Now estimated at US$ 74741.2 million as of 2022, the power inverter market is anticipated to reach US$ 127276.1 million by 2032 and is anticipated to rise at a CAGR of 5.5% during the forecast period. The sales of power inverters are anticipated to soar as a result of the rising demand for electricity, the widening gap between that need and supply, as well as numerous other variables.
Because of their capacity to convert Direct Current (DC) to Alternating Current (AC), which enables them to offer electricity similar to that found in homes, power inverters are likely to see an increase in demand. This makes it possible for electricity to flow smoothly into the intended gadget.
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Power Inverter Market: Drivers and Restraints
Owing to the increase in demand for the uninterrupted power supply to run an electronic gadgets such as television, laptops, air conditioners, and refrigerators is the major factor spurring the growth of power inverter market.
In addition increase in urbanization in emerging economies such as India and increase in rural electrification projects (such as lighting Africa) are coupled together to surge the growth of the power inverter market during the forecast period.
Also, the demand for uninterrupted power supply in corporate offices, schools and other commercial places is the piloting the growth of the power inverter market.
High product cost paired with low battery lifespan is the major factor restraining the adoption of power inverter in forth coming years. If battery attached with power inverters are not in continuous use, the chances of battery deterioration are high, which is another challenge associated with the power inverter.
Who are Some of the Key Market Players in the Power Inverter Market?
Some of the key players in the power inverter market are:
- Omron Automation Pvt Ltd,
- TMEIC,
- Tabuchi Electric Co., LTD.,
- SMA Solar Technology,
- Schneider Electric SE,
- ABB Ltd.,
- Samlex America Inc.,
- Enphase Energy Inc.,
- Thor Manufactures, and
- PowerBright.
With the increase in the demand for electricity, the major players are mainly focusing on increasing the production capacity. By doing so, these firms will be able to serve the growth of renewable sector and also further strengthen their operations.
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Global Power Inverter Market: Regional Trend
Increase in urbanization and rural electrification rates are coupled together to spur the growth of power inverter market in the Asia Pacific region.
Early adopters of technology; North America and Europe are the mature markets with respect to the power inverter market, owing to which, these regions are anticipated to showcase moderate growth rate with respect to power inverter market.
Key Segments Profiled in the Power Inverter Market Survey
By Type:
- Less than 5 KW
- 5-95 KW
- 100-495 KW
- more than 500 KW
By Application:
- Solar PV
- Motor drives
- EVs/HEVs
- Rail traction
- UPS
- Wind Turbines
- Others
By End Use sector:
- Utility
- Residential
- Commercial
- Industrial
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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