoice number before looking anything up, and it will not search broadly from a single detail. Every inbound and outbound call is kept in the collection record alongside the email history, so a callback is part of the same thread the team already sees, and anything that needs judgment escalates to a person.

“Voice in finance has to be careful by design,” said Joe Zhou, Co-Founder and CTO of Monk. “Julia will not browse across accounts or move money over the phone. A caller has to bring the company name and invoice number before it confirms anything, and every call lands in the record. In finance a 1% mistake is still unacceptable, so we built for that first and added the reach second.”

Teams run autonomous collections on Monk

Monk runs collections for finance teams at companies like Unify, Pump, Siro, and Elate, and Voice Collections extends what those teams already do by email onto the phone.

“We chose Monk to help automate our collections, a process previously demanding several hours a week of manual, one-off outreach,” said Will Stewart, Head of Finance and BizOps at Unify. “Today, our Monk agent is always running in the background and I have a single dashboard to manage AR from.”

At Pump, which manages volume across more than 1,500 customers, Monk has helped collect over $10 million in recent months.

Voice AI is now infrastructure

The timing reflects how far voice AI has come. It has moved from demo to infrastructure: Vapi has processed more than 1 billion calls, Bland handles over 3.5 million calls a week, and ElevenLabs raised a $500 million round at an $11 billion valuation in early 2026. Monk builds Voice Collections on that foundation and adds the part finance actually needs, which is the AR context, the controls, and the audit trail.

Voice Collections is available now as an opt-in feature. Monk configures the dedicated number and call behavior with each organization before turning it on in Collections. See it in action: https://youtu.be/w09PoN1yACE.

About Monk

Monk is the AI-native accounts receivable platform that helps finance teams turn revenue into cash. Its agent, Julia, runs collections, cash application, and forecasting as one connected system. Monk resolves 88.2% of collections with zero human intervention, reaches customers with a 24% higher response rate than standard dunning, reduces DSO by more than 40%, automatically matches 80% of incoming payments with a full audit trail, and gives finance teams back roughly 26 hours a month. Teams onboard in under a week and see results in their first month. More than $1.5 billion in receivables is managed on the platform, including for customers like Profound and ElevenLabs. Monk has raised $25 million and is based in New York.

Media contact
Kendall Warson
kendall@monk.com
+1 415-827-6585

Sources: Chaser 2026 Accounts Receivable research; Dunwise dunning research; HighRadius collection call cost analysis; University of Chicago Booth field study on AI in recruiting; voice AI figures compiled by Enterprise DNA; Federal Reserve data; Allianz Worldwide DSO survey.

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