Drivers and Trends
The rise in the consumption of wind energy is one of the key factors driving the growth of the inverter market. Countries across the globe are shifting their focus toward the use of renewable sources to produce power due to the depleting conventional sources of energy and growing concerns regarding greenhouse gas (GHG) emissions. The rising awareness about the benefits of wind energy is propelling the demand for wind turbine inverters. This is because these inverters can increase the rotational speed and energy output while ensuring a high rate of return for investors from wind projects. The growing cost of fossil fuels is encouraging consumers to shift toward renewable wind energy solutions. Wind turbines will face a rapid growth rate, which will propel the growth of wind turbines.
The increasing demand for clean power is one of the key trends in the inverter market. Climate change policies and improvements in technology have shifted the generation of power to low-carbon or no-carbon technologies such as solar, wind, and hydropower. The number of countries implementing renewable targets and policies is growing. Hence, there has been an increase in renewable power production. This necessitates the presence of adequate and reliable power transmission, such as that provided by a smart grid. End-users have adopted alternative forms of energy instead of depending on power generators that operate on fossil fuels. This shift of end-users, coupled with various government initiatives, will drive the inverter market in the coming years.
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Top 4 Inverter Market Players
- ABB Ltd. - The company offers a comprehensive range of power converters and inverters for use in a wide range of applications across all industries.
- Danfoss AS - The company provides a range of energy-efficient AC Drives for varied applications.
- Eaton Corporation Plc - The company provides DC Inverter solutions such as their Telecom Inverter solutions, Matrix 48Vdc Inverter solutions, and Matrix 2000 Standalone Inverter.
- General Electric Co. - The company offers its GEs LV5 Solar Power system, which comprises their LV5 1500 V solar inverter with medium voltage power transformer, optional MV Ring Main Unit (RMU), auxiliary transformer, and various options into a single, standard 20ft ISO high cube container.
- Huawei Investment & Holding Co. Ltd. - The company offers leading Smart PV solutions wherein the latest ICT technologies are combined with PV for optimal power generation and backup.
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Inverter Market 2021-2025: Segmentation
- Application
- Motor Drive
- Renewable Energy
- UPS
- Geography
- APAC
- Europe
- North America
- MEA
- South America
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Inverter Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5% |
Market growth 2021-2025 |
USD 20.22 billion |
Market structure |
Fragmented |
YoY growth (%) |
1.00 |
Regional analysis |
APAC, Europe, North America, MEA, and South America |
Performing market contribution |
APAC at 41% |
Key consumer countries |
US, China, Germany, UK, Japan, and France |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
ABB Ltd., Danfoss AS, Eaton Corporation Plc, General Electric Co., Huawei Investment & Holding Co. Ltd., Mitsubishi Electric Corp., Schneider Electric SE, Siemens AG, SMA Solar Technology AG, and Vertiv Group Corp. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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