Technology

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

Published

2 years ago

September 20, 2024

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..

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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

Technology

VYLIT OPENS ITS CREATOR ADVISORY BOARD, GIVING CREATORS EQUITY IN THE PLATFORM

Published

11 minutes ago

July 23, 2026

Reality star & chef Dom DeAngelis, model & creator Cydney Moreau, and creator-entrepreneur Crystal Jackson named as founding members, with applications now open for creators who want a voice in how the platform is shaped

MIAMI, July 23, 2026 /PRNewswire/ — Vylit, the 18+ creator-first social platform co-founded by Ami Gan, former CEO of OnlyFans, and seasoned entrepreneur Kailey Magder, is opening applications for its Creator Advisory Board, which will include a select group of creators that will have a strong voice in shaping the platform they use and earn on.

Vylit is inviting creators not just to join the platform, but to help build it, with real shares in the company reserved for those who contribute to its growth, culture and direction. The Creator Advisory Board will give creators a direct voice in building Vylit’s community, the platform’s development and creator tools, along with ownership in the business they’re helping grow.

Applications are now open. Creators can apply by emailing vylit@vylitworld.com with their name, bio and social handles.

Vylit is launching the board with three founding members who show the range of creators it’s built for.

Dominic DeAngelis, known from YouTube and Vanderpump Villa, where his culinary skills earned recognition from viewers around the world, has been using the platform to share behind-the-scenes and day-in-the-life content with his subscribers — the kind of direct, monetized relationship with fans that Vylit is designed around.

“Social media sucks right now. The algorithms are negative, you don’t even see the people you follow anymore, and creators are struggling to find real connections with their fans,” said DeAngelis. “I’m thrilled to be part of a platform that’s doing it differently. Vylit is actually listening to creators and building with us, not just for us.”

Cydney Moreau, a Louisiana-born former track athlete turned model and creator with a following across fitness, fashion and lifestyle, balances her work with life as a mom. Vylit is where she’s turning that following into a business for the first time, on her own terms.

“As someone who is monetizing my content for the first time, knowing that I will have a say in how the platform treats other creators means everything,” said Moreau. “It’s not every day a platform actually wants creators in the room while they’re building it. Knowing Vylit is making decisions with our interests at heart gives me the confidence to build here, and I’m excited to help shape where this goes.”

Crystal Jackson, known to millions of followers as Mrs. Poindexter, is the co-founder of EssentL, a company building business infrastructure and benefits for creators. A former engineer turned multi-platform creator and entrepreneur, she brings an operator’s understanding of what creators actually need from the platforms they build on.

“I’ve spent years building an audience and a business across platforms that weren’t built for today’s creator ecosystem,” said Jackson. “What drew me to Vylit is that they’re handing creators actual ownership and a real say in the decisions that affect us. That’s not something I’ve seen anyone else do, and I want to help build it right.”

Since launching, Vylit has positioned itself as the “HBO of social media,” a space between traditional social media and adult subscription platforms, where creators can be expressive, marketable and in control. The Creator Advisory Board takes that further. Rather than building the platform for creators and handing it over, Vylit is building it with them, giving them direct ownership and a say in its direction.

“The users driving value should have a say in the business,” said Ami Gan, Co-Founder and CEO of Vylit. “Creators understand culture and digital monetization better than anyone. At Vylit, that expertise earns them a real seat at the table.”

“We didn’t want to build another platform where creators show up after the fact,” added Kailey Magder, Co-Founder and COO of Vylit. “We want them involved from day one, shaping the product, the community and the direction of the business.”

Vylit truly puts creators in charge, giving them real ownership and a direct say in how the platform evolves. The Creator Advisory Board is just the start.

To learn more, visit https://vylitworld.com/

To access the media kit, click here.

ABOUT VYLIT
Vylit is an 18+ creator-first social platform redefining how adults share, discover and monetize content. Co-founded by Amrapali (Ami) Gan and Kailey Magder, Vylit was created to fill the gap between traditional social media and creator platforms, offering a premium digital experience for expression. Built as “the HBO of social media,” the platform allows topless content while prohibiting explicit material, giving creators greater freedom. Vylit combines social connectivity with built-in monetization, interest-based discovery through its Vybe Matching Engine, and in-house AI Image Generation and Chat tools designed for its users. Learn more at www.vylitworld.com.

FOR PRESS INQUIRIES
pr@vylitworld.com

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Technology

CNBC Names PayJoy one of the World’s Top FinTech Companies of 2026

Published

11 minutes ago

July 23, 2026

Recognition highlights PayJoy’s leadership in emerging market consumer finance

SAN FRANCISCO, July 23, 2026 /PRNewswire/ — CNBC and Statista have named PayJoy to the “World’s Top Fintech Companies 2026,” which honors companies providing digital funding and bank-independent lending solutions for individuals and businesses. PayJoy is a leading financial services provider for underserved consumers across emerging markets.

Now in its fourth edition, the ranking identifies 500 leading companies across eight fintech market segments worldwide, including Payments, Neobanking, Wealth Technology, Digital Assets, Enterprise Fintech, Insurtech, Regtech, and Alternative Financing. Companies were evaluated using an aggregated scoring model built on both general and segment-specific KPIs, drawing on desk research from publicly available sources alongside company self-reports submitted through an open application process.

PayJoy’s inclusion reflects its work bringing credit access to the emerging middle class in Mexico, Colombia, Brazil, Panama, Peru, Ecuador, South Africa, the Philippines, and Indonesia, nine countries where traditional financial infrastructure has long excluded first-time borrowers.

“This recognition from CNBC and Statista is a meaningful validation of the work our team does every day,” said Doug Ricket, PayJoy CEO and Co-Founder. “Millions of people across the markets we serve are building credit for the first time through PayJoy. Being named among the world’s top fintech companies reflects the scale and impact of that work.”

For more information on the full ranking, visit https://www.cnbc.com/worlds-top-fintech-companies-2026/

About PayJoy
PayJoy expands credit access across emerging markets through point-of-sale financing and card offerings. Its proprietary secured-credit technology enables first-time borrowers to responsibly build financial stability and participate fully in the modern economy. Through its cutting-edge machine learning, data science, and anti-fraud AI, PayJoy has financed over $3.5 billion of loans to more than 20 million people and employs over 1,000 people worldwide. For more information, visit https://www.payjoy.com/

Contact
payjoy@thekeypr.com

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Technology

Youngstown Innovation Hub Breaks Ground at YBI’s 107 Building

Published

11 minutes ago

July 23, 2026

YOUNGSTOWN, Ohio, July 23, 2026 /PRNewswire/ — As the United States works to strengthen its aerospace and defense manufacturing base, the Youngstown Innovation Hub for Aerospace & Defense broke ground today on YBI‘s 107 Building in downtown Youngstown, positioning the region as a national proving ground for advanced and additive manufacturing. The Hub is managed by the National Center for Defense Manufacturing and Machining (NCDMM).

Youngstown Innovation Hub for Aerospace & Defense breaks ground at YBI’s 107 Building.

The Hub is one of four Innovation Hubs established across Ohio as part of a statewide initiative to strengthen innovation-driven economic growth. Once complete, it is projected to generate approximately $161.6 million in economic impact, create 450 new jobs, and produce 185 new STEM credential opportunities and 40 internship opportunities by 2029.

The groundbreaking comes as Ohio was recently ranked the No. 1 state for business in America by CNBC’s 2026 America’s Top States for Business rankings, up from No. 5 in 2025.

Ohio Lt. Governor Jim Tressel attended and delivered remarks at the ceremony.

“Today is about more than renovating a building. It’s about building opportunity for Ohioans,” said Lt. Governor Tressel. “The Mahoning Valley has always been defined by the people who make things, solve problems, and never stop working toward a better future. This Innovation Hub builds on that proud tradition while preparing the next generation for in-demand careers in manufacturing.”

Hub and YBI leadership also spoke at the ceremony.

“Today’s groundbreaking of the Youngstown Innovation Hub represents much more than the start of a building renovation. It reflects what can happen when state, regional, industry, academic, and community partners come together around a shared vision for the future of manufacturing, aerospace and defense innovation,” said Megan Malara, Ph.D., director of the Youngstown Innovation Hub.

The renovation is made possible in part by a $750,000 state capital investment. Ohio State Sen. Al Cutrona and state Rep. Lauren McNally were credited with helping advance the funding request through the legislative process. YBI also recognized the broader Lake to River legislative delegation, including state Reps. Nick Santucci, Tex Fischer, Monica Robb Blasdel, Dave Thomas, and Sarah Fowler Arthur, for their support, as well as U.S. Sens. Jon Husted and Bernie Moreno for their support of the project in the U.S. Senate.

Speakers at the ceremony included Ohio Lt. Gov. Jim Tressel; Lydia Mihalik, director of the Ohio Department of Development; Mary Mertz, director of the Ohio Department of Natural Resources; Julius Oliver, 1st Ward Councilman for the City of Youngstown; State Sen. Al Cutrona; State Rep. Nick Santucci; State Rep. Lauren McNally; and Megan Malara, Ph.D., director of the Youngstown Innovation Hub. Barb Ewing, CEO of YBI, served as master of ceremonies.

The City of Youngstown, which committed $1.35 million in local matching funds to the project, was represented at the ceremony. John Wilczynski, executive director of America Makes, attended, and Barb Ewing recognized Kimberly Gibson and Alexander Steeb of America Makes for their roles in advancing the project.

Upon completion, the five-story, 130,000-square-foot concrete-framed building will offer flexible space for offices, workspaces, and display areas, along with robust power capacity to support multiple high-demand tenants. The building’s security features, including limited access points and naturally separated manufacturing bays, are designed to meet U.S. Department of War contracting criteria, positioning tenants to compete directly for federal defense work.

“It’s great to finally be transitioning from talking about this project to actually working on it. We appreciate all the support we’ve had from our political leaders and the community. YBI is proud to be a part of the project team that’s changing the trajectory of the Mahoning Valley,” said Barb Ewing, CEO of YBI.

Companies looking to expand, relocate, or enter the aerospace and defense manufacturing sector are encouraged to visit the Youngstown Innovation Hub website at youngstownhub.us.

About the Youngstown Innovation Hub for Aerospace & Defense

Managed by the National Center for Defense Manufacturing and Machining (NCDMM), the Youngstown Innovation Hub is a national proving ground for advanced and additive manufacturing, strengthening U.S. aerospace and defense supply chains and workforce development. Learn more at youngstownhub.us.

About YBI

YBI is a globally recognized economic development nonprofit, advancing innovation and growth across Ohio and beyond. Through a flexible suite of high-quality entrepreneurial services and resources, YBI supports startups, small businesses, and manufacturers at every stage of development. For more information, visit ybi.org.

Media Contact:
Jessica Sprowl, Marketing and Communications Director, YBI
jsprowl@ybi.org

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