According to IMARC Group’s latest report, titled “Power Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global power inverter market reached a value of US$ 68.7 Billion in 2020. Looking forward, IMARC Group expects the global market to grow at a CAGR of 5.8% during 2021-2026.
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Power inverters are electronic devices that are used to change direct current (DC) from batteries, solar panels and high voltage DC transmission lines to alternating current (AC). Solar power inverters and modified sine wave power inverters are the most commonly used variants. Unlike conventional generators, power inverters are highly efficient and a reliable source of power supply that offers low operating costs and eliminates the inconvenience of using change-over switches. Nowadays, they are available in various sizes, types and power ranges, which are used for operating different tools, household appliances and electrical equipment.
A significant increase in the use of electronic appliances and gadgets, such as air conditioners, televisions, laptops and refrigerators, due to rapid electrification and urbanization are propelling the market growth. Power inverters provide an uninterrupted power supply and act as an alternate backup power solution in case of emergencies. Besides this, with the growing environmental concerns, power inverters are gaining traction over traditional generators, as they produce zero-emissions while providing electricity and functioning quietly. Furthermore, the development of new technologies with enhanced features associated with the operation of these inverters, like extended-battery lifespan and low maintenance costs, is also bolstering the market growth.
- Based on the type, the market has been segmented into <5KW, 5-95 KW, 100-495 KW and >500 KW. Among these, the 100 KW to 495 KW segment represents the most preferred type.
- On the basis of the application, motor drives dominate the market, holding the largest market share. Other major application areas include UPS, rail traction, wind turbines, EVs/HEVs, and solar PVs.
- The market has been segmented based on the end user sector into utility, residential, and commercial and industrial. Amongst these, the utility sector accounts for the majority of the overall market share.
- On the geographical front, Asia Pacific holds the leading position in the market. Other major regions are Europe, North America, Latin America, and Middle East and Africa.
Competitive Landscape With Key Players:
The competitive landscape of the power inverter market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Omron Corporation (TYO: 6645)
- Emphase Energy Inc. (NASDAQ: ENPH)
- SMA Solar Technology AG (ETR: S92)
- ABB Ltd (SWX: ABBN)
- Advanced Energy Industries, Inc. (NASDAQ: AEIS)
- Schneider Electric SE (EPA: SU)
- SolarEdge Technologies Inc. (NASDAQ: SEDG)
- Tabuchi Electric Co., Ltd.
- Huawei Technologies Co., Ltd.
- Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC)
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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