Introduction

An electric circuit which converts Direct current (DC) to Alternating current (AC) is known as a power inverter. The frequency, power, input and output depend on the design of the electric circuit. As compared to generator, the power inverter is low-cost operator and is convenient for usage of change-over switches. Because of these characteristics, power inverters are used in many tools, electrical products and many household appliances. As per the need of consumer the power inverters are of many types, sizes and power ranges, some of these also includes plug-in-grid tie power inverter, sine wave power inverters and solar power invertors. Power inverters are used in residential, commercial and industrial usage. The application of power inverter is motor drive, rail traction, wind turbines, electric vehicle, solar PVs etc.

Market Scope and Structure Analysis

COVID-19 Impact analysis

• Due to COVID-19 outbreak the market of power inverter was negatively affected.
• However, the Power generation industries were not totally closed, which has the positive impact on power inverter market.
• The global supply chain was disrupted and the demand for power inverter decreased in many countries.
• The automotive industries were shut down during the COVID-19 pandemic which decreases the demand for power inverter which affected the power inverter market.

Top Impacting Factors

To run many gadgets such as laptops, refrigerators, air conditioners and television, the demand for uninterrupted power supply is increasing, this will boost the growth of power inverter market. Also, in schools, corporate offices and commercial places the demand for uninterrupted power supply is increasing with the increase in the demand for power inverter as an alternate backup solution. Also, they are environmentally friendly and are noise free. They do not emit carbon emission and do not require gasoline, which is required by the generators. The cost of the power inverter is very high and it has a short lifespan. These factors can restrain the growth of power inverter. The inverters are not of continuous use if it has a battery deterioration are high. This is the challenges of power inverter market.

Market Trends

• In Asia-Pacific region, the increase in rural electrification and urbanization is increasing and this stimulate the growth of power inverter market.
• North America and Europe are the early adapter of technology are the mature market of power inverter this fuel the growth of power inverter market.
• To introduce new technology and enhance their operational characteristics the manufacturers are investing in R&D activities.
• Market player adopt many strategies like product launch, acquisition to expand their business.
• Schneider electric installed a 1,800-watt power inverter on new Schneider’s tractors to provide electrical capacity of the tractor.

 Key Segments Covered

Key Benefits of the Report

• This study presents the analytical depiction of the power inverter industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the power inverter market share.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the power inverter market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed power inverter market analysis based on competitive intensity and how the competition will take shape in coming years