IMARC Group has recently released a new research study titled “Power Inverter Market Report by Type (<5KW, 5KW to 95KW, 100KW to 495KW, Above 500KW), Application (Motor Drives, Uninterruptible Power Supply (UPS), Rail Traction, Wind Turbines, Electric Vehicles/Hybrid Electric Vehicles (EVs/HEVs), Solar PVs, and Others), End-Use Sector (Utility, Residential, Commercial and Industrial), and Region 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
The global power inverter market size reached US$ 80.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 121.7 Billion by 2032, exhibiting a growth rate (CAGR) of 4.6% during 2024-2032.
What is Power Inverter?
Power inverters are devices that convert direct current (DC) from sources like solar panels, batteries, and high voltage DC transmission lines into alternating current (AC). The most common types are solar power and modified sine wave power inverters. Unlike traditional generators, power inverters are efficient, reliable, have low operating costs, and don't require change-over switches. They come in different types, sizes, and energy ranges, and are used to power various tools, household appliances, and electrical equipment.
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Power Inverter Market Trends:
The growing use of electronic appliances like air conditioners, TVs, laptops, and refrigerators, due to increasing electrification and urbanization, is a major factor driving the power inverter market. The rising need for uninterrupted power supply and higher electrification rates are also boosting market growth.
Additionally, power inverters are becoming more popular than traditional generators because they produce no emissions, operate quietly, and are environmentally friendly. Higher disposable incomes and the demand for backup power solutions during outages are further contributing to market growth. As power inverters do not emit carbon emissions or require gasoline, their demand is expected to increase in the coming years.
Power Inverter Market Report Segmentation:
Breakup by Type:
· <5KW
· 5KW to 95KW
· 100KW to 495KW
· Above 500KW
Breakup by Application:
· Motor Drives
· Uninterruptible Power Supply (UPS)
· Rail Traction
· Wind Turbines
· Electric Vehicles/Hybrid Electric Vehicles (EVs/HEVs)
· Solar PVs
· Others
Breakup by End-Use Sector:
· Utility
· Residential
· Commercial and Industrial
Regional Insights:
· Asia Pacific
· North America
· Europe
· Middle East and Africa
· Latin America
Competitive Landscape with Key Players:
The competitive landscape of the power inverter market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
· SMA Solar Technology AG
· Omron Corporation
· ABB Ltd
· Tabuchi Electric Co., Ltd
· Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC)
· Advanced Energy Industries, Inc.
· Enphase Energy, Inc.
· Schneider Electric SE
· Huawei Technologies Co., Ltd.
· SolarEdge Technologies Inc.
Ask Analyst for Customized Report:
https://www.imarcgroup.com/request?type=report&id=347&flag=C
Key Highlights of the Report:
· Market Performance (2018-2023)
· Market Outlook (2024-2032)
· Market Trends
· Market Drivers and Success Factors
· Impact of COVID-19
· Value Chain Analysis
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.
About Us
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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