According to the recent report by IMARC Group, titled “North America Power Inverter Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the North America power inverter market reached a value of US$ 12.3 Billion in 2021. Power inverters refer to electric devices that transform direct current (DC) from solar panels, transmission lines, or batteries to alternating current (AC). In comparison to electric generators, power inverters are smaller, lighter, eco-friendly, cost-effective, and easy to install. Moreover, they eliminate the inconvenience of using change-over switches. They also offer an uninterrupted supply of power and can be used in emergencies as a backup solution. Due to these advantages, power inverters have gained immense traction over the past several years and are now utilized in commercial and residential sectors.
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.
North America Power Inverter Market Trends:
In North America, consumers are shifting from conventional to hybrid and electric vehicles (HEVs/EVs) due to growing environmental concerns. As power inverters are used for controlling the motor speed in EVs, the rising demand for these vehicles is driving the market growth. Furthermore, regional governments are also encouraging the establishment of renewable energy (RE) plants to meet the global emission standards, which, in turn, is driving the demand for power inverters. For instance, the US Government has implemented state renewable portfolio standards (RSP) to encourage the establishment of RE projects. Moreover, technological innovations are expected to create a positive outlook for the market. For instance, market players are introducing inverters that can monitor solar installations and batteries in photovoltaic (PV) systems. They are also offering variants with digital communication interfaces that can be integrated with energy management solutions. On account of these factors, the market is expected to reach a value of US$ 17.6 Billion by 2027, exhibiting a CAGR of 5.9% during 2022-2027.
- Based on the type, the market has been divided into power inverters with less than 5KW power, 5KW to 95KW power, 100KW to 495KW power, and above 500KW power.
- On the basis of the application, the market has been segregated into motor drives, rail traction, solar PVs, uninterruptible power supply (UPS), wind turbines, EVs/HEVs, and others.
- Based on the end-use sector, the market has been categorized into utility, residential, and commercial and industrial sectors.
- Region-wise, the market has been segmented into Mexico, Canada, and the United States.
- The competitive landscape of the market has been analyzed in the report with a detailed analysis of the key players.
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