According to IMARC Group’s latest report, titled “Power Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global power inverter market reached a value of US$ 68.7 Billion in 2020. Looking forward, the market value is projected to reach US$ 95.8 Billion by 2026, growing at a CAGR of 5.8% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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Power inverters are electronic devices that are used to change direct current (DC) from batteries, solar panels and high voltage DC transmission lines to alternating current (AC). Solar power inverters and modified sine wave power inverters are the most commonly used variants. Unlike conventional generators, power inverters are highly efficient and a reliable source of power supply that offers low operating costs and eliminates the inconvenience of using change-over switches. Nowadays, they are available in various sizes, types and power ranges, which are used for operating different tools, household appliances and electrical equipment.
Market Trends and Drivers:
A significant increase in the use of electronic appliances and gadgets, such as air conditioners, televisions, laptops and refrigerators, due to rapid electrification and urbanization are propelling the power inverter market growth. Power inverters provide an uninterrupted power supply and act as an alternate backup power solution in case of emergencies. Besides this, with the growing environmental concerns, power inverters are gaining traction over traditional generators, as they produce zero-emissions while providing electricity and functioning quietly. Furthermore, the development of new technologies with enhanced features associated with the operation of these inverters, like extended-battery lifespan and low maintenance costs, is also bolstering the market growth.
Power Inverter Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the power inverter market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Key Market Segmentation:
The report has segmented the global power inverter market on the basis of type, application, end use sector and region.
Breakup by Type:
Breakup by Application:
Breakup by End Use Sector:
Regional Insights:
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Key Highlights of the Report:
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