According to the latest report by IMARC Group, titled “North America Power Inverter Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the North America power inverter market reached a value of US$ 12.2 Billion in 2019. Power inverters, also known as inverters, are electronic devices that convert direct current (DC) to alternating current (AC). They are compact, lightweight, noise-free, environment-friendly, easy to install, and ensure a reliable and efficient power supply. Apart from this, power inverters require low operating costs and eliminate the inconvenience of using change-over switches. Owing to these advantages, they are widely utilized in the residential and commercial sectors in the North American region to operate and charge tools, smart devices and consumer electronics.
Some of the key players being SMA Solar Technology AG OTCMKTS: SMTGF, Omron Corporation OTCMKTS: OMRNY, ABB Ltd NYSE: ABB, Tabuchi Electric Co., Ltd, Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), Advanced Energy Industries, Inc., Enphase Energy, Inc., Schneider Electric SE, Huawei Technologies Co., Ltd., SolarEdge Technologies Inc.
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On account of the stringent emission standards, automobile manufacturers nowadays are shifting their production from conventional vehicles to hybrid and electric vehicles (EVs). As a result, there is a rise in the utilization of power inverters in different parts of North America for charging EVs. Apart from this, increasing infrastructural development projects in the region are anticipated to escalate the demand for power inverters in the coming years. Looking forward, IMARC Group expects the market to reach a value of US$ 17.5 Billion by 2025, registering a CAGR of 6.3% during 2020-2025.
Market Breakup by Application:
- Motor Drives
- UPS
- Rail Traction
- Wind Turbines
- EVs/HEVs
- Solar PVs
- Others
- <5KW
- 5KW to 95 KW
- 100KW to 495KW Above 500KW
- Utility
- Residential
- Commercial
Other Report by IMARC Group:
GCC Vitro Diagnostic Market Report 2020-2025