The North America power inverter market reached a value of US$ 11.8 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 6.1% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Power inverter, commonly known as inverter, is an electric device that converts direct current (DC) into alternating current (AC) while changing respective voltages. They provide an uninterrupted power supply and act as an alternate backup power solution in case of emergencies and are generally connected to batteries, solar panels, high-voltage transmission lines in order to efficiently convert and store the alternating current to direct current. In comparison to an electric generator, inverter is noise-free, eco-friendly, easy to install and operate, cost-effective, and convenient. Owing to this, it is employed for rail traction, wind turbines, motor drives, etc.
North America represents one of the largest markets for power inverters accounting to several initiatives for energy conservation by switching to sustainable energy sources. In addition to this, various regulatory measures, in order to reduce the carbon footprints have boosted the sales of power inverters in the region. Increasing infrastructural advancements across the region will continue to spur the demand in the upcoming years.
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Report Customization: Although IMARC has tried to cover everything in the North America power inverter market landscape, we believe that every stakeholder may have their own specific needs. In view of this, we provide up to 20-man hours of free customization for each report.
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