Power Inverter Market is Expected to Grow at a CAGR of 5.1% from 2022 to 2028
As stated in our extensive report; providing insight on Type, Application and End-Use Sector; the Global Power Inverter Market accounted for USD 70.5 Billion in 2021.
Electric devices that convert direct current (DC) to alternating current (AC) are known as power inverters (AC). Power inverters, unlike generators, have a low operating cost and do not require the use of change-over switches. They are used to run a variety of tools, household appliances, and other electrical devices because of these qualities. Power inverters come in a variety of sizes, styles, and power ranges to meet the demands and preferences of different consumers. Modified sine wave power inverters, plug-in grid tie power inverters, and solar power inverters are examples of these variations. Individuals around the world have been able to spend more on things like power inverters, which improve their lifestyles and give comfort, owing to the strong economic expansion and increased disposable incomes which is likely to augment the growth of the market in the years to come.
The increase in reliance on electronic appliances and gadgets by the consumers is anticipated to augment the growth of the Power Inverter Market during the forecast period. People now interact with consumer technology that has grown to meet and surpass their expectations. As a result, there is a greater demand for an uninterrupted power supply, which is driving up sales of power inverters as a backup solution in the event of outages. Apart from that, they are noise free as well as environment friendly because they do not generate carbon emissions and do not require fuel that is needed to run generators. Manufacturers are also spending in Research and Development (R&D) to introduce new technologies and improve operational qualities. For example, they have developed a novel type of power inverter that uses a single switching transistor to generate infinite voltage levels, as opposed to inverters that employ several transistors and only provide one voltage level.
However, the cost of the power inverter is very high and it has a short lifespan which is expected to hamper the growth of the market in the years to come. Moreover, the increased usage of electric vehicles (EVs) will significantly increase the demand for power inverters across the globe. Furthermore, rising government measures to promote environmentally friendly power sources are having a substantial impact on the adoption of solar PVs and EV/HEV power inverters, which is further expected to contribute significantly to the adoption of power inverters worldwide.
Asia Pacific dominated the Global Power Inverter Market in 2021 and is likely to continue with the same trend during the forecast period. This is attributable to the increasing disposable income of the consumers along with improved lifestyle and rising standards of living in the region. Furthermore, the rapid industrialization and urbanization is also expected to fuel the regional growth of the market. Additionally, the increase in the number of real estate projects in the rural areas of this region is also expected to support the growth of the market in the region.
Some of the prominent players operating in the Global Power Inverter Market include SMA Solar Technology AG, Omron Corporation, ABB Ltd, Tabuchi Electric Co., Ltd, Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), Advanced Energy Industries, Inc., Enphase Energy, Inc., Schneider Electric SE, Huawei Technologies Co., Ltd., SolarEdge Technologies Inc. and others.
Browse the full Report - Power Inverter Market Size, Share & Trends Analysis Report by Type (<5KW, 5KW to 95KW, 100KW to 495KW, Above 500KW), by Application (Motor Drives, Uninterruptible Power Supply (UPS), Rail Traction, Wind Turbines), by End Use (Utility, Residential, Commercial and Industrial), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)