Pune, India., Nov. 09, 2023 (GLOBE NEWSWIRE) -- According to a new report published by The Insight Partners on “Portable Power Inverter Market Size and Forecast (2021–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Phase (Single-Phase and Three-Phase), Output Voltage (Upto 240 Volts and Above 240 Volts), Application (Residential, Industrial, and Commercial), Power (1000W to 2500W and 2500W to 5000W), and Geography” the market in terms of revenue was estimated to be worth $1.35 billion in 2021 and is poised to reach $2.20 billion by 2028, growing at a CAGR of 7.2% from 2021 to 2028.
The growth of the portable power inverter market is driven by rising penetration of electric vehicles and continuous increase in demand from residential sector. However, increasing government initiatives to reduce the emission of greenhouse gas (GHG) is emerging as a future trend in the industry.
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Global Portable Power Inverter Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 1.35 Billion in 2021 |
| Market Size Value by | USD 2.20 Billion by 2028 |
| Growth rate | CAGR of 7.2% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| Segments covered | Phase, Output Voltage, Application, Power, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
The portable power inverter market in European countries is growing at a decent rate year-over-year. The key reason behind the growth of the portable power inverter market is the presence of large number manufacturers of portable power inverters across the region. The portable power inverter market players present in Europe enjoy contract for supplying their products to various end users ranging from commercial end users to industrial end users. However, the residential sector account for the majority of the procurement of portable power inverters in the region. Nonetheless, the growth rate of commercial and industrial sectors in countries such as Russia, Italy, the UK, and Germany is expected to be the key catalyzer for portable power inverter market during the forecast period.
Due to continued urbanization and population, the energy demand has skyrocketed, necessitating the use of alternative energy sources to meet this requirement. Carbon emissions are strongly linked to traditional energy sources based on fossil fuels, such as coal and petroleum. As a result, renewable energy sources, especially solar energy, are now being used to generate electricity. The increasing uptake of solar energy for electricity generation is likely to drive the portable power inverter market growth over the forecast period.
The adoption of inverters for personal usage in the residential sector has been around for decades. In the current scenario, the attention toward portable power inverters has risen stupendously due to portability and lower energy consumption advantage. The increase in attraction toward varied models of these inverters is driving the market substantially. Further, the uptake of portable power inverters is foreseen to grow over the years, as procurement of solar PV portable inverters is rising among end users in the residential sector, propelling the market.
The increase in the number of household appliances purchased worldwide is one of the key factors responsible for the growth in demand for portable power inverters. Over the past couple of years, the work from home scenario has displayed an increase in the usage of laptops, desktops, and other consumer electronics at homes, which require a continuous power supply. Due to this, the need for and uptake of portable power inverters has risen remarkably across the world.
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Global Portable Power Inverter Market: Segmental Overview
The portable power inverter market is analyzed on the basis of power, output voltage, power, application, and geography. Based on power, the portable power inverter market is segmented into single-phase and three-phase. Based on the output voltage, the portable power inverter market is categorized into up to 240 Volts and above 240 Volts. Based on power, the portable power inverter market is divided into 1000W to 2500W and 2500W to 5000W. Geographically, the portable power inverter market is segregated into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America. Based on application, the portable power inverter market is segmented as residential, commercial, and industrial. The residential segment dominates the global market, while the commercial segment is expected to be the fastest revenue-generating segment during the forecast period. The growing commercialization across countries worldwide is one of the key factors driving the market. Commercial spaces, such as restaurants, individual office spaces, vehicle maintenance stores, and retail stores, are procuring portable power inverters to avoid disruptions during a sudden power outage. This trend is foreseen to drive the market through the commercial segment in the coming years.
Global Portable Power Inverter Market: Competitive Landscape
Eaton, Cobra Electronics, Growatt New Energy, Zucchetti Centro, and Omron are some of the key players profiled in the portable power inverter market study. In addition, several other essential market players were studied and analyzed to get a holistic view of this market and its ecosystem.
Recent Developments:
- In 2018: Delphi Technologies PLC invested in PolyCharge America, Inc. to portable power inverter market a revolutionary capacitor technology. The discovered technology is expected to aid in the construction of high-power inverters that are smaller, lighter, and more resistant to high temperatures.
- In 2022: Eaton announced has completed the acquisition of Royal Power Solutions, a U.S.-based manufacturer of high-precision electrical connectivity components used in an electric vehicle, energy management, industrial, and mobility markets.
- In 2021: ENERGIZER HOLDINGS, INC. announced a global, multi-year partnership with Red Bull Racing Honda, the four-time Formula 1 World Champion team. As the auto cleaning & care partner of Red Bull Racing Honda, Armor All will leverage the partnership to expand its international marketing efforts, grow brand awareness, and connect with new consumers.
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