The latest report by IMARC Group, titled “Power inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global power inverter market reached a value of US$ 66.6 Billion in 2018. Power inverter is an electronic device which changes direct current (DC) from batteries, solar panels, or high voltage DC transmission lines to alternating current (AC). It is used to run devices, tools, and other residential and commercial electrical appliances. Unlike conventional generator, power inverter is generally smaller, lighter and provides more energy savings. Over the years, power inverters have gained prominence as they ensure a highly efficient and reliable power supply, offer low operating cost, and eliminate inconvenience of using change-over switches.
Global Power Inverter Market Trends:
With growing electrification and rapid urbanization, the majority of the population nowadays relies on electronic appliances and gadgets, such as air conditioners, televisions, laptops, refrigerators, etc. This has resulted in a significant need for power inverters which are used to provide an uninterrupted power supply and as an alternate backup power solution in case of emergencies. Moreover, power inverters produce zero emission while providing electricity and are also substantially quieter in operation than traditional generators. Further, power inverter manufacturers are investing in R&D activities so as to develop new technologies which will enhance characteristics associated with the operation of these inverters. However, low-battery lifespan coupled with high maintenance cost are the major factors constraining the demand for power inverters. Looking forward, the market is projected to reach a value of US$ 93.7 Billion by 2024, registering a CAGR of 5.8% during 2019-2024.
Global Power Inverter Market Summary:
- On the basis of type, the market has been segmented into <5KW, 5-95 KW, 100-495 KW and >500 KW. Amongst these, 100KW to 495KW represent the most popular type of power inverter, holding the majority of the global share.
- Based on application, the report finds that motor drives account for the largest market share. Owing to the high dependency on the electronic appliances, the demand for motor drives are escalating across the globe. Other major application segments include UPS, rail traction, wind turbines, EVs/HEVs and solar PVs.
- On the basis of end-user sector, the market has been segmented into utility, residential, and commercial and industrial. Amongst these, utility sector dominates the market.
- On a geographical front, Asia-Pacific is the leading market for power inverters, accounting for nearly a half of the total market share. Other major regions are Europe, North America, Latin America, and Middle East and Africa.
- The competitive landscape of the market has also been examined with some of the key players being SMA Solar Technology, Omron Corporation, ABB Ltd, Tabuchi Electric Co., Ltd, Tmeic Corporation, Advanced Energy Industries, Enphase Energy, Schneider Electric, Huawei and SolarEdge.
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