The power inverter market is predicted to develop at a CAGR of 5.5% over the forecast period, from a value of US$ 74741.2 million in 2022 to US$ 127276.1 million in 2032.
A power inverter is an electronic gadget or an electric circuit, which changes DC (direct current) to AC (alternating current). The input & output voltage, frequency, and whole power controlling system depend on the respective design of the device or an electric circuit.
The demand for electricity is increasing due to rise in standardization and urbanization, which is creating a challenge for the electricity producer to generate electricity with respect to the required demand. Pertaining to incompatible in demand and supply of electricity, many a places witnesses’ long power cuts. So to avoid power cut and to receive uninterrupted power supply, the demand and usage of power Inverter has been increased significantly.
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Power Inverter Market: Drivers and Restraints
Owing to the increase in demand for the uninterrupted power supply to run an electronic gadgets such as television, laptops, air conditioners, and refrigerators is the major factor spurring the growth of power inverter market.
In addition increase in urbanization in emerging economies such as India and increase in rural electrification projects (such as lighting Africa) are coupled together to surge the growth of the power inverter market during the forecast period.
Also, the demand for uninterrupted power supply in corporate offices, schools and other commercial places is the piloting the growth of the power inverter market.
High product cost paired with low battery lifespan is the major factor restraining the adoption of power inverter in forth coming years. If battery attached with power inverters are not in continuous use, the chances of battery deterioration are high, which is another challenge associated with the power inverter.
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Global Power Inverter Market: Regional Trend
Increase in urbanization and rural electrification rates are coupled together to spur the growth of power inverter market in the Asia Pacific region.
Early adopters of technology; North America and Europe are the mature markets with respect to the power inverter market, owing to which, these regions are anticipated to showcase moderate growth rate with respect to power inverter market.
Global Power Inverter Market: Competitive Landscape
Key Players
The major player operating in Power Inverter market includes Omron Automation Pvt Ltd, TMEIC, Tabuchi Electric Co., LTD., SMA Solar Technology, ABB Ltd., Samlex America Inc., Thor Manufactures, and PowerBright.
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Key Segments Profiled in the Power Inverter Market Survey
By Type:
- Less than 5 KW
- 5-95 KW
- 100-495 KW
- more than 500 KW
By Application:
- Solar PV
- Motor drives
- EVs/HEVs
- Rail traction
- UPS
- Wind Turbines
- Others
By End Use sector:
- Utility
- Residential
- Commercial
- Industrial
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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