Power Inverter Market to Reach Valuation of USD 95 Billion by 2028 - Increasing adoption of electronic devices to Drive the Market Growth
From the period 2022 to 2028, the Global Power Inverter Market is expected to reach USD 95 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 5.1%.
Individuals around the world have been able to spend more on things like Power Inverters, which improve their lifestyles and give comfort, thanks to strong economic expansion and increased disposable incomes. Furthermore, due to increased urbanization and rising electrification rates, the majority of people today rely on electronic equipment and gadgets. 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. Aside from that, they are quiet and environmentally good because they do not create carbon emissions and do not require fuel to run generators. Manufacturers are also spending in Research and Development (R&D) to introduce new technologies and improve their operational efficiency. The demand for uninterrupted power supply is growing to power many products such as laptops, refrigerators, air conditioners, and televisions, which would promote the growth of the Power Inverter Market. In addition, the demand for an uninterrupted power supply is growing in schools, corporate offices, and commercial establishments, as is the demand for a Power Inverter as an alternative backup solution.
Key Highlights from the Report
- 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 worldwide Power Inverter Market was dominated by the motor drive sector. This can be attributable to the growing popularity and adoption of motor drives around the world. The motor drives consume about 45 percent of the total electric energy used by all electric appliances. The rise of this category in the Global Power Inverters market has been aided by the enhanced efficiency of motor drives.
- On the basis of the End-Use Sector, the market is segmented into Utility, Residential Commercial, and Industrial. The residential segment dominated the Global Power Inverter Market in 2021. Increased government spending on infrastructure and electricity has fueled the use of Power Inverters among residential users. The growing number of residential structures and urbanization are major factors driving the deployment of Power Inverters in residential units around the world. Furthermore, as the demand for various consumer gadgets grows among household users, so will the demand for residential Power Inverters.
- Asia Pacific is the fastest regional segment in terms of growth. Increased investments in industrial automation solutions, increased emphasis on regulations that demand operational and workforce safety, expansion of power generation capacities of plants, electrification of the transportation sector, and reduction in the production and operational costs of power plants due to technological advancements in APAC's emerging economies are driving the solar inverter market's growth.
Some of the key players in the 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.
The growing awareness of the availability of various types of Power Inverters in various power ranges has fueled Power Inverter sales. Furthermore, the Power Inverters are environmentally friendly, emitting no noise or carbon dioxide, and do not require the use of gasoline. Furthermore, rising investments by market players in Research and Development (R&D) activities to improve the operational efficiency of Power Inverters and introduce cutting-edge technologies are expected to drive the growth of the Power Inverter Market. Furthermore, increased penetration of indirect sales channels has aided revenue generation in recent years.
In the Power Inverters market, indirect sales channels play a critical role in distribution. The increasing popularity of solar inverters among commercial and residential users is expected to significantly drive the growth of the Global Power Inverters market during the forecast period. Furthermore, rising consumer demand for electric vehicles is expected to drive the growth of the EVs/HEVs Power Inverters market. The growing consumer awareness of the deteriorating environmental conditions caused by vehicle emissions is driving up demand for electric vehicles. The increased adoption of EVs will significantly increase demand for Power Inverters around the world. Furthermore, growing government initiatives to promote eco-friendly power sources are having a significant impact on the global adoption of solar PVs and EV/HEV Power Inverters, thereby contributing significantly to the growth of the Power Inverter Market.
Europe was an early adopter of technology and has a mature market for Power Inverters, which has fueled the market's growth. Rapid industrialization, rapid urbanization, rising disposable income, improved lifestyle, and rising living standards in the region are some of the major factors driving the growth of the European Power Inverter Market. The market is benefiting from increased government initiatives and investments in rural development and electrification. Because of the fluctuating power supply in rural areas, the growing number of real estate projects in rural areas are expected to increase demand for Power Inverters.
The Power Inverter is segmented as follows:
Browse market data Tables and Figures
Pages and in-depth TOC on "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)"
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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