Power Converters and Inverters Market Size, Share, Growth, and Industry Analysis, By Type (12 VDC Input Voltage Inverter, 24 and 48 VDC Input Voltage Inverter, 200 To 400 VDC Input Voltage Inverter, 300 To 450 VDC Input Voltage Inverter, above 450 VDC Input Voltage Inverter), By Application (DC Power Source Usage, Uninterruptible Power Supplies, Electric Motor Speed Control, Power Grid, Solar, Induction Heating, Others), Regional Forecast to 2031

Updated On: 22 April 2024

Power Converters and Inverters Market REPORT OVERVIEW

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global power converters and inverters market size was USD 219.5 million in 2022  and market is projected to touch 322.65 million by 2031, exhibiting a CAGR of 4.3% during the forecast period.

Current-converting electrical equipment includes converters and inverters. Converters change an electrical device's voltage, typically from alternating current (AC) to direct current (DC). Inverters, on the other hand, change direct current (DC) into alternating current (AC). There are numerous domestic and foreign competitors in the highly fragmented inverter market. In this industry, a key factor for differentiation is product quality. By adhering to numerous industrial standards for the product, the organised sector, which mostly sells to industrial customers, ensures superior product quality. At the same time, less expensive options are provided by the unorganized sector.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.

LATEST TRENDS

"Growth of the market in recent years"

The demand for electronic systems in vehicles has increased as a result of technological developments in the automotive sector and the emergence of trends like connected, autonomous, and electrified vehicles. The electric car market has expanded very well across the globe as a result of the emphasis placed on various environmental legislation. The neighboring markets have expanded as a result, in turn. The market for car inverters is projected to be driven by consumers' rising predilection for electric automobiles. The reduction in EV costs, extension of vehicle range, and improvements in charging infrastructure brought about by ambitious EV objectives set by governments of various nations and the necessary policy backing have increased demand for EVs globally.

Power Converters and Inverters Market SEGMENTATION

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• By Type

Based on type the global power converters and inverters market is classified as 12 VDC Input Voltage Inverter, 24 and 48 VDC Input Voltage Inverter, 200 To 400 VDC Input Voltage Inverter, 300 To 450 VDC Input Voltage Inverter, above 450 VDC Input Voltage Inverter.

• By Application

Based on application the global power converters and inverters market is classified as DC Power Source Usage, Uninterruptible Power Supplies, Electric Motor Speed Control, Power Grid, Solar, Induction Heating, Others.

DRIVING FACTORS

"Utilization as a Catalyst to Boost the Market Growth"

The surge in solar PV installations for various uses around the world is being attributed to quick advancements in the solar energy sector in terms of power output and utilization. According to the global market outlook for Solar Power/2022-2026 research, which was released by SolarPower Europe, the world's solar fleet's capacity doubled in just three years from 2018 to reach one Terawatt in April 2022. Over half of the 302 GW of renewable energy capacity installed globally in 2021 will come from solar, the renewable energy with the greatest rate of growth. Major markets with the biggest number of new solar installations in 2019 and 2020 are China, the US, Germany, and Japan.

"Extensive Application in Laundering Process to Multiply the Production and Market Growth"

Guaranteed grid access, a long-term fixed purchase price contract (generally of 20 years) for the electricity produced, and a decline in contract prices for new installations that are based on the cost of renewable energy generation with a downward trend towards grid parity are the three main components of the FiT policy. Several significant nations, notably Germany, Italy, and the UK, have enacted this approach. Vast PV FiT programmes are also available in China and Japan. The solar PV markets in these nations are anticipated to expand. Customers can get a reasonable return on their investments for a very long period with solar panel prices that are guaranteed for 20 years, which promotes the installation of huge systems on building rooftops.

RESTRAINING FACTORS

"Several Challenges Associated with the Local Irritation to Restrain the Market"

PV panels, cables, and other hardware are energized with high DC voltages in conventional PV systems. Firefighters, maintenance workers, and installers are all at risk from these high DC voltages. High DC voltages in solar inverters with PV arrays make it challenging to use DC isolation switches to separate DC electric devices from PV arrays. A high voltage is produced when PV modules are connected in series, which poses a risk to system installers while the system is being installed. A PV system may experience electric arcs in the event of a short-circuit current, which can cause fire and pose a threat to nearby occupants. Because these DC arcs are challenging to put out, firemen are at risk.

Power Converters and Inverters Market REGIONAL INSIGHTS

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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"

Inverter sales are anticipated to reach their peak in Asia Pacific between 2022 and 2027, followed by North America and Europe. Due to growing efforts to combat climate change and net zero goals, the Asia Pacific inverter market is experiencing substantial changes in the renewable energy sector, which has fueled demand for inverters across the region's nations. the growth of home photovoltaic (pv) installations, the increased investment in photovoltaic (pv) facilities, and the transition to electrical cars for transportation in nations like China, India, Australia, and Japan.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• SMA (Germany)
• ABB (Switzerland)
• AdvancedEnergy (US)
• EnphaseEnergy (US)
• SolarEdge (Israel)
• SchnriderElectric (France)
• Power Electronics (Spain)
• Fronius (Austria)
• Power-One (US)
• KACO (Germany)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.