Power Inverter Market
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)
|Power Inverter Market Forecast Year:||2022 - 2028|
|Power Inverter Market Historical Year:||2016 - 2021|
|Power Inverter Market 2021:||USD 70.5 Billion|
|Power Inverter Projected Market 2028:||USD 95 Billion|
|Power Inverter Market CAGR:||5.1%|
|Fastest Growing Region:||Asia Pacific|
|Largest Region:||Asia Pacific|
The Global Power Inverter Market is valued at USD 70.5 Billion in the year 2021 and is projected to reach a value of USD 95 Billion by the year 2028. The Global Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 5.1% over the forecast period.
An electrical system that transforms direct current (DC) from solar panels, batteries, or high voltage DC transmission lines to alternating current (AC) is known as a Power Inverter (AC). It is used to power machines, equipment, and other electrical appliances in both household and commercial settings. In comparison to traditional generators, inverters are often smaller, lighter, and more energy efficient. The Power Inverter industry is currently being driven by a number of favorable aspects. Technological advancements have led to portable inverters that can be used to charge cell phones and tablets while commuting, boosting the industry's growth. Motor drives are becoming more popular around the world as people become more reliant on electronic devices.
The majority of the population is now reliant on electronic equipment and devices, such as air conditioners, televisions, computers, and refrigerators, as a result of increasing electrification and fast urbanization. It has resulted in a significant increase in the need for Power Inverters to provide an uninterrupted electricity supply as well as a reliable backup option in the event of a power outage. Furthermore, inverters produce no emissions when generating energy and are significantly quieter than traditional generators. Manufacturers in the sector are investing in research and development to develop new technologies that will improve the features of these inverters. They are both noiseless and environmentally favorable. They produce no CO2 and do not require the gasoline that generators do. The Power Inverter is quite expensive and has a relatively short lifespan. These issues may limit Power Inverter expansion. If the battery degeneration is severe, the inverters cannot be used continuously. The market for Power Inverters has several issues.
Market Size Provided for Years
Region & Counties Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
The Power Inverter Market is segmented on the basis of Type, Application and End-Use Sector. On the basis of Type, the market is segmented into <5KW, 5KW to 95KW, 100KW to 495KW and Above 500KW. On the basis of Application, the market is segmented into Motor Drives, Uninterruptible Power Supply (UPS), Rail Traction, Wind Turbines, Electric Vehicles/Hybrid Electric Vehicles (EVs/HEVs), Solar PVs and Others. On the basis of End-Use Sector, the market is segmented Utility, Residential and Commercial and Industrial.
Based on Type:
On the basis of Application, the market is segmented into Motor Drives, Uninterruptible Power Supply (UPS), Rail Traction, Wind Turbines, Electric Vehicles/Hybrid Electric Vehicles (EVs/HEVs), Solar PVs and Others. In 2021, the motor drive segment dominated the Global Power Inverter Market. This is due to the increased popularity and adoption of motor drives around the world. Motor drives account for approximately 45% of total electric energy consumption across all electric appliances. The increased efficiency of motor drives has fueled this segment's growth in the Global Power Inverters market.
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Based on End-Use Sector:
On the basis of End-Use Sector, the market is segmented Utility, Residential and Commercial and Industrial. In 2021 the worldwide Power Inverter Market was dominated by the residential segment. The use of Power Inverters among residential users has been fueled by increased government expenditure on infrastructure and electricity. A major element driving the deployment of Power Inverters in residential units around the world is the growing number of residential structures and urbanization. Furthermore, as the demand for various consumer gadgets grows among household users, so will the demand for Power Inverters in the residential sector.
Asia Pacific Holds the Largest Market Share in Terms of Revenue
Asia Pacific is projected to acquire the largest market share during the year 2021 with a share of 38.4%. The electric vehicle Power Inverter Market is led by Asia-Pacific. Electric vehicle sales in China are increasing at a rapid rate. The epidemic had a negative impact on the world economy, yet despite this, electric car sales in China soared. China's government intends to quadruple the rate at which electric vehicles are produced and sold in the country. These government promises, as well as growing public interest in electric vehicles, are luring global vehicle manufacturers to set up manufacturing in China, bolstering the country's Power Inverter industry. Japan's automobile industry is one of the most well-known in the world, with powerful automobile manufacturers offering Japanese products all over the world. Electric car and component sales are predicted to increase in Japan as a result of several collaborations and joint ventures.
Key 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.
Segmentation of the Global Power Inverter Market:
Frequently Asked Questions
the global demand for Power Inverter
in terms of revenue?
The global Power Inverter valued at USD 70.5 Billion in 2020 and is expected to reach USD 95 Billion in 2028 growing at a CAGR of 5.1%
are the prominent players
in the market?
The prominent players in the market are 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..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 5.1% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Power Inverter include
- The rapid economic growth and rising disposable incomes of individuals
region accounted for the
largest share in the market?
Asia Pacific was the leading regional segment of the Power Inverter in 2020.