WASHINGTON, April 28, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Power Inverter Market finds that increasing demand for electric vehicles as well as wind Turbines across the globe, and increasing demand for Solar PVs, are factors that influencing the growth of Power Inverter Market.
The total Global Power Inverter Market is estimated to reach USD 95 Billion by the year 2028. The Global Market revenue value in the year 2021 stood at USD 70.5 Billion and is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 5.1%, states Vantage Market Research, in a report, titled “Power Inverter Market Size, Share & Trends Analysis Report by Type (<5KW, 5KW to 95KW, 100KW to 495KW, Above 500KW), by Application (Motor Drives, Uninterruptible Power Supply (UPS), Rail Traction, Wind Turbines), by End Use (Utility, Residential, Commercial and Industrial), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Drivers:
Increasing Demand for Wind Turbines
Many governments in different countries are supporting the alternative options for the energy generation which will be more effective and not cause any type of pollution. Energy generated by wind turbine follows sustainable power roadmap and will almost supply 33% of global energy demand by 2050 being sustainable energy source. This has increased the number of wind turbines resulting in increasing the demand for wind turbine blade coating.
Turbine is the most important part of an offshore wind mills, where build quality of turbines acts as the most important parameter. The amount of power that can be generated from wind mill depends upon turbines i.e. its size and length. New generation wind power projects use turbines having capacity of 3–5 MW offshore. The average capacity of wind turbines has increased from 1.6 MW in 2009 to more than 2 MW in 2016. To meet the climate challenges, country governments are increasingly focusing on green, clean, and renewable energy, ultimately increasing demand for turbines for wind energy projects.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Power Inverter market is predicted to grow at a CAGR of roughly 5.1% during the forecast period.
- The Power Inverter market was estimated to be worth roughly USD 70.5 Billion in 2021 and is expected to reach USD 95 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Power Inverter market.
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Segmentation of the Global Power Inverter Market:
- Type
- <5KW
- 5KW to 95KW
- 100KW to 495KW
- Above 500KW
- Application
- Motor Drives
- Uninterruptible Power Supply (UPS)
- Rail Traction
- Wind Turbines
- Electric Vehicles/Hybrid Electric Vehicles
- Solar PVs
- Others
- End Use
- Utility
- Residential
- Commercial and Industrial
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Increasing Demand for EVs
The demand for electric vehicles is increasing at its unprecedented level, across the globe. The adoption rate of electric vehicles is increasing with the introduction of DC fast charging, wireless charging, ultrafast electric vehicle supply equipment (EVSE) that has capacity to charge vehicle batteries to 100% within 15-30 minutes. The different technologies and applications help the drivers to easily search for charging stations by using smartphones and navigation system in cars which may also boost the sale of electric vehicles. Also, the government support is increasing by taking several initiatives. The government supports the market growth by providing tax credits and various subsidies to promote the sale of electric vehicles. Further, the government also provides road tax exemption to increase the sale of the electric vehicles. Another driving factor for the growth of market is government incentives and subsidies for electric vehicle charger infrastructure development.
Moreover, along with government, several key players in the market are investing their money heavily to increase the production of EVs and to develop the technology. These are some factors increasing the demand for EVs, further boosting the demand for electric vehicle adhesives. Thus, driving the growth of the market.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Power Inverter Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific Holds Maximum Market Share
Asia Pacific is expected to dominate the growth of Power Inverter Market in 2021. The major driving factors for the market are presence of emerging economies, availability of large base of population in the region. Ultimately, providing an opportunity for market. Additionally, increasing government initiatives regarding green energy and motivating people for adoption of EVs is further propelling to market growth.
List of Prominent Players in the Power Inverter Market:
- SMA Solar Technology AG
- Omron Corporation
- ABB Ltd
- Tabuchi Electric Co. Ltd. Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC)
- Advanced Energy Industries Inc.
- Enphase Energy Inc.
- Schneider Electric SE
- Huawei Technologies Co. Ltd.
- SolarEdge Technologies Inc.
Browse market data Tables and Figures spread through 171 Pages and in-depth TOC on "Power Inverter Market Size, Share & Trends Analysis Report by Type (<5KW, 5KW to 95KW, 100KW to 495KW, Above 500KW), by Application (Motor Drives, Uninterruptible Power Supply (UPS), Rail Traction, Wind Turbines), by End Use (Utility, Residential, Commercial and Industrial), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/power-inverter-market-860700
Recent Developments:
June 2021: Schneider Electric to infuse Rs 350-400 crore in its subsidiary Luminous Power.
July 2020: Hitachi Completes Acquisition of ABB Power Grids to Tackle Renewable Energy’s Rise.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Power Inverter Market?
- How will the Power Inverter Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Power Inverter Market?
- What is the Power Inverter market drivers and restrictions?
- What will be the CAGR and size of the Power Inverter Market throughout the forecast period?
This market titled “Power Inverter Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Type ° <5KW ° 5KW to 95KW ° 100KW to 495KW ° Above 500KW • Application ° Motor Drives ° Uninterruptible Power Supply (UPS) ° Rail Traction ° Wind Turbines ° Electric Vehicles/Hybrid Electric Vehicles ° Solar PVs ° Others • End Use ° Utility ° Residential ° Commercial and Industrial • Region ° North America ° Europe ° Asia Pacific ° Latin America ° Middle East and Africa |
| Region & Counties Covered | • North America ° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil ° Argentina ° Rest Of Latin America • Middle East & Africa ° GCC Countries ° South Africa ° Rest Of Middle East & Africa |
| Companies Covered | • SMA Solar Technology AG • Omron Corporation • ABB Ltd • Tabuchi Electric Co. • Ltd • Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC) • Advanced Energy Industries, Inc. • Enphase Energy, Inc. • Schneider Electric SE • Huawei Technologies Co. • Ltd. • SolarEdge Technologies Inc. |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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