Noida- According to a new report published by UnivDatos Markets Insights the Power Inverter Market is expected to grow at a CAGR of over 5% from 2021-2027. Application (Motor Drivers, UPS, Rail Traction, Wind Turbines, Electric vehicles & Hybrid Electric Vehicles, Solar PV’s, Others); End-Use (Residential, Commercial); Region/Country.
Market Overview
The power inverter market is expected to register significant growth throughout 2021-2027. Some of the factors that drive the demand for the primary elements that enhance the adoption of the power inverters throughout the residential and the economic sectors the low value of operation and the removal of the inconveniences related to the change-over switches, unlike the energy generators. Power inverters are applied for operating diverse appliances and electric products.
Moreover, with the consistent growth in electrification rate and urbanization, people rely more on electronic gadgets which enhance their lifestyle and provide them comfort. Thus, the rising need for continuous power backup has been driving the market for power inverters, especially in developing countries like China, India, Brazil, and Mexico.
COVID-19 Impact
COVID-19 is a global pandemic that has accelerated the demand for aged people and patients with critical conditions. As the coronavirus cases increase, many countries face a critical shortage of beds in hospitals. In addition, In the healthcare industry, the pandemic directly disturbed the manufacturing, demand, and supply chain worldwide. However, as governments across increase spending on healthcare infrastructure to fight the COVID-19 pandemic, the demand for Power Inverters rose substantially in the last two quarters of 2020 and is further expected to steady growth during the forecast period.
The global Power Inverter Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- Based on type, the market is classified into <5KW, 5KW to 95KW, 100kw TO 495KW, and Above 500KW. Amongst these, 5KW to 95KW held a significant share of the market owing to high efficiency and long operating life, fast and easy installation, especially in residential buildings. Further, the growth of the market can be mainly attributed to the increase in the number of solar rooftop installations in various countries
- Based on application, the market is categorized into motor drivers, ups, rail traction, wind turbines, electric vehicles/ hybrid electric vehicles, solar PVs, and others. Motor Drivers held a prominent share in the market in 2020. This can be linked to the growing popularity and adoption of motor drivers over the world. Motor drivers are responsible for 45% of total electric energy use across all the appliances. The rise of the power inverter market is aided by the greater efficiency of motor drivers.
- Based on end-use, the market is classified into residential and commercial. The residential sector captured a significant share of the market in 2020. It is mainly owing to the growing number of residential structures and urbanization coupled with the rapid increase of power backup systems in the residential sector.
Power Inverter Market Geographical Segmentation Includes:
- North America (United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Italy, France, Spain, and the Rest of Europe)
- Asia-Pacific (China, India, Australia, Japan, and the Rest of Asia-Pacific)
- Rest of the World
For a better understanding of the market adoption of power inverter market, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, and rest of North America); Europe (Germany, UK, France Italy, Spain, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World.
The Asia Pacific dominates the market due to increasing investments in the photovoltaic (PV) plants, the rise of installations in the residential sector along with the shift towards electrical vehicles in countries in developing countries, coupled with growing rapid economic growth and rising disposable incomes of individuals across the globe have enabled them to spend more on products are these are some of the major factors that drive the growth of power inverter market.
The major players targeting the market include
- Samlex America Inc.
- Solar Edge Technology Inc.
- Power Bright
- SMA Solar Technology
- Magnum Dimensions
- Calsonic Kansei
- Tabuchi Electric Co.
- ABB Ltd
- Omron Automation Pvt. Ltd
- Enphase Energy, Inc
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the global context. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Power Inverter Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and advancements in the Power Inverter Market?
- Which factors are influencing the Power Inverter Market over the forecast period?
- What are the challenges, threats, and risks in the Power Inverter Market?
- Which factors are propelling and restraining the Power Inverter Market?
- What are the demanding regions of the Power Inverter Market globally?
- What will be the market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by the companies?
