The global Power Inverter Market is presently valued at USD 75.25 billion and is poised to expand at a CAGR of 5.54% over 2022-2030, thereby amassing a total valuation of USD 115.84 billion by end of the assessment timeframe.
A power inverter is a mechanical device that is equipped with the ability to transform DC power from battery into AC power that can be used to operate any electrical equipment. These inverters draw their power from 12 Volt batteries which need to be charged at regular intervals. These batteries can be charged using solar panels, automobile motors, gas generators or any other power source.
What are the major expansion propellants and restraints of this market sphere?
The rising need for continuous power supply across nations, rapid industrialization, and rising government investments to mitigate power cut issues are the major expansion determinants of this marketplace.
Moreover, widespread economic developments coupled with the improvements in the living standards of the masses are positively swaying the industry dynamics.
Also, several benefits offered by power inverters such as low functional costs and eco-friendliness are adding momentum to the market progression. Alongside, escalating demand for sustainable and renewable power generation sources is creating lucrative opportunities for the industry vertical to prosper.
Furthermore, the integration of advanced technologies in the field and growing deployment of power inverters across residential sectors as well as industrial units are augmenting the outlook of this industry sphere.
On the contrary, lack of adequate infrastructure for the efficient installation of power inverters across many developing nations is hindering the remuneration scope of this market vertical.
Key Trends of Global Power Inverter Market:
Rapid Economic Growth and Rising Disposable Income:
The widening economic growth and rising disposable incomes of individuals across the globe have permitted them to spend more on products like power inverters, which magnify their lifestyles and offer comfort. Coupled with rapid urbanization and hiking electrification rates, most people at present are dependent on electronic appliances and gadgets. This has resulted in a notable need for an uninterrupted power supply. In return increasing the sales of power inverters as a substitute backup solution in case of outages. Besides this, they are noise-free and environment-friendly in nature as they do not exhibit carbon emissions and extinguish the need for gasoline, which is required for running generators.
Increasing adoption of solar power systems:
Meanwhile, the increasing adoption of solar power systems in the commercial and industrial sector is propelling the demand for power inverters in the up-coming years. The growth of the market is also thrived by huge inflow of investments in the renewable energy sector and rise in the number of residential solar rooftop installations.
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Segmental assessment of global power inverter market
Based on type
- 100-495 KW
- 5-95 KW
- More than 500 KW
- less than 5 KW
Among these, 5-95 KW segment is poised to garner significant returns over the assessment timeline ascribing to the rapid adoption of power inverters of this range in residential sectors.
By end use
- commercial
- residential
- utility
The commercial segment is expected to amass notable gains over 2022-2030. This attributed to the escalating demand for continuous power supply in commercial complexes such as malls, gyms, among others.
On the basis of application
- EVs/HEVs
- rail traction
- solar PVs
- uninterruptible power supply
- wind turbines
- motor drives
- others
Among these, the motor drive segment is predicted to capture a substantial revenue share over the stipulated timeline. This is credited to the rising adoption of motor drives across the world.
Which is the fastest growing region in the market?
The major regions defining the geographical terrain of global power inverter market are North America, Middle East & Africa, Asia Pacific, Europe, and Latin America. Asia Pacific is poised to showcase lucrative growth trends over the forecast period of 2022-2030. This is ascribed to the widespread industrialization, increasing government initiatives towards the electrification of rural locations, and lifestyle improvements driven by disposable income growth.
Expounding the competitive landscape of the industry
The prominent players defining the competitive ambit of this business sphere are ABB Ltd., SMA Solar Technology, Huawei Technologies Co., Schneider Electric SE, Toshiba Mitsubishi Electric Industrial Systems Corporation, Omron Corporation, Enphase Energy, Inc., Tabuchi Electric Co., Ltd., Advanced Energy Industries, Inc., and SolarEdge Technologies, Inc.
The aforementioned companies are constantly engaging in various business expansion activities such as mergers & acquisitions, new product launches, collaboration deals, partnerships, R&D investments, among others to stay ahead of the competitors and amplify their customer base across the globe.
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