NEWARK, Del, July 20, 2023 (GLOBE NEWSWIRE) -- The global Power Inverter Market, enormous worth of US$ 74,741.2 million in 2022 demonstrated its significance in the contemporary world. In the present year, 2023, the global sales of Power Inverters are expected to keep growing, reaching an estimated value of US$ 77,880.3 million.
The exceptional rise of the global Power Inverter Market is due to increased energy consumption and a widening supply-demand imbalance. According to FMI Research, the Power Inverter industry will have a bright future, with a predicted CAGR of 5.8% from 2023 to 2033. Furthermore, the insecurity of particular power networks in specific locations may increase the use of Power Inverters as backup units.
The total value of Power Inverters sold globally is expected to reach US$ 137,290.5 million by the end of this forecast period. Furthermore, the market's versatility and capacity to meet changing power demand and span across varied industries is shown in this excellent growth rate.
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Global demand for effective power management systems is being fueled by rising energy demand, which is being exacerbated by urbanisation and industrialization. Furthermore, the growing interest in unconventional energy sources such as solar and wind has increased demand for Power Inverters.
| Report Attributes or Data Points | Details | |
| Global Power Inverter Market Valuation in 2022 | US$ 74,741.2 million | |
| Estimated Global Market Share in 2023 | US$ 77,880.3 million | |
| Forecasted Global Market Size by 2033 | US$ 137,290.5 million | |
| Projected Global Market Growth Rate from 2023 to 2033 | 5.8% CAGR | |
| Historical Market Growth Rate from 2018 to 2022 | 3.7% | |
Key Takeaways from the Power Inverter Market Study Report:
- Currently, the market is dominating in North America and Europe, with global shares of 26.5% and 23.4% in 2022, respectively. Meanwhile, the business is thriving in Asia and other regions, with demand fluctuating according on regional energy needs and governmental efforts.
- Among the countries, the United States alone provided roughly 18.4% of worldwide income in 2022.
- Germany is the top manufacturer and provider of Power Inverters in Europe, with a 10.4% global market share in 2022.
- China is the largest producer of Power Inverters in the Asia Pacific area, with a CAGR of 4.3% expected. Surprisingly, India is expected to have a higher CAGR of 8.5% throughout this time period.
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| Regional Market Comparison | Global Market Share in Percentage | |
| North America | 26.5% | |
| Europe | 23.4% | |
Focus on Growth | Technical Improvements, Product Innovation, and Strategic Alliances:
Top market participants include Omron Automation, TMEIC, Tabuchi Electric, SMA Solar Technology, Schneider Electric, ABB, Samlex America, Enphase Energy, Thor Manufactures, and PowerBright. To capitalise on the market's growth potential, key firms are focusing on technical advancements, product innovation, and strategic collaborations.
By conforming to industry norms, emerging market participants highlight the market's potential and the lucrative opportunities it provides. New market participants are investing in R&D to meet changing customer expectations, achieve sustainability goals, and enter the market.
Recent Advancements in Solar Energy | Delta-Huawei Collaboration Paves the Way for Smarter Inverters:
Delta Electronics Company and Huawei Inc. established a collaboration in January 2023 to develop intelligent Power Inverters for the solar energy market. By merging Huawei's smart grid experience with Delta's inverter technology, this new generation of inverters is more trustworthy and efficient.
Schneider Electric announced the April 2023 release of its new SunIQ inverters for home and commercial solar energy systems. With features such as a plug-and-play design and a web-based monitoring system, these new inverters are designed to be simple to install and maintain.
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Power Inverter Market Key Segments:
By Type:
- Less than 5 KW
- 5 to 95 KW
- 100 to 495 KW
- More than 500 KW
By Application:
- Solar PV
- Motor drives
- EVs/HEVs
- Rail traction
- UPS
- Wind Turbines
- Others
By End-use sector:
- Utility
- Residential
- Commercial
- Industrial
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