The study estimate the inverter market to be $45 billion in 2012 and to reach $71 billion by 2020.

1. Inverter Market Trends for 2013 - 2020
Energy related topics have become more and more important in 2012 – vehicle electrification, renewable
energies, electricity transportation, – and as a direct result, the power electronics market has increased.
This growth is driven by:
 high volume and cost pressure applications such as EV/HEV
 high added-value markets like renewable energies and rail traction
In this report, we update and present market forecasts until 2020. We estimate the inverter market to be
$45 billion in 2012 and to reach $71 billion by 2020. A total of more than 28 million units were shipped in
2012 and we estimate that will grow to 80 million units in 2020.
Thus, the main components of inverter, passive and semiconductor modules (that we will find in power
stacks) represent enticing industries. The power module market was $1.9 billion in 2012 and passive
components achieved a market size of more than $4 billion, including capacitors, resistors, connectors,
busbars and - newly added in this updated report - magnetic components (inductors and transformers).
As expected, wide band gap semiconductor devices have also started to penetrate those high-end market
segments: SiC is present in PV inverters – a total market size of $43 million primarily driven by diodes in
micro-inverters, but also by JFETs – and GaN which should be introduced in 2013.
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Semiconductor Technological Developments Continue to Evolve and Sharpen Inverter
Performance
Our 2012 investigation confirmed that semiconductor improvements enabled more efficient conversion,
lighter systems and more reliable end-products. IGBTs have improved (higher current density, thinner
and faster), as have SiC and GaN-baseddevices. GaN could be delayed in its market introduction, but
SiC is already here and several companies showed SiC power module capabilities all last year. In this
report, we updated our technology roadmaps for materials and devices.
Adoption of Power Stack Is Driving the Modular Approach across Applications
This report also highlights the power stack trend that Yole surveyed closely in 2012!
The Power Stack is the custom design and manufacturing of an inverter’s sub-unit which includes only
the core components: power semiconductor module, cooling system, capacitors, resistors, current
sensors, busbars and connectors.

2. Power Stack is the innovative sub-system of an inverter. Inverter and device makers are becoming power
stack manufacturers for several reasons:
 Vertical integration
 Access to several applications, since power stacks are less application-dependent than inverters
 Internal cost reductions
 Access to high-end markets
 Sustain R&D in-house
Large firms such as Ingeteam, Semikron or ABB are now involved, but power stack also interests smaller
players such as AgileSwitch – former IGBT driver manufacturer – who are part of this about $500 million
market.
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