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The global power inverter market reached a value of US$ 68.7 Billion in 2020. Looking forward, the market value is projected to reach US$ 95.8 Billion by 2026, growing at a CAGR of 5.8% 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 sectors. These insights are included in the report as a major market contributor.
Power inverters are electric devices that transform direct current (DC) into alternating current (AC). Unlike generators, power inverters offer low operating cost and eliminate the inconvenience of using change-over switches. Owing to these characteristics, they are used to operate several tools, household appliances and other electrical products. Power inverters are available in a variety of sizes, types and power ranges as per the varied consumer needs and preferences. Some of these variants include modified sine wave power inverters, plug-in grid tie power inverters, and solar power inverters.
The rapid economic growth and rising disposable incomes of individuals across the globe have enabled them to spend more on products like power inverters, which enhance their lifestyles and provide comfort. Along with this, with rapid urbanization and growing electrification rates, most people nowadays rely on electronic appliances and gadgets. This has resulted in a significant need for an uninterrupted power supply, in turn increasing the sales of power inverters as an alternate backup solution in case of outages. Besides this, they are noise-free and environment-friendly in nature as they do not emit carbon emissions and eliminate the need for gasoline, which is required for running generators. Moreover, manufacturers are investing in research and development (R&D) activities to introduce new technologies and enhance their operational characteristics. For instance, they have recently invented a new class of power inverters, which use a single switching transistor and generate infinite levels of voltage, as compared to inverters that use multiple transistors and provide only one voltage level.
IMARC Group provides an analysis of the key trends in each sub-segment of the global power inverter market report, along with forecasts for growth at the global and regional level from 2021-2026. Our report has categorized the market based on type, application and end-use sector.
Breakup by Type:
On the basis of the type, power inverters with a rating between 100KW-495KW represent the most preferred segment.
Breakup by Application:
Amongst these, motor drives are the largest application segment.
Breakup by End Use Sector:
Based on the end use sector, the report finds that the utility sector dominates the market. There are many ongoing development projects undertaken by various nations, which require a continuous flow of electricity. Owing to this, there is a rising demand for power inverters in this sector.
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
The market is fragmented in nature with the presence of various large and small manufacturers present in the industry. Some of the leading players are:
|Base Year of the Analysis||2020|
|Units||US$ Billion, MW|
|Segment Coverage||Type, Application, End-Use Sector, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Companies Covered||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.|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2299
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Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
The global power inverter market was valued at US$ 68.7 Billion in 2020.
We expect the global power inverter market to exhibit a CAGR of 5.8% during 2021-2026.
The expanding global population, along with the significant need for an uninterrupted power supply, represent some of the factors driving the global power inverter market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting temporary closure of numerous manufacturing units and disrupted supply chains for power inverters.
Based on the type, the global power inverter market can be segmented into <5KW, 5KW to 95KW, 100KW to 495KW, and above 500KW. Among these, 100KW to 495KW holds the majority of the total market share.
Based on the application, the global power inverter market has been divided into motor drives, uninterruptible power supply (UPS), rail traction, wind turbines, electric vehicles/hybrid electric vehicles (EVs/HEVs), solar PVs, and others, where motor drives currently represent the largest segment.
Based on the end-use sector, the global power inverter market can be categorized into utility, residential, and commercial and industrial. Among these, the utility sector exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global power inverter market include 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., SolarEdge Technologies Inc. etc.
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