The global compact inverter technology market has witnessed activity in recent years, which has resulted in a steady growth of the market at an above-average pace. This can be credited to the innovation and adoption of high-power density technology which finds application in the automotive industry. According to the recent study on the compact inverter technology market by Persistence Market Research (PMR), the market is expected to grow at a rate of ~8% during the forecast period, from 2019-2029.
With the advent of portable power storage devices and their adoption in the automotive sector, mobile offices, construction and more as they are being made available as a source of emergency backup power. This has contributed significantly, positively to the growth of the global compact inverter technology market.The automotive industry, as a significant part of the commercial sector, remains a popular end user for compact inverter technology, this PMR opines that it is likely to grow at an above average pace of ~7% during the forecast years. The use of portable power storage devices that use compact inverter technology in the automotive sector, particularly in electric vehicles has been rising, with stakeholders looking to increase the weight of these devices to make them more efficient.
Compact inverter technology is also increasingly being used to power domestic devices, which is likely to result in a healthy rate of growth in the residential sector as well. Taking into consideration the potential for the technology in various end uses, leading players in the compact inverter technology market are adopting strategies such as collaborations with other companies to strengthen their position in the global landscape.
Compact Inverter Technology Market to Expand Steadily in APEJ
This study by PMR on the global compact inverter technology market concludes that while the market is still at an emergent phase. There have been rapid advances in technology which have fuelled the growth of the market in APEJ, which as of 2018 holds ~32% of the total market share by value. This figure is expected to grow at a steady pace in the near future. The markets in North America and Europe also hold significant shares of the global compact inverter technology market, owing to the popularity and increasing adoption of electric vehicles in the regions, which in turn has helped propel the sales in these regions.
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The global compact inverter technology market, with tier-1 companies holding ~30% of the total market share, can be considered a moderately fragmented market. With the global push for carbon emission reduction taking center stage, manufacturers are looking into innovative solutions and to align with it. Players are adopting it to increase the efficiency across industries and verticals to achieve the same outcome, while making room for customization based on application and requirements.
The continuous exploration of potential applications of compact inverter technology across industries by key players, is anticipated to redefine the growth parameters of the compact inverter technology market, opines this PMR study.