According to the latest report by IMARC Group titled, “power inverter market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, The global power inverter market was worth US$ 66.6 Billion in 2018. Looking forward, the market value to reach US$ 93.7 Billion by 2024, at a CAGR of 5.8% during 2019-2024.
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Power inverters are electronic devices that convert direct current (DC) to alternating current (AC). They require minimum operating costs and eliminate the inconvenience of utilizing change-over switches. As a result, they are extensively used in both the residential and commercial sectors to power appliances, such as printers, washers, refrigerators, and other electrical products. Power inverters are widely available in different shapes, sizes, input and output voltages, frequencies.
On account of rapid urbanization and the increasing global population, there has been a rise in the demand for electricity across the globe. This is creating a challenge for electricity providers to meet the continually increasing demand for electricity, which, in turn, is boosting the overall sales of power inverters worldwide. Apart from this, as they produce zero-emission while providing electricity, their demand is escalating around the world. Moreover, manufacturers are introducing technologically advanced product varieties, such as portable power inverters to charge mobile devices, which is expected to create a positive outlook for the market.
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Breakup by Type:
- 5KW to 95KW
- 100KW to 495KW
- Above 500KW
On the basis of the type, power inverters with a rating between 100KW-495KW represent the most preferred segment.
Breakup by Application:
- Motor Drives
- Uninterruptible Power Supply (UPS)
- Rail Traction
- Wind Turbines
- Electric Vehicles/Hybrid Electric Vehicles (EVs/HEVs)
- Solar PVs
Amongst these, motor drives are the largest application segment.
Breakup by End Use Sector:
- Commercial and Industrial
Based on the end use sector, the report finds that the utility sector dominates the market. There are many ongoing development projects undertaken by various nations, which require a continuous flow of electricity. Owing to this, there is a rising demand for power inverters in this sector.
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
The market is fragmented in nature with the presence of various large and small manufacturers present in the industry.
Key highlights of the report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Competitive Structure
- Profiles of Key Players
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This post was originally published on Space Market Research