The global power inverter market was worth US$ 66.6 Billion in 2018. 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. Looking forward, IMARC Group expects the market value to reach US$ 93.7 Billion by 2024, at a CAGR of 5.8% during 2019-2024.
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:
Key Questions Answered in This Report:
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