The global Inverter Market size is projected to reach a CAGR of 15.7% from 2023-2030.
Power inverters are electric devices that transform direct current (DC) into alternating current (AC). Unlike generators, power inverters offer low operating costs and eliminate the inconvenience of using change-over switches. Owing to these characteristics, they are used to operate several tools, household appliances, and other electrical products. Power inverters are available in a variety of sizes, types, and power ranges as per the varied consumer needs and preferences. Some of these variants include modified sine wave power inverters, plug-in grid tie power inverters, and solar power inverters.
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The rapid economic growth and rising disposable incomes of individuals across the globe have enabled them to spend more on products like power inverters, which enhance their lifestyles and provide comfort. Along with this, with rapid urbanization and growing electrification rates, most people nowadays rely on electronic appliances and gadgets.
Recent Developments
· In March 2022, Huawei Technologies signed a strategic cooperation agreement with Meienergy Technology Co., Ltd for providing smart PV and energy storage systems for the 1 GW utility PV plant and 500 MWh energy storage system in Ghana which is developed by Meienergy.
· In April 2022, Sungrow Power Supply supplied string inverters to a 20.7 MW rooftop PV plant for the electric vehicle manufacturing base of XPENG. The XPENG factory is now powered by 30% of clean electricity.
Top Key Players
· Luminous Power Technologies Pvt. Ltd.
· V-Guard Industries
· Microtek International Private Limited
· Su-Kam Power Systems Limited
· Exide Industries Limited
· Amara Raja Batteries Limited
· Genus Innovation Limited
· Arise India Limited
· Consul Neowatt Power Solutions Private Limited
· Uniline Energy Systems Private Limited.
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Asia Pacific to Dominate the Market
· Asia Pacific is expected to dominate the global inverter market between 2023-2030, followed by North America and Europe. The inverter market in the Asia Pacific is witnessing significant developments in the renewable energy sector due to increased initiatives towards climate change and net zero targets, which have supported the demand for inverters across countries of the region.
· The increasing investments in photovoltaic (PV) plants, a rise of installations in the residential sector along with the shift in transportation towards electrical vehicles in countries such as China, India, Australia, and Japan.
Inverter Market Segmentation:
Based on the inverter type
· Solar inverter
· Vehicle inverter
Based on the output power rating
· Below 10 kW
· 10–50 kW
Based on the output voltage
· 100–300 V
· 300–500 V
Based on the sales channel
· Direct
· Indirect
Based on the connection type
· Standalone
· Grid-tied
Based on end-user
· Residential
· Automotive
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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