As per the latest report by IMARC Group, titled “Power Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global power inverter market reached a value of US$ 71.3 Billion in 2021. Power inverters are electronic devices that are used to change direct current (DC) from batteries, solar panels and high voltage DC transmission lines to alternating current (AC). Solar power inverters and modified sine wave power inverters are the most commonly used variants. Unlike conventional generators, power inverters are highly efficient and a reliable source of power supply that offers low operating costs and eliminates the inconvenience of using change-over switches. Nowadays, they are available in various sizes, types and power ranges, which are used for operating different tools, household appliances and electrical equipment.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Power Inverter Market Trends:
A significant increase in the use of electronic appliances and gadgets, such as air conditioners, televisions, laptops and refrigerators, due to rapid electrification and urbanization are propelling the market growth. Power inverters provide an uninterrupted power supply and act as an alternate backup power solution in case of emergencies. Besides this, with the growing environmental concerns, power inverters are gaining traction over traditional generators, as they produce zero-emissions while providing electricity and functioning quietly. Furthermore, the development of new technologies with enhanced features associated with the operation of these inverters, like extended-battery lifespan and low maintenance costs, is also bolstering the market growth. Looking forward, the market value is expected to reach US$ 99.3 Billion by 2027, exhibiting a CAGR of 5.54% during the forecast period (2022-2027).
- Based on the type, the market has been segmented into <5KW, 5-95 KW, 100-495 KW and above 500 KW. Among these, the 100 KW to 495 KW segment represents the most preferred type.
- On the basis of the application, motor drives dominate the market, holding the largest market share. Other major application areas include UPS, rail traction, wind turbines, EVs/HEVs, and solar PVs.
- The market has been segmented based on the end-use sector into utility, residential, and commercial and industrial. Amongst these, the utility sector accounts for the majority of the overall market share.
- On the geographical front, Asia Pacific holds the leading position in the market. Other major regions are Europe, North America, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined, with some key players being 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., and SolarEdge Technologies Inc.
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