Power Inverter Market is likely to grow at a higher CAGR during the forecast period since its wider use in automobiles. Inverter circuits can range from complex designs to sophisticated ones. Inverter is a circuit that converts ac or DC voltage into AC or DC direct current and then ‘inverted’ back to the circuit. Commercial applications of inverter include fuel cells, wind turbines and micro turbines, variable-frequency drives, uninterruptible power supplies, electronic ballasts and induction heaters and HVDC power transmission.
Modern inverters use state-of-art designs and microprocessor controls to generate high quality AC power efficiently. Functionally, electrical properties and principles enhance the fundamental operations for inverters. These include DC or AC, waveform types and associated parameters, energy and power, ohm’s law, single-phase and three-phase power, resistive and reactive leads, real, apparent and reactive power and high quality power. Further, numerous industrial applications use multilevel inverters to support high power apparatus.
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A multilevel power converter helps in achieving high power ratings and also is a source of renewable energy. Sources such as photovoltaics’, wind and fuel cells are easily interfaced to a multilevel inverter for high power application. Since it is used for higher voltage operations, it provides best solutions offered by semiconductors too. The need for extra switches, extra AC or DC sources can be used to generate different voltage levels, generation of stepped waveform with minimized harmonic distortion, and minimized common-mode voltages.
On a commercial scale, the growing importance of power inverters in manufacturing sector enables trajectory market growth for power inverter market. The key driving factors responsible for the growth of power inverter market includes rise in sales of electric vehicles across the globe coupled with rise in vehicle models by OEM. Additionally, rising concerns towards environment and environmental norms to reduce fuel and carbon emissions by developed countries is adding to the growth of power inverter market.
On the basis of product segment, the power inverter market is segmented into normal temperature and high temperature. On the basis of level, the power inverted market is segmented into single-level inverter and multi-level inverter. On the basis of geographic segmentation, the power inverter market spans North America, Latin America, Europe, Asia-Pacific, and Middle-East & Africa. North America and APAC regions are likely to dominate the market during the forecast period. Europe is anticipated to grow at a higher CAGR during the forecast period. The key players in the global power inverter market include Siemens, GE, Vestas, Enercon, Gamesa, MHI Vestas, Gold Wind, and United Power & Mingyang.
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