Power Inverter Market: Current Analysis and Forecast (2021-2027)
Emphasis on Type (<5KW, 5KW to 95KW, 100kw TO 495KW, Above 500KW); Application (Motor Drivers, UPS, Rail Traction, Wind Turbines, Electric vehicles & Hybrid Electric Vehicles, Solar PV’s, Others); End-Use (Residential, Commercial); and Region/Country
The Global Power Inverter market is expected to grow at a CAGR of around 5% during the forecasted period of 2021-2027. The primary elements that enhance the adoption of the power inverters throughout the residential and other economic sectors are the low value of operation and the removal of the inconveniences related to the change-over switches, unlike the energy generators. Power inverters are applied for operating diverse household appliances and electric products. Moreover, with the consistent growth in electrification rate and urbanization, people rely more on electronic gadgets which enhance their lifestyle and provide them comfort are some of the factors escalating the market size of power inverters.
Furthermore, the benefits are they continuously supply electricity during power outages, eliminating the need to turn off electronics or appliances when the power goes off, Sensitive components in electronic equipment may be harmed by the abrupt rise and fall in power levels, so the inverter protects the device from any variance in the power and inverters also help in allowing a steady flow of electricity.
Some of the major players operating in the market include Samlex America Inc., Solar Edge Technology Inc., Power Bright, SMA Solar Technology, Magnum Dimensions, Calsonic Kansei, Tabuchi Electric Co., ABB Ltd, Omron Automation Pvt. Ltd, Enphase Energy Inc.
Insights Presented in the Report
“Amongst type, 5KW to 95KW held a significant share of the market”
Based on type, the market is classified into <5KW, 5KW to 95KW, 100kw TO 495KW, and Above 500KW. Amongst these, 5KW to 95KW held a significant share of the market owing to high efficiency and long operating life, fast and easy installation, especially in residential buildings. Further, the growth of the market can be mainly attributed to the increase in the number of solar rooftop installations in various countries.
“Amongst end-use industry, residential is expected to witness highest CAGR during the forecast period”
Based on end-use, the market is classified into residential and commercial. The residential sector captured a significant share of the market in 2020. It is mainly owing to the increasing government investment in infrastructure and electricity. In addition, the growing number of residential structures and urbanization are the two significant factors driving the use of power inverters in residential units around the world.
“Asia-pacific to witness significant growth during the forecast period”
Asia Pacific dominates the market due to the increasing investments in photovoltaic (PV) plants, the 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, also the rapid economic growth and rising disposable incomes of individuals across the globe have enabled them to spend more on products like power inverter and these are some of the major factors that drive the growth of power inverter market
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global power inverter market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Global Power Inverter Market Analysis (2021-2027)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global power inverter market were the three major steps undertaken to create and analyze the adoption of power inverters in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global power inverter market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to a detailed methodology explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the power inverter market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the power inverter market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, application, and end-use. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the power inverter market. Further, we conducted factor analysis using dependent and independent variables such as various types, applications, and end-use of power inverters. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the power inverter market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global power inverter market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of power inverter market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global power inverter market in terms of type, application, and end-use. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global power inverter market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, application, and end-use in the global power inverter market.
The main objective of the Global Power Inverter Market Study
The current & future market trends of the global power inverter market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the power inverter market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas type, application, and end-use.
- Define and analysis of the regulatory framework for the power inverter market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the power inverter market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world.
- Company profiles of the power inverter market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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