Global Power Inverter Market Overview 2018: Growth, Demand and Forecast Research Report to 2023

The latest report by IMARC Group, titled “Power inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global power inverter market reached a value of US$ 64 Billion in 2017, registering a CAGR of 7% during 2010-2017. Power inverter is an electronic device which changes direct current (DC) from batteries, solar panels, or high voltage DC transmission lines to alternating current (AC). It is used to run devices, tools, and other residential and commercial electrical appliances. Unlike conventional generator, power inverter is generally smaller, lighter and provides more energy savings. Over the years, power inverters have gained prominence as they ensure a highly efficient and reliable power supply, offer low operating cost, and eliminate inconvenience of using change-over switches.

Global Power Inverter Market Trends:

With growing electrification and rapid urbanization, the majority of the population nowadays relies on electronic appliances and gadgets, such as air conditioners, televisions, laptops, refrigerators, etc. This has resulted in a significant need for power inverters which are used to provide an uninterrupted power supply and as an alternate backup power solution in case of emergencies. Moreover, power inverters produce zero emission while providing electricity and are also substantially quieter in operation than traditional generators. Further, power inverter manufacturers are investing in R&D activities so as to develop new technologies which will enhance characteristics associated with the operation of these inverters. However, low-battery lifespan coupled with high maintenance cost are the major factors constraining the demand for power inverters. Looking forward, the market is projected to reach a value of US$ 95 Billion by 2023.

Source: https://www.imarcgroup.com/global-power-inverter-market