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.
The market for portable power inverters is expanding rapidly as they find use in various automotive and manufacturing industries. These inverters can be powered by plugging into a socket, using a fuse panel, or directly connecting to battery terminals. The increasing popularity of electric vehicles, rising commercial utilization of recreational vehicles, the adoption of solar power, and an expanding number of government initiatives aimed at reducing greenhouse gas emissions are all contributing to the growth of the portable power inverter market.
The European portable power inverter market is experiencing steady year-on-year growth due to the significant presence of manufacturers of such products in the region. These companies have secured contracts to supply portable power inverters to various end-users, including commercial and industrial sectors. However, the residential sector remains the primary purchaser of such products in Europe. However, with the projected growth of the commercial and industrial sectors in countries like Italy, Germany, Russia, and the UK, the demand for portable power inverters is expected to increase during the forecast period.
The portable power inverter market is anticipated to experience lucrative growth opportunities in the forecast period due to the increasing adoption of solar energy as a measure to reduce dependency on fossil fuels and combat global warming. Countries like Italy, India, and Germany are investing in large solar power-producing facilities to harness solar energy, leading to an increased demand for solar inverters that store solar energy for later use. As per the International Energy Agency (IEA) estimates, solar energy generation capacity is expected to reach 3,300 TWh by 2030. The rising demand for solar inverters and large-scale solar devices is expected to drive the growth of the portable power inverter market.
Rephrased: The manufacturing of several electronic products, including portable power inverters, was halted due to the COVID-19 pandemic. This led to negative impacts on various industries, particularly electronics and semiconductors, as well as trade obstacles affecting supply and demand. Governments implemented complete lockdowns and temporary industry shutdowns in 2020, resulting in significant disruptions to the overall production process. The COVID-19 outbreak also had a drastic effect on consumers and the economy. To prevent the spread of the virus, electronic manufacturing hubs temporarily shut down, causing a shortage of materials, components, and finished goods in the semiconductor supply chain.
The portable power inverter market is evaluated based on geography, power, output voltage, application, and power capacity. The power capacity segment is divided into single-phase and three-phase. The output voltage segment is categorized into up to 240 Volts and above 240 Volts. The application segment includes residential, industrial, and commercial. Furthermore, the power capacity segment is classified into 1000W to 2500W and 2500W to 5000W. Geographically, the portable power inverter market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.
A few key players in the portable power inverter market are Omron GmbH; Growatt New Energy Technology Co., Ltd.; KISAE Technology Inc.; Cobra Electronics; Energizer Holding Inc.; Ring Automotive Limited; Eaton; COTEK; Rally Manufacturing; EXCELTECH. These companies are focusing on various strategic initiatives to create a noteworthy business model. Several other companies are also contributing significantly to the market's growth.
The Asia Pacific region is predicted to emerge as the leading regional market soon, primarily due to the increasing levels of industrialization and urbanization. The growth of the automotive and manufacturing industries in countries such as China, India, and Japan is expected to drive the adoption of factory automation and industrial control solutions in the portable power inverter market during the forecast period. China and India are currently the fastest-growing economies in the region, and the application of portable power inverters has undergone significant changes in these countries over the past few decades. These changes have positively impacted manufacturing plants, the transportation industry, and other critical infrastructure applications, contributing to the growth of the portable power inverter market in the region.
Key Findings of Study:
The global market was led by North America in 2020, followed by APAC and Europe. In January 2018, Delphi Technologies PLC invested in PolyCharge America, Inc. to market a novel capacitor technology that is anticipated to aid in constructing high-power inverters that are smaller, lighter, and more heat-resistant. As a result, the portable power inverter market is being driven by a surge in automotive production, with an increasing emphasis on electric vehicles, as well as increased product development by major market players.
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