According to our new research study, titled “Portable Power Inverter Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Phase, Application, Power, Output Voltage, and Geography,” the market is projected to reach US$ 2,206.57 million by 2028 from US$ 1,359.21 million in 2021. It is expected to grow at a CAGR of 7.2% from 2021 to 2028.
A power inverter changes DC power from a battery to conventional AC power used to operate all kinds of devices. Inverters can be used to charge electrical devices using automobile batteries and other renewable energy sources, such as wind turbines and solar panels. Portable power inverters are used in a wide range of automotive and manufacturing industries. They are powered by plugging into a socket, using a fuse panel, or directly connecting to battery terminals. The rising penetration of electric vehicles, increasing commercial usage of recreational vehicles, the surge in the uptake of solar power, and the growing number of government initiatives to reduce the emission of Greenhouse Gas (GHG) are driving the portable power inverter market.
Further, during the forecast period, several trends, such as in-wheel microinverter systems and increased incorporation of inverters that operate on AC power in electric vehicles, are projected to boost the market. It is also expected to be driven by technological advancements in power electronics, government regulations related to carbon emissions, growing adoption and sales of electric vehicles, increased integration of electronic devices in automobiles, and the rise in the use of various handheld devices, navigation devices, and smartphones, over the next few years.
Due to continued urbanization and population, the energy demand has skyrocketed, necessitating the use of alternative energy sources to meet this requirement. Carbon emissions are strongly linked to traditional energy sources based on fossil fuels, such as coal and petroleum. As a result, renewable energy sources, especially solar energy, are now being used to generate electricity. The increasing uptake of solar energy for electricity generation is likely to drive the demand for portable power inverter market for the forecast period.
Portable power inverters are in high demand among end users across economically developed countries and a few developing countries. However, the pricing of these inverters stands as one of the key restraining factors for the market, owing to manufacturers integrating their products with various technologies to facilitate smooth power flow, reduce noise operation, and compact the final design, which scales up the product's final price. The high cost of the final product restricts several end users in various economically developing countries worldwide, hindering the portable power inverter market growth.
Impact of COVID-19 Pandemic on Portable Power Inverter Market Growth
The COVID-19 outbreak resulted in the shutdown of the manufacturing of several electronics products and services, including portable power inverters. Travel and logistical limitations directly influenced the supply chains of several portable power inverter businesses irrespective of the country or the region. It was pulled down due to decreased sales of products, including the automobile, entertainment, and energy goods industries. The manufacturing of inverters has also been hampered due to many factors that directly influenced the worldwide portable power inverter market. The use of portable power inverters declined as the manufacturing units were not functional. The new variants of covid-19 again affected the thought process and approach of companies belonging to these industries.
The portable power inverter market is analyzed on the basis of power, output voltage, power, application, and geography. Based on power, the portable power inverter market is segmented into single-phase and three-phase. Based on the output voltage, the portable power inverter market is categorized into up to 240 Volts and above 240 Volts. By application, the portable power inverter market is segmented into residential, industrial, and commercial. Based on power, the portable power inverter market is divided into 1000W to 2500W and 2500W to 5000W. Geographically, the portable power inverter market is segregated into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.
Eaton, Cobra Electronics, Growatt New Energy, Zucchetti Centro, and Omron are a few key players operating in the global portable power inverter market. In addition, several other essential market players were studied and analyzed during the course of this study to get a holistic view of the market and its ecosystem.
The report provides the current market size for a portable power inverter, defines trends, and presents growth forecasts for nine years from 2019 to 2028. 2020 is considered the base year, and 2021 to 2028 is the forecast year for the entire report. The market is analyzed by the supply side, considering the market penetration of portable power inverters for all the regions globally.
Portable Power Inverter Market Share – by Region, 2020
Portable Power Inverter Market Size, Share and Growth by 2028
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