The global inveretr market is projects to reach USD 33.8 billion by 2027 from an eatimated USD 16.3 billion on 2022,at s CAGR of 15.7% during the forecast period.The growth of the inverter market can be attributed to growing investments in the reenewable power generation trchnologies,green infrastructure.The repidly usage of power backup systems in various sectors is also fueling demand for inverters.
Driver:Rising number od solar installations attributed to government-led incentives and sachemes
Repid developments in the solar energy sector in terms of power generation and utillization are contributing to the incresae in the number of solar PV installations for various applications across the world.According to the Global Market Outlook for Solar Power/2022-2026-a report published by SolarPower Europe-global solar capacity duobled in 3 years from 2018,bringing the global solar fleet to one Terawatt capacity in April 2022.Solar is the fastest-growing renewable energy,representig over half of the 302GW of renewable capacity installed internationally in 2021.
Opportunities:growing demand for electronic vehicles
Inverters are used in automotive applicants such as EV power chains, the DC power taken from vehicles batteries is converted to useable AC by these inverters, vehicle inverters are used for operating onboard, electronic systems and motors of vehicles. Car Inverter , Solar Inverter , Mini Inverter ,Power Inverter .
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