Power Converter or Inverter Market to Witness Robust Growth at 18.37% During 2022-2028 Period, Rising Demand for Renewable Electricity Generation to Drive Growth

The power converter or inverter market is expected to witness tremendous growth during the 2021-2028. The market is expected to reach valuation of over $20 billion, thanks to promising forecast by the International Energy Agency (IEA). The IEA estimated that in 2018, renewables made up 26% share of global electricity generation. Moreover, the IEA reported that despite the covid-19 blues, the renewable electricity generation grew by 6%, and solar PV, and wind accounted for 64% of this growth. This trend will emerge as a major positive for players in the power converter market as converts remain the go-to option for power production, distribution, and consumers at large in usage of solar PVs, and wind energy. The seasonal, and intermittent nature of renewable energy supply will make the application of power conversion indispensable during the 2021-2028 period. Furthermore, the

IEA estimates that renewable energy investments, and power generation needs to be expanded significantly in the near future to meet Sustainable Development Scenario (SDS) targets. This IEA forecast will be likely met with positive response from regulators around the world, as despite the covid-19 created economic uncertainty, in 2020, the IEA reported that investor appetite remained strong. For example, in October 2020, shares of solar companies globally witnessed doubling of growth from December 2019. Moreover, renewable capacity also remained 15% higher than 2019 levels. Furthermore, countries like China, and US invested in new capacities, with 4% growth annually, reaching 200 GW.   Furthermore, new renewable energies like hydropower are storming in the energy generation arena, with 90% increase in total power capacity in 2020. The solar PV, and wind energy are both expected to increase their output by 30% in China, and United States with a faster expansion of utility-scale projects.

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Product Type Coverage (Market Size & Forecast, Major Company of Product Type etc.):
12 VDC Input Voltage Inverter
24 and 48 VDC Input Voltage Inverter
200 To 400 VDC Input Voltage Inverter
300 To 450 VDC Input Voltage Inverter
Above 450 VDC Input Voltage Inverter

Company Coverage (Company Profile, Sales Revenue, Price, Gross Margin, Main Products etc.):
Power Electronics

Application Coverage (Market Size & Forecast, Different Demand Market by Region, Main Consumer Profile etc.):
DC Power Source Usage
Uninterruptible Power Supplies
Electric Motor Speed Control
Power Grid
Induction Heating

Region Coverage (Regional Production, Demand & Forecast by Countries etc.):
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
Asia-Pacific (China, India, Japan, Southeast Asia etc.)
South America (Brazil, Argentina etc.)
Middle East & Africa (Saudi Arabia, South Africa etc.)

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According to the European Commission report, in 2019, the Final Energy Consumption (FEC) in the union increased significantly in the transport sector. The energy consumption in sectors like transport increased to 4.4 Mtoe, making up for reduction in energy use in other sectors due to growing energy efficiency. The commission also reported that in buildings, the growing energy efficiency has led to significant improvements outweighing the additional plug-in of appliances, and increased floor areas. Despite the tremendous sustainable progress on the energy efficiency front, the commission reports that the transport sector will lead to tremendous demand for renewable energy creation, as solid fossil fuels are witnessing a major downward trend in Europe. For example, in 2018-2019 the use of fossil fuels in the region decreased by 17%. The growing demand for energy in automotive, increased use of renewables like PV solar, and growing investment in creation of renewable energy will remain key drivers to growth in the power converter and inverter market.

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