The global power inverter market size was valued at $68.2 billion in 2021, and power inverter industry is projected to reach $112.7 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031.
A power inverter changes DC power from a battery into conventional AC power that can be used to operate all kinds of devices such as electric lights, kitchen appliances, microwaves, power tools, TVs, radios, and computers.
The increasing demand for electricity coupled with a rising gap between the demand and supply of electricity along with many other factors are expected to surge the sales of the power inverter. The demand for power inverters is expected to surge because it has the ability to convert Direct Current (DC) to Alternating Current (AC), which makes it supply electricity-the kind of electricity we have in our house. This allows a seamless flow of electricity in the device which is to be used. Moreover, the input voltage, output voltage, frequency, and other parameters depend on the architecture of the device and the circuit, as a result of which the power inverters are available in many sizes and power ranges.
A rise in power inverters is anticipated due to urbanization's quick growth. Urbanization would result in a rapid rise in the need for energy in order for businesses, factories, and other facilities to operate as usual. Power outages are also common in certain localities, which results in an inadequate supply of electricity in some regions. In certain places, power inverters are built to provide a constant power supply. The sales of power inverters are anticipated to increase as a consequence.
In addition, it is anticipated that the growing use of electronic devices like air conditioners, computers, and televisions would accelerate the use of power inverters. The Deen Dayal Upadhyaya Gram Jyoti Yojana is one such project that has been established by the Indian government to offer energy in rural regions throughout India. Governments all over the globe are adopting aggressive measures to provide uninterrupted power in rural areas.
Many countries also have their own projects. The expansion of such programs is anticipated to drive up demand for power inverters. Power inverters are now more accessible to a wider range of individuals because of rising disposable incomes. The sales of power inverters are anticipated to boost as a result of above-mentioned factors.
Asia-Pacific also accounted for a significant share of the global market revenue in 2021. Moreover, the increase in the use of solar power in the commercial & industrial sectors and utility solar power projects have fueled the growth of the power inverter market. According to the International Renewable Energy Agency (IRENA), in the Asia-Pacific region, China, Japan, India, and Australia are among the top ten countries in the world with solar energy installed, which in turn drives the growth of the power inverter market globally. Furthermore, the increase in awareness in regard to the utilization of UPS among the developing countries in this region will provide ample opportunities for the development of the market. On the other hand, the market in Europe is estimated to register the fastest growth rate over the forecast period.
The global power inverter market is segmented based on type, application, end-user, and region.
On the basis of type, the market is segmented into less than 5KW, 5 KW to 100 KW, 100 KW to 500 KW, and more than 500 KW. On the basis of application, the market is segmented into motor drives, wind turbines, rail traction, electric vehicle, UPS, solar PV, and others. In addition, on the basis of end-user, the market is segmented into residential, commercial and industrial, and utility. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Asia-Pacific Europe, and LAMEA.
The major companies profiled in this report SolarEdge Technologies, Sungrow, Huawei Technologies Co., Ltd., Enphase Energy, Inc., ABB Ltd., Omron Corporation, SMA Solar Technology AG, Advanced Energy Industries, Inc., Toshiba Mitsubishi Electric Industrial Systems Corporation, and Schneider Electric. An increase in the demand for eco-friendly power generation has led to an increase in investment in solar and wind power plants which led to an increase in the demand for power inverters. Additional growth strategies such as an expansion of storage capacities, acquisition, partnership, and research & innovation in the optimization and improvement in the efficiency and reliability of power inverters have led to attaining key developments in the global power inverter market trends.
A power inverter changes DC power from a battery into conventional AC power that can be used to operate all kinds of devices such as electric lights, kitchen appliances, microwaves, power tools, TVs, radios, and computers.
The increasing demand for electricity coupled with a rising gap between the demand and supply of electricity along with many other factors are expected to surge the sales of the power inverter. The demand for power inverters is expected to surge because it has the ability to convert Direct Current (DC) to Alternating Current (AC), which makes it supply electricity-the kind of electricity we have in our house. This allows a seamless flow of electricity in the device which is to be used. Moreover, the input voltage, output voltage, frequency, and other parameters depend on the architecture of the device and the circuit, as a result of which the power inverters are available in many sizes and power ranges.
A rise in power inverters is anticipated due to urbanization's quick growth. Urbanization would result in a rapid rise in the need for energy in order for businesses, factories, and other facilities to operate as usual. Power outages are also common in certain localities, which results in an inadequate supply of electricity in some regions. In certain places, power inverters are built to provide a constant power supply. The sales of power inverters are anticipated to increase as a consequence.
In addition, it is anticipated that the growing use of electronic devices like air conditioners, computers, and televisions would accelerate the use of power inverters. The Deen Dayal Upadhyaya Gram Jyoti Yojana is one such project that has been established by the Indian government to offer energy in rural regions throughout India. Governments all over the globe are adopting aggressive measures to provide uninterrupted power in rural areas.
Many countries also have their own projects. The expansion of such programs is anticipated to drive up demand for power inverters. Power inverters are now more accessible to a wider range of individuals because of rising disposable incomes. The sales of power inverters are anticipated to boost as a result of above-mentioned factors.
Asia-Pacific also accounted for a significant share of the global market revenue in 2021. Moreover, the increase in the use of solar power in the commercial & industrial sectors and utility solar power projects have fueled the growth of the power inverter market. According to the International Renewable Energy Agency (IRENA), in the Asia-Pacific region, China, Japan, India, and Australia are among the top ten countries in the world with solar energy installed, which in turn drives the growth of the power inverter market globally. Furthermore, the increase in awareness in regard to the utilization of UPS among the developing countries in this region will provide ample opportunities for the development of the market. On the other hand, the market in Europe is estimated to register the fastest growth rate over the forecast period.
The global power inverter market is segmented based on type, application, end-user, and region.
On the basis of type, the market is segmented into less than 5KW, 5 KW to 100 KW, 100 KW to 500 KW, and more than 500 KW. On the basis of application, the market is segmented into motor drives, wind turbines, rail traction, electric vehicle, UPS, solar PV, and others. In addition, on the basis of end-user, the market is segmented into residential, commercial and industrial, and utility. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Asia-Pacific Europe, and LAMEA.
Competitive Landscape
The major companies profiled in this report SolarEdge Technologies, Sungrow, Huawei Technologies Co., Ltd., Enphase Energy, Inc., ABB Ltd., Omron Corporation, SMA Solar Technology AG, Advanced Energy Industries, Inc., Toshiba Mitsubishi Electric Industrial Systems Corporation, and Schneider Electric. An increase in the demand for eco-friendly power generation has led to an increase in investment in solar and wind power plants which led to an increase in the demand for power inverters. Additional growth strategies such as an expansion of storage capacities, acquisition, partnership, and research & innovation in the optimization and improvement in the efficiency and reliability of power inverters have led to attaining key developments in the global power inverter market trends.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the power inverter market analysis from 2021 to 2031 to identify the prevailing power inverter market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the power inverter market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global power inverter market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By End Use
- Residential
- Commercial and Industrial
- Utility
By Type
- Less than 5 KW
- 5 KW to 100 KW
- 100 KW to 500 KW
- More than 500 KW
By Application
- Motor Drives
- Wind Turbines
- Rail Traction
- Electric Vehicle
- UPS
- Solar PV
- Others
By Region
- North America
- U. S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- UAE
- Rest of LAMEA
Key Market Players
- SMA Solar Technology ag
- Schneider Electric
- Omron Corporation
- Huawei Technologies Co., Ltd.
- ABB Ltd.
- SolarEdge Technologies
- Enphase Energy, Inc.
- Sungrow Power Supply Co., Ltd
- Toshiba Mitsubishi Electric Industrial Systems Corporation
- Advanced Energy Industries, Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
3.7. Value Chain Analysis
3.8. Key Regulation Analysis
CHAPTER 4: POWER INVERTER MARKET, BY TYPE
4.1 Overview
4.1.1 Market size and forecast
4.2 Less than 5 KW
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market share analysis by country
4.3 5 KW to 100 KW
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market share analysis by country
4.4 100 KW to 500 KW
4.4.1 Key market trends, growth factors and opportunities
4.4.2 Market size and forecast, by region
4.4.3 Market share analysis by country
4.5 More than 500 KW
4.5.1 Key market trends, growth factors and opportunities
4.5.2 Market size and forecast, by region
4.5.3 Market share analysis by country
CHAPTER 5: POWER INVERTER MARKET, BY APPLICATION
5.1 Overview
5.1.1 Market size and forecast
5.2 Motor Drives
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market share analysis by country
5.3 Wind Turbines
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market share analysis by country
5.4 Rail Traction
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market share analysis by country
5.5 Electric Vehicle
5.5.1 Key market trends, growth factors and opportunities
5.5.2 Market size and forecast, by region
5.5.3 Market share analysis by country
5.6 UPS
5.6.1 Key market trends, growth factors and opportunities
5.6.2 Market size and forecast, by region
5.6.3 Market share analysis by country
5.7 Solar PV
5.7.1 Key market trends, growth factors and opportunities
5.7.2 Market size and forecast, by region
5.7.3 Market share analysis by country
5.8 Others
5.8.1 Key market trends, growth factors and opportunities
5.8.2 Market size and forecast, by region
5.8.3 Market share analysis by country
CHAPTER 6: POWER INVERTER MARKET, BY END USE
6.1 Overview
6.1.1 Market size and forecast
6.2 Residential
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market share analysis by country
6.3 Commercial and Industrial
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market share analysis by country
6.4 Utility
6.4.1 Key market trends, growth factors and opportunities
6.4.2 Market size and forecast, by region
6.4.3 Market share analysis by country
CHAPTER 7: POWER INVERTER MARKET, BY REGION
7.1 Overview
7.1.1 Market size and forecast
7.2 North America
7.2.1 Key trends and opportunities
7.2.2 North America Market size and forecast, by Type
7.2.3 North America Market size and forecast, by Application
7.2.4 North America Market size and forecast, by End Use
7.2.5 North America Market size and forecast, by country
7.2.5.1 U. S.
7.2.5.1.1 Key market trends, growth factors and opportunities
7.2.5.1.2 Market size and forecast, by Type
7.2.5.1.3 Market size and forecast, by Application
7.2.5.1.4 Market size and forecast, by End Use
7.2.5.2 Canada
7.2.5.2.1 Key market trends, growth factors and opportunities
7.2.5.2.2 Market size and forecast, by Type
7.2.5.2.3 Market size and forecast, by Application
7.2.5.2.4 Market size and forecast, by End Use
7.2.5.3 Mexico
7.2.5.3.1 Key market trends, growth factors and opportunities
7.2.5.3.2 Market size and forecast, by Type
7.2.5.3.3 Market size and forecast, by Application
7.2.5.3.4 Market size and forecast, by End Use
7.3 Europe
7.3.1 Key trends and opportunities
7.3.2 Europe Market size and forecast, by Type
7.3.3 Europe Market size and forecast, by Application
7.3.4 Europe Market size and forecast, by End Use
7.3.5 Europe Market size and forecast, by country
7.3.5.1 Germany
7.3.5.1.1 Key market trends, growth factors and opportunities
7.3.5.1.2 Market size and forecast, by Type
7.3.5.1.3 Market size and forecast, by Application
7.3.5.1.4 Market size and forecast, by End Use
7.3.5.2 France
7.3.5.2.1 Key market trends, growth factors and opportunities
7.3.5.2.2 Market size and forecast, by Type
7.3.5.2.3 Market size and forecast, by Application
7.3.5.2.4 Market size and forecast, by End Use
7.3.5.3 UK
7.3.5.3.1 Key market trends, growth factors and opportunities
7.3.5.3.2 Market size and forecast, by Type
7.3.5.3.3 Market size and forecast, by Application
7.3.5.3.4 Market size and forecast, by End Use
7.3.5.4 Spain
7.3.5.4.1 Key market trends, growth factors and opportunities
7.3.5.4.2 Market size and forecast, by Type
7.3.5.4.3 Market size and forecast, by Application
7.3.5.4.4 Market size and forecast, by End Use
7.3.5.5 Italy
7.3.5.5.1 Key market trends, growth factors and opportunities
7.3.5.5.2 Market size and forecast, by Type
7.3.5.5.3 Market size and forecast, by Application
7.3.5.5.4 Market size and forecast, by End Use
7.3.5.6 Rest of Europe
7.3.5.6.1 Key market trends, growth factors and opportunities
7.3.5.6.2 Market size and forecast, by Type
7.3.5.6.3 Market size and forecast, by Application
7.3.5.6.4 Market size and forecast, by End Use
7.4 Asia-Pacific
7.4.1 Key trends and opportunities
7.4.2 Asia-Pacific Market size and forecast, by Type
7.4.3 Asia-Pacific Market size and forecast, by Application
7.4.4 Asia-Pacific Market size and forecast, by End Use
7.4.5 Asia-Pacific Market size and forecast, by country
7.4.5.1 China
7.4.5.1.1 Key market trends, growth factors and opportunities
7.4.5.1.2 Market size and forecast, by Type
7.4.5.1.3 Market size and forecast, by Application
7.4.5.1.4 Market size and forecast, by End Use
7.4.5.2 Japan
7.4.5.2.1 Key market trends, growth factors and opportunities
7.4.5.2.2 Market size and forecast, by Type
7.4.5.2.3 Market size and forecast, by Application
7.4.5.2.4 Market size and forecast, by End Use
7.4.5.3 India
7.4.5.3.1 Key market trends, growth factors and opportunities
7.4.5.3.2 Market size and forecast, by Type
7.4.5.3.3 Market size and forecast, by Application
7.4.5.3.4 Market size and forecast, by End Use
7.4.5.4 South Korea
7.4.5.4.1 Key market trends, growth factors and opportunities
7.4.5.4.2 Market size and forecast, by Type
7.4.5.4.3 Market size and forecast, by Application
7.4.5.4.4 Market size and forecast, by End Use
7.4.5.5 Rest of Asia-Pacific
7.4.5.5.1 Key market trends, growth factors and opportunities
7.4.5.5.2 Market size and forecast, by Type
7.4.5.5.3 Market size and forecast, by Application
7.4.5.5.4 Market size and forecast, by End Use
7.5 LAMEA
7.5.1 Key trends and opportunities
7.5.2 LAMEA Market size and forecast, by Type
7.5.3 LAMEA Market size and forecast, by Application
7.5.4 LAMEA Market size and forecast, by End Use
7.5.5 LAMEA Market size and forecast, by country
7.5.5.1 Brazil
7.5.5.1.1 Key market trends, growth factors and opportunities
7.5.5.1.2 Market size and forecast, by Type
7.5.5.1.3 Market size and forecast, by Application
7.5.5.1.4 Market size and forecast, by End Use
7.5.5.2 Saudi Arabia
7.5.5.2.1 Key market trends, growth factors and opportunities
7.5.5.2.2 Market size and forecast, by Type
7.5.5.2.3 Market size and forecast, by Application
7.5.5.2.4 Market size and forecast, by End Use
7.5.5.3 UAE
7.5.5.3.1 Key market trends, growth factors and opportunities
7.5.5.3.2 Market size and forecast, by Type
7.5.5.3.3 Market size and forecast, by Application
7.5.5.3.4 Market size and forecast, by End Use
7.5.5.4 Rest of LAMEA
7.5.5.4.1 Key market trends, growth factors and opportunities
7.5.5.4.2 Market size and forecast, by Type
7.5.5.4.3 Market size and forecast, by Application
7.5.5.4.4 Market size and forecast, by End Use
CHAPTER 8: COMPANY LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product Mapping of Top 10 Player
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Key developments
CHAPTER 9: COMPANY PROFILES
9.1 sma solar technology ag
9.1.1 Company overview
9.1.2 Company snapshot
9.1.3 Operating business segments
9.1.4 Product portfolio
9.1.5 Business performance
9.1.6 Key strategic moves and developments
9.2 Huawei Technologies Co., Ltd.
9.2.1 Company overview
9.2.2 Company snapshot
9.2.3 Operating business segments
9.2.4 Product portfolio
9.2.5 Business performance
9.2.6 Key strategic moves and developments
9.3 Schneider Electric
9.3.1 Company overview
9.3.2 Company snapshot
9.3.3 Operating business segments
9.3.4 Product portfolio
9.3.5 Business performance
9.3.6 Key strategic moves and developments
9.4 ABB Ltd.
9.4.1 Company overview
9.4.2 Company snapshot
9.4.3 Operating business segments
9.4.4 Product portfolio
9.4.5 Business performance
9.4.6 Key strategic moves and developments
9.5 SolarEdge Technologies
9.5.1 Company overview
9.5.2 Company snapshot
9.5.3 Operating business segments
9.5.4 Product portfolio
9.5.5 Business performance
9.5.6 Key strategic moves and developments
9.6 Enphase Energy, Inc.
9.6.1 Company overview
9.6.2 Company snapshot
9.6.3 Operating business segments
9.6.4 Product portfolio
9.6.5 Business performance
9.6.6 Key strategic moves and developments
9.7 Sungrow Power Supply Co., Ltd
9.7.1 Company overview
9.7.2 Company snapshot
9.7.3 Operating business segments
9.7.4 Product portfolio
9.7.5 Business performance
9.7.6 Key strategic moves and developments
9.8 Omron Corporation
9.8.1 Company overview
9.8.2 Company snapshot
9.8.3 Operating business segments
9.8.4 Product portfolio
9.8.5 Business performance
9.8.6 Key strategic moves and developments
9.9 Toshiba Mitsubishi Electric Industrial Systems Corporation
9.9.1 Company overview
9.9.2 Company snapshot
9.9.3 Operating business segments
9.9.4 Product portfolio
9.9.5 Business performance
9.9.6 Key strategic moves and developments
9.10 Advanced Energy Industries, Inc.
9.10.1 Company overview
9.10.2 Company snapshot
9.10.3 Operating business segments
9.10.4 Product portfolio
9.10.5 Business performance
9.10.6 Key strategic moves and developments
Executive Summary
According to this report, titled, 'Power Inverter Market,' the power inverter market size was valued at $68.2 billion in 2021, and power inverter industry is estimated to reach $112.7 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031.An electric circuit that converts direct current to alternating current is known as a power inverter. The frequency, power, input, and output depend on the design of the electric circuit. As compared to the generator, the power inverter is the low-cost operator and is convenient for the usage of change-over switches. Because of these characteristics, power inverters are used in many tools, electric products, and many household appliances. As per consumer needs, power inverters are available in many types and power ranges. Power inverters are used in residential, commercial, and industrial usage. The application of a power inverter is a motor drive, rail traction, wind turbines, electric vehicle, and solar PV.
Increasing utilization of many electronic gadgets such as laptops, refrigerators, air conditioners, and television how increased the demand for uninterrupted power supply, and this will boost the growth of the power inverter market. Schools, corporate offices, and commercial places have a high demand for uninterrupted power supply hence there is an increase in demand for power inverters as an alternate backup solution. In addition, the increase in rural electrification and urbanization in the Asia-Pacific region stimulates the growth of the power inverter market. Furthermore, the presence of a gradual shift from conventional vehicles to electric vehicles in the transportation sector has increased the demand for electric motors which has a positive impact on the power inverter market growth.
The rise in the utilization of renewable energy resources such as solar and wind power has led to an increase in demand for various electronic equipment used in the construction of renewable power plants. The increase in awareness among the people regarding the environment has a significant impact on the development of renewable energy resources, as we can see there is a gradual increase in investment toward the construction of solar and wind power plants across the globe. In addition, most of the developed and developing countries such as the U.S., Germany, China, India, the UK, and others, have taken initiatives to move toward zero carbon emission by 2050. The above-mentioned initiatives and investments have boosted the demand for the power inverter market opportunities.
The high-voltage functioning of power inverters might possibly pose a fire danger. Equipment that isn't rated for the necessary current may heat up to the point where it melts or catches fire. The battery's combustible component may be set on fire utilizing the stored energy. The demand for electric vehicles has significantly increased in developing countries like India in recent years, especially in 2021-2022. However, there is a lack of infrastructure and knowledge about the use of electric vehicles, which has led to severe fire threats. Despite an increase in the usage of power inverters in the transportation industry, power production, and several other industries, there are still obstacles that would hinder the market's expansion.
In May 2021, Robert Bosch, in association with Porsche and Fraunhofer Institute for Reliability and Micro integration (Fraunhofer IZM) in Berlin, announced a new project aimed at increasing the range of electric vehicles (EVs) by enhancing the performance of power inverters in vehicles. In May 2022, Toyota Group revealed plans to invest $624 million in India to manufacture electric vehicle components. The presence of the above-mentioned trends and investments for the development of electric vehicles have a significant impact on the development of the power inverter market.
The global power inverter market forecast is segmented on the basis of type, application, end use, and region. On the basis of type, the market is segmented into less than 5KW, 5 KW to 100 KW, 100 KW to 500 KW, and more than 500 KW. On the basis of application, the market is segmented into motor drives, wind turbines, rail traction, electric vehicle, UPS, solar PV, and others. In addition, on the basis of end use, the market is segmented into residential, commercial and industrial, and utility. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Asia-Pacific Europe, and LAMEA.
The 5 KW to 100 KW segment dominates the global power inverter market. 5 KW to 100 KW power inverters are primarily used in electric vehicles, and rail traction. An Electric car requires around 30 KW of energy to drive around 100 miles, hence the electric vehicles launched in 2022 provide around 400 miles which require about 100 KW of electricity. The utilization of 100 KW of electricity in electric vehicles will boost the demand for power inverters.
The motor drives segment dominates the global Power inverter market. Motor drives refer to a drive used to control a motor and therefore, gets interchanged with VFD or VSD. A Variable Frequency Drive (VFD) or Variable Speed Drive (VSD) describes the electronic portion of the system that controls the speed of the motor. More generally, the term drive describes equipment used to control the speed of machinery.
The utility segment dominates the global power inverter market. Utilities have gained importance in solar power generation for feeding main grid sources and also in off-grid connections in remote and rural areas. Thus, there is an increase in the demand for power inverters in utility-scale solar and wind power projects.
North America segment dominated the global Power inverter market. North America represents one of the largest markets for power inverters accounting for several initiatives for energy conservation by switching to sustainable energy sources. In addition to this, various regulatory measures, in order to reduce the carbon footprints have boosted the sales of power inverters in the region. Increasing infrastructural advancements across the region will continue to spur demand in the upcoming years.
Key findings of the study
As per power inverter market analysis, region wise, North America holds a dominant position in 2021 and would continue to maintain the lead over the forecast period.By type, 5 KW to 100 KW segment for the largest power inverter market share in 2021.
By application, the motor drives segment was the leading segment in 2021.
By end use, the utility segment for the largest market share in 2021.
Competitive Landscape
The major companies profiled in this report are SolarEdge Technologies, Sungrow, Huawei Technologies Co., Ltd., Enphase Energy, Inc., ABB Ltd., Omron Corporation, SMA Solar Technology AG, Advanced Energy Industries, Inc., Toshiba Mitsubishi Electric Industrial Systems Corporation, and Schneider Electric. An increase in the demand for eco-friendly power generation has led to an increase in investment in solar and wind power plants which led to an increase in the demand for power inverters. Additional growth strategies such as an expansion of storage capacities, acquisition, partnership, and research & innovation in the optimization and improvement in the efficiency and reliability of power inverters have led to attaining key developments in the global power inverter market trends.Latest Strategies Undertaken By Key Manufacturers
In February 2022, Huawei signed a contract with R.Power Group to supply Smart String Inverters for 390 MWp utility solar portfolio in Poland.
In December 2021, Sungrow launched an Ultra Powerful Inverter — SG350HX for effective Malaysian Large-Scale-Solar 4 Projects.
Companies Mentioned
- Sma Solar Technology AG
- Schneider Electric
- Omron Corporation
- Huawei Technologies Co. Ltd.
- ABB Ltd.
- Solaredge Technologies
- Enphase Energy, Inc.
- Sungrow Power Supply Co. Ltd.
- Toshiba Mitsubishi Electric Industrial Systems Corporation
- Advanced Energy Industries, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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