Inverter Market Share, Size, Global Trend, Forecast till 2030 – Delvens

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Inverter Market Size, Share, Demands, Overview,
Growth Rate, Outlook and Forecast 2030
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Inverter Market Size, Share, Demands, Overview,
Growth Rate, Outlook and Forecast 2030
Inverter Market by Power Source (Battery-Powered,
hardwired with battery backup, Hardwired without
battery backup), Type (Photoelectric Smoke
Detectors, Ionization Smoke Detectors), Service,
Distribution Channel, and region (North America,
Europe, Asia-Pacific, Middle East and Africa and
South America). The global Inverter Market size
is projected to reach a CAGR of 15.7 from
2023-2030. Luminous Power Technologies Pvt. Ltd.,
V-Guard Industries, Microtek International
Private Limited, Su-Kam Power Systems Limited,
Exide Industries Limited, Amara Raja Batteries
Limited, Genus Innovation Limited, Arise India
Limited, Consul Neowatt Power Solutions Private
Limited, and Uniline Energy Systems Private
Limited are the major players operating in
Inverter Market.
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Market Overview
Power inverters are electric devices that
transform direct current (DC) into alternating
current (AC). Unlike generators, power inverters
offer low operating costs and eliminate the
inconvenience of using change-over switches.
Owing to these characteristics, they are used to
operate several tools, household appliances, and
other electrical products. Power inverters are
available in a variety of sizes, types, and power
ranges as per the varied consumer needs and
preferences. Some of these variants include
modified sine wave power inverters, plug-in grid
tie power inverters, and solar power
inverters. The rapid economic growth and rising
disposable incomes of individuals across the
globe have enabled them to spend more on products
like power inverters, which enhance their
lifestyles and provide comfort. Along with this,
with rapid urbanization and growing
electrification rates, most people nowadays rely
on electronic appliances and gadgets. This has
resulted in a significant need for an
uninterrupted power supply, in turn increasing
the sales of power inverters as an alternate
backup solution in case of outages. Besides this,
they are noise-free and environment-friendly in
nature as they do not emit carbon emissions and
eliminate the need for gasoline, which is
required for running generators. Moreover,
manufacturers are investing in research and
development (RD) activities to introduce new
technologies and enhance their operational
characteristics. These factors will help to boost
the market.
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Market Overview
On the other hand, in traditional PV systems, PV
panels, wires, and other equipment are energized
with high DC voltages. These high DC voltages
pose risks to installers, maintenance personnel,
and firefighters. Solar inverters with PV arrays
involve high DC voltages, making it difficult to
isolate DC electric devices from PV arrays using
DC isolation switches. When PV modules are
connected in series, they create a high voltage,
which can be dangerous for installers during the
system installation, thus there is a high safety
risk with high DC voltages and this is the major
factor hindering the growth of the market.  The
COVID-19 pandemic has adversely affected the
growth of the inverter market globally as the
demand for inverters was reduced significantly.
Governments worldwide have restricted many
business activities to minimize the spread of the
coronavirus. The wide expansions in the renewable
energy sector which were planned by the
government have also got shut-down due to the
pandemic, this delayed the path that was targeted
for the clean energy transition. Additionally,
companies across different geographies had to
shut down their manufacturing facilities and
services as partial or full lockdowns were
imposed to contain the pandemic. This resulted in
increased procurement costs of raw materials due
to the shortage of supplies, which ultimately led
to delays in order closures. Thus, the pandemic
has negatively impacted the demand for inverters
in the short term.
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Market Segmentation

• Inverter Market is segmented into various
  segments such as inverter type, output power
  rating, output voltage, sales channel, connection
  type, end user, and region
• Based on the inverter type
• Solar inverter
• Vehicle inverter
• Others (UPS and battery inverters)
• Based on the output power rating 
• Below 10 kW
• 1050 kW
• 50100 kW
• Above 100 kW

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Market Segmentation

• Based on the output voltage
• 100300 V
• 300500 V
• Above 500 V.
• Based on the sales channel
• Direct
• Indirect
• Based on the connection type
• Standalone
• Grid-tied

• Based on end-user
• Residential
• Automotive
• Photovoltaic (PV) Plants
• Others (Commercial, Industrial, and utilities)
• Based on region
• Asia Pacific
• North America
• Europe
• South America
• Middle East Africa

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Competitive Landscape

• Luminous Power Technologies Pvt. Ltd.
• V-Guard Industries
• Microtek International Private Limited
• Su-Kam Power Systems Limited
• Exide Industries Limited
• Amara Raja Batteries Limited
• Genus Innovation Limited
• Arise India Limited
• Consul Neowatt Power Solutions Private Limited
• Uniline Energy Systems Private Limited.

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Recent Developments

• In March 2022, Huawei Technologies signed a
  strategic cooperation agreement with Meienergy
  Technology Co., Ltd for providing smart PV and
  energy storage systems for the 1 GW utility PV
  plant and 500 MWh energy storage system in Ghana
  which is developed by Meienergy. 
• In April 2022, Sungrow Power Supply supplied
  string inverters to a 20.7 MW rooftop PV plant
  for the electric vehicle manufacturing base of
  XPENG. The XPENG factory is now powered by 30 of
  clean electricity.

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Contact Information
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India. The company holds expertise in providing
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by assuring to provide the information on
country, regional and global business
environment. We have a database for more than 45
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globally. Contact Us 44-20-8638-5055 sales_at_del
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