Rise in the use of electric vehicles in the transportation industry, increase in application of portable electronics, growing demand for electricity generated by renewable energy sources, high demand for uninterrupted power supply, increase in rural electrification and urbanization in Asia-Pacific, the need for sustainable green energy development, and government support to solar and wind power generation industries drive the growth of the global power inverter market.
Portland, OR, Nov. 28, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global power inverter market generated $68.2 billion in 2021, and is estimated to reach $112.7 billion by 2031, witnessing a CAGR of 5.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
|Market Size in 2021||$68.2 Billion|
|Market Size in 2031||$112.7 Billion|
|No. of Pages in Report||258|
|Segments Covered||Type, End Use, Application, and Region|
|Drivers||Increase in the demand for electricity generated by renewable energy sources.|
|Growing utilization of electronic gadgets such as laptops, refrigerators, air conditioners, and television which has increased the demand for uninterrupted power supply.|
|High demand for uninterrupted power supply from schools, corporate offices, and commercial places.|
|Increase in rural electrification and urbanization in the Asia-Pacific region.|
|A gradual shift from conventional vehicles to electric vehicles in the transportation sector, increasing the demand for electric motors.|
|Opportunities||Growing awareness among consumers regarding the environment propel the development of renewable energy sources.|
|Restraints||The high initial costs and disadvantages related to the usage of power inverters, such as battery degeneration due to long term use and energy waste during storage and consumption.|
- During the Covid-19 pandemic period witnessed a high demand for UPS as most people worked from home, and this created a huge demand for power inverters.
- The shutdown of industrial facilities worldwide led to delays in the construction of solar and wind power plant facilities, which again resulted in the reduced supply of power inverters.
- The government made huge investment in the construction of renewable power plants to kick-start the stagnant global economy. Developing countries such as India and China invested in the development of environment-friendly power generation and electric cars while reducing fossil fuel imports.
- Moreover, a surge in the sales of electric vehicles in 2021 and 2022 due to increase in awareness among consumers regarding the environment and government initiatives led to a surge in the demand for power inverters.
The report offers a detailed segmentation of the global power inverter market based on type, end use, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on type, the 5 KW to 100 KW segment held the largest share of more than one-third of the global power inverter market in 2021, and would maintain its leadership in terms of revenue through 2031. However, the more than 500 KW segment is estimated to witness the fastest CAGR of 5.8% during the forecast period. The report also analyzes the less than 5 KW, and 100 KW to 500 KW segments.
Based on end use, the utility segment was the largest in 2021, capturing nearly half of the global power inverter market share, and would lead the trail through 2031. However, the residential segment is estimated to witness the fastest CAGR of 5.8% during the forecast period. The report also mentions the commercial and industrial, and utility segments.
Based on application, the motor drives segment was the largest in 2021, grabbing over one-third of the global power inverter market share, and would lead the trail through 2031. However, the rail traction segment is estimated to witness the fastest CAGR of 6.5% during the forecast period. The report also mentions the wind turbines, electric vehicle, UPS, solar PV, and others segments.
Based on region, the market in North America was the largest in 2021, accounting for nearly two-fifths of the global power inverter market share and is likely to maintain its leadership status during the forecast timeframe. However, the market in Asia-Pacific is expected to manifest the highest CAGR of 6.0% from 2022 to 2031. The other regions analyzed in the study include Europe and LAMEA.
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Leading players of the global power inverter market analyzed in the research include SolarEdge Technologies, Sungrow, Huawei Technologies Co., Ltd., Enphase Energy, Inc., ABB Ltd., Omron Corporation, SMA Solar Technology AG, Advanced Energy Industries, Inc., Toshiba Mitsubishi Electric Industrial Systems Corporation, and Schneider Electric.
The report analyzes these key players of the global power inverter market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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