Compact inverter technology is utilized in automotive applications, and the development of high-power density technology for a primary inverter circuit has been a continuing challenge as there is minimal space in a vehicle.
At the same time, there is demand for portable power storage devices in service vehicles, mobile offices, fieldwork/construction sites, and recreational vehicles to provide emergency backup power to electronic devices such as tablets, cell phones, handheld video games devices, and portable stereos. Companies expand their eMobility businesses to develop compact power-dense automotive inverters capable of increasing the range of electric vehicles.
Automotive manufacturers and compact inverter technology providers are also focusing on enhancing the capabilities of passenger and commercial vehicles by installing compact inverter technology. With next-generation technologies in the global compact inverter technology market, automotive engineering is transforming and indicating a potential for innovation.
The global compact inverter technology market is being analyzed with an emphasis on the forecast factors and macroeconomic factors in order to provide an exhaustive analysis. Similarly, the current version of the report analyzes that the portable power storage solution is driving the demand for compact inverter technology during the forecast period.
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- OMRON Corporation
- Growatt New Energy Technology CO.,LTD
- Tripp Lite
- Cobra Electronics
- Toshiba Schneider Inverter Corporation
- Ring Automotive Limited
- Eaton (Cooper Bussmann)
- Movek Group
- Mitsubishi Electric Corporation
- Zucchetti Centro Sistemi S.p.a
- YASKAWA Europe GmbH
- Fuji Electric Corp.
- Panasonic Electric
- CE+T Power
- Kisae Technology Inc.
- Xantrex LLC.
- Samlex America Inc.
- Wagan Tech
Higher Demand for above 240 Volts Compact Inverters to Spur the Market Growth
The above 240 Volts segment is anticipated to gain exceptional traction in the global compact inverter technology market. The segment is expected to reach a valuation of ~ US$ 1.9 Bn by the end of the year of assessment from a value of ~ US$ 1.1 Bn in 2019. This rise in estimation can be attributed to an increasing demand for compact inverters from the output voltage segment.
Moreover, the rapid adoption of handheld and household devices in vehicles is also likely to be a vital driver for the global compact inverter technology market growth during the coming years. Compact inverters having output voltage of up to 240 volts are estimated to grow at a CAGR of 7%. This growth may be attributed to the increasing focus on portable power sources for passengers and commercial vehicles.
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Residential Sector Remains a Significant Revenue Generation Pocket
The residential segment is expected to grow with a healthy growth rate in the global compact inverter technology market during the forecast period owing to the exceptional demand for compact inverter technology to provide power to household devices including portable stereos and lights/lamps.
The commercial segment is projected to grow at a CAGR of ~ 8% due to the increasing adoption of power storage solutions in passenger vehicles. Moreover, the industrial segment has been forecasted to hold a relatively lower market share throughout the forecast period of 2019 to 2029.
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Western Europe and APEJ Display Noteworthy Potential for Market Growth
Western Europe market and Asia Pacific excluding Japan (APEJ) markets are estimated to witness a healthy growth rate in the global compact inverter technology market, during the forecast period. Rapid advancements in technology and business growth in Western Europe and APEJ are estimated to enable the regional markets register strong growth rates.
Currently, the compact inverter technology market in North America holds a significant market share, followed by the Western Europe market. This may be attributed to the noteworthy rise in the procurement of electric vehicles, which in turn, boosts the demand and sales of compact inverter technology in these regional markets.
The global compact inverter technology market is a moderately concentrated market. Tier 1 companies in the market are generating ~ US$ 300 Mn worth of revenue in the global compact inverter technology market. As per the analysis, OMRON, Mitsubishi, and Eaton, together, are forecasted to hold a significant market share of the global compact inverter technology market.
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Key Questions Answered in the Compact Inverter Technology Market Report
- How is the compact inverter technology market expected to grow over the projected period?
- What direction is the compact inverter technology market expected to take in terms of value during the forecast period?
- What is the expected impact of macroeconomic factors on the compact inverter technology market in the future?
- What are the key factors driving the compact inverter technology market?
- What are the significant opportunities and improvement areas for the providers of compact inverter technology?
- What are the key developments and trends taking place in the compact inverter technology market?
- Which emerging countries are expected to create significant growth opportunities in the compact inverter technology market?
A comprehensive analysis of the global compact inverter technology market concludes that the market is in an emerging phase and is growing at a significant rate. Compact inverter technology markets in Asia Pacific Excluding Japan and North America are currently capturing a substantial share of the global compact inverter technology market. Availability of portable power storage solutions to provide emergency power back-up is attracting new customers.
Collaborations with other compact inverter manufacturers along with regional expansion are some strategies opted by top market players to boost their sales growth.
Compact Inverter Technology Market: Taxonomy
PMR’s research study on the global compact inverter technology market offers a detailed market taxonomy, wherein the key segments have been discussed in detail. The segmentation of the compact inverter technology market has been offered on the basis of type, phase, output voltage, and application. Every segment has been analyzed in detail and data pertaining to the growth of each segment has been included in the study.
Compact Inverter Technology Market: Key Questions Answered in the Report
The research study on the compact inverter technology market offers inclusive insights about the growth of the market in the most comprehensible manner for better understanding of users. The insights offered in the compact inverter technology report answer some of the most salient questions that assist the stakeholders in gauging all the emerging possibilities.
- How has the rapidly changing business environment turned into a major growth engine for the compact inverter technology market?
- How ensuring compliance with industry regulations is boosting the compact inverter technology market?
- What are the key trends that are constantly shaping the growth of the compact inverter technology market?
- Which are the prominent regions offering plentiful opportunities for the compact inverter technology market?
- What are the key differential strategies adopted by key players to command a significant chunk of the global market share?