PUBLISHER: Allied Market Research | PRODUCT CODE: 1193093
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193093
The global power inverter market size was valued at $68.2 billion in 2021, and power inverter industry is projected to reach $112.7 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031.
A power inverter changes DC power from a battery into conventional AC power that can be used to operate all kinds of devices such as electric lights, kitchen appliances, microwaves, power tools, TVs, radios, and computers.
The increasing demand for electricity coupled with a rising gap between the demand and supply of electricity along with many other factors are expected to surge the sales of the power inverter. The demand for power inverters is expected to surge because it has the ability to convert Direct Current (DC) to Alternating Current (AC), which makes it supply electricity-the kind of electricity we have in our house. This allows a seamless flow of electricity in the device which is to be used. Moreover, the input voltage, output voltage, frequency, and other parameters depend on the architecture of the device and the circuit, as a result of which the power inverters are available in many sizes and power ranges.
A rise in power inverters is anticipated due to urbanization's quick growth. Urbanization would result in a rapid rise in the need for energy in order for businesses, factories, and other facilities to operate as usual. Power outages are also common in certain localities, which results in an inadequate supply of electricity in some regions. In certain places, power inverters are built to provide a constant power supply. The sales of power inverters are anticipated to increase as a consequence.
In addition, it is anticipated that the growing use of electronic devices like air conditioners, computers, and televisions would accelerate the use of power inverters. The Deen Dayal Upadhyaya Gram Jyoti Yojana is one such project that has been established by the Indian government to offer energy in rural regions throughout India. Governments all over the globe are adopting aggressive measures to provide uninterrupted power in rural areas.
Many countries also have their own projects. The expansion of such programs is anticipated to drive up demand for power inverters. Power inverters are now more accessible to a wider range of individuals because of rising disposable incomes. The sales of power inverters are anticipated to boost as a result of above-mentioned factors.
Asia-Pacific also accounted for a significant share of the global market revenue in 2021. Moreover, the increase in the use of solar power in the commercial & industrial sectors and utility solar power projects have fueled the growth of the power inverter market. According to the International Renewable Energy Agency (IRENA), in the Asia-Pacific region, China, Japan, India, and Australia are among the top ten countries in the world with solar energy installed, which in turn drives the growth of the power inverter market globally. Furthermore, the increase in awareness in regard to the utilization of UPS among the developing countries in this region will provide ample opportunities for the development of the market. On the other hand, the market in Europe is estimated to register the fastest growth rate over the forecast period.
The global power inverter market is segmented based on type, application, end-user, and region.
On the basis of type, the market is segmented into less than 5KW, 5 KW to 100 KW, 100 KW to 500 KW, and more than 500 KW. On the basis of application, the market is segmented into motor drives, wind turbines, rail traction, electric vehicle, UPS, solar PV, and others. In addition, on the basis of end-user, the market is segmented into residential, commercial and industrial, and utility. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Asia-Pacific Europe, and LAMEA.
Competitive Landscape
The major companies profiled in this report SolarEdge Technologies, Sungrow, Huawei Technologies Co., Ltd., Enphase Energy, Inc., ABB Ltd., Omron Corporation, SMA Solar Technology AG, Advanced Energy Industries, Inc., Toshiba Mitsubishi Electric Industrial Systems Corporation, and Schneider Electric. An increase in the demand for eco-friendly power generation has led to an increase in investment in solar and wind power plants which led to an increase in the demand for power inverters. Additional growth strategies such as an expansion of storage capacities, acquisition, partnership, and research & innovation in the optimization and improvement in the efficiency and reliability of power inverters have led to attaining key developments in the global power inverter market trends.
Key Benefits For Stakeholders
By End Use
By Type
By Application
By Region