Global Power Inverter Market Report (2022 to 2027) – by Rating, Application, End-use and Region
DUBLIN–(BUSINESS WIRE)–The “Global Power Inverter Market Report and Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
According to this report the global power inverter market size reached a value of about $71.17 billion in 2021. The market is further expected to increase at a CAGR of about 13.0% between 2022 and 2027 to reach a value of approximately $153.12 billion by 2027.
Power inverter is defined as an equipment which converts direct current into alternating current electricity, in order to power various electricity driven mechanisms. The design or circuitry of a power inverter affects the input voltage, output voltage and frequency, and overall power handling. Power inverters come in varied sizes such as 1000 watts, 3000 watts, and 5000 watts, among which, 3000 watts inverter is the most common. Modern power inverters come with USB outlets, digital screens, and mobile phone chargers. The major applications of power inverters include residential, commercial, and industrial. In addition to this, factors like no requirement of fuel, lubricants, or moving parts are the key advantages of this product.
The rising demand for power inverters from the residential sector, owing to the easy installation, rising rates of electrification, increasing standards of living, and growing investments in the preparedness in case of power cuts, is driving the market growth. The operating cost of inverter is low, require less maintenance, and are environment friendly, which are likely to be the invigorating factors of the market. The increasing adoption of high-end electrical equipment and appliances in the household will provide a push to the demand for the product in the forecast period.
Meanwhile, the increasing adoption of solar power systems in the commercial and industrial sector is anticipated to propel the demand for power inverters in the coming years. In terms of region, the Asia Pacific accounts for a significant share in the market owing to the rapid development of power plants, solar plants, and battery storage facilities in the emerging economies. For instance, in December 2021, Sungrow signed a contract with Rays Power Infra under which, a solar plant will be constructed in Bangladesh. Rapid urbanisation and residential and commercial development in India and China are also anticipated to provide impetus to the market in the forecast period.
The market report analyses the market based on segmentations such as rating, application, end use, and major region.
Market Breakup by Rating
- < 5KW
- 5KW to 95KW
- 100KW to 495KW
- Above 500KW
Market Segmentation by Application
- Motor Drives
- Rail Traction
- Wind Turbines
- Solar PVs
Market classification by End Use
- Commercial and Industrial
- Automotive and Transportation
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the key players in the industry. Some of the major players in the market explored in the report are:
- Huawei Technologies Co., Ltd.
- SMA Solar Technology AG
- Tabuchi Electric Co.,Ltd.
- OMRON Corporation
- SolarEdge Technologies Inc.
For more information about this report visit https://www.researchandmarkets.com/r/yvykc3
Laura Wood, Senior Press Manager
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