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 vehicles, and solar PV. The power inverter market size was valued at $68.2 billion in 2021, and the power inverter industry is estimated to reach $112.7 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031.
Get a PDF brochure for Industrial Insights and Business
Intelligence @ https://www.alliedmarketresearch.com/request-sample/12443
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.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/12443
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.
Procure Complete Report @ https://www.alliedmarketresearch.com/checkout-final/b73fdd7e638c395a939a8894ff79b4cf?utm_source=AMR&utm_medium=research&utm_campaign=P21776
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.
About Us
Allied Market Research (AMR) is a full-service market
research and business-consulting wing of Allied Analytics LLP based in
Portland, Oregon. Allied Market Research provides global enterprises as well as
medium and small businesses with unmatched quality “Market Research Reports”
and “Business Intelligence Solutions.” AMR has a targeted view to provide
business insights and consulting to assist its clients to make strategic
business decisions and achieve sustainable growth in their respective market domains.
Pawan Kumar, the CEO of Allied Market Research, is
leading the organization toward providing high-quality data and insights. We
are in professional corporate relations with various companies and this helps
us in digging out market data that helps us generate accurate research data
tables and confirms the utmost accuracy in our market forecasting. Each and
every data presented in the reports published by us is extracted through
primary interviews with top officials from leading companies of the domain
concerned. Our secondary data procurement methodology includes deep online and
offline research and discussion with knowledgeable professionals and analysts
in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll-Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Follow Us on | Facebook | LinkedIn | YouTube |
No comments:
Post a Comment