As the power generation industry is making a move from traditional energy sources to portable power devices, such as batteries, the adoption of compact inverter technology has surged to a new extent in the past few years. More than 8 million units of power converters were sold in 2018, and the number is likely to increase by over 2X by 2029, opines a new study published by Persistence Market Research (PMR).
The study assesses new avenues of growth for stakeholders in the compact inverter technology market in the virtually every industrial sector where technology is being integrated. Especially in the automotive and consumer electronics sectors, the demand for compact and portable inverters has increased significantly, creating a positive outlook for market players in the compact inverter technology landscape. The PMR study opines that stakeholders will continue to adopt strategies to cater to the specific requirements of end users and applications to improve the sales potential of the compact inverter technology in an ever-expanding customer base.
High-voltage Compact Inverters Witness Burgeoning Demand in Commercial Applications
The PMR study finds that the sales of compact inverters with voltage higher than 240 volts accounted for over 70% of the global sales in 2018, and with the increasing demand, they are likely to hold a nearly three-fourth of the global volume share by 2029. The study also found that demand majorly came from the commercial sector, where high-power compact inverter technology is becoming ubiquitous, as it is integrated in a mounting number of diverse applications.
In 2018, more than 4 in 10 compact inverters sold were employed in commercial applications, and the commercial sector will continue to hold the largest volume share in the global market for compact inverter technology in the coming decade, opines PMR. Commercial-scale installations of compact inverters are expected to reach new heights, encouraging the production of high-voltage compact inverters in the market.
Albeit slowly, the demand for high-power compact inverters is also poised to grow in residential as well as industrial applications. Manufacturers in the compact inverter technology market are boosting the investments in research & development to discover more innovative features of compact inverter technology to suit the specific requirements of residential, commercial, and industrial applications.
Increasing Integration of Power Electronics with Solar Energy: An Emerging Trend
As a broadening range of industrial areas are making a move away from non-renewable sources of energy, it has created new avenues of growth for compact inverter technology providers in the solar energy landscape. Increasing preference for solar energy over conventional power sources is bolstering the integration of next-generation power electronic devices, such as compact inverters, in this area.
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Owing to the high cost of conventional inverters, the solar power generation industry is resorting to compact, portable inverter. Thereby, a substantial rise in the implementation of compact inverters in solar generators will dictate the upcoming strategies of stakeholders in the compact inverter technology market, projects the PMR study.