Connect with us

Technology

Inverter Market to Grow by USD 32.38 Billion (2024-2028) as Wind Energy Demand Rises, with AI Redefining the Market Landscape – Technavio

Published

6 hours ago

on

NEW YORK, Sept. 20, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global inverter market size is estimated to grow by USD 32.38 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.78%  during the forecast period. Rise in wind energy consumption is driving market growth, with a trend towards increase in demand for clean power. However, intermittent nature of renewable energy  poses a challeng – Key market players include ABB Ltd., Altenergy Power System Inc., Danfoss AS, DARFON ELECTRONICS CORP., Delta Electronics Inc., Eaton Corp. Plc, Enphase Energy Inc., Fronius International GmbH, General Electric Co., Huawei Technologies Co. Ltd., Mitsubishi Electric Corp., OMRON Corp., Powerone Micro Systems Pvt. Ltd., Schneider Electric SE, Shenzen Growatt New Energy Technology Co. Ltd., Siemens AG, SMA Solar Technology AG, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd., and Vertiv Holdings Co..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Inverter Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 6.78%

Market growth 2024-2028

USD 32.38 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.23

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 39%

Key countries

China, US, Germany, Japan, and UK

Key companies profiled

ABB Ltd., Altenergy Power System Inc., Danfoss AS, DARFON ELECTRONICS CORP., Delta Electronics Inc., Eaton Corp. Plc, Enphase Energy Inc., Fronius International GmbH, General Electric Co., Huawei Technologies Co. Ltd., Mitsubishi Electric Corp., OMRON Corp., Powerone Micro Systems Pvt. Ltd., Schneider Electric SE, Shenzen Growatt New Energy Technology Co. Ltd., Siemens AG, SMA Solar Technology AG, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd., and Vertiv Holdings Co.

Market Driver

The global demand for power is projected to increase significantly due to population growth and economic expansion, reaching 34,454 TWh by 2035 according to The World Bank. Renewable energy sources, such as solar, wind, and hydropower, are becoming increasingly popular due to climate change policies and technology advancements. China and the US accounted for approximately 20% of the global power generation capacity in 2020, with China projected to expand its capacity by 3% year-over-year until 2035, primarily in renewable energy. Governments worldwide are promoting wind energy through favorable policies, such as Feed-in Tariffs (FiTs) and auctions, to encourage competition and grid connection infrastructure investment. Renewable energy sources, particularly wind power, are gaining popularity among end-users as they reduce dependence on fossil fuels and help countries meet their carbon emission goals. China is a leading region in offshore wind energy generation growth. Droughts and drastic weather changes have prompted governments to diversify their energy mix further, leading to increased investment in renewable energy infrastructure. 

The Inverter Market is experiencing significant growth due to increasing trends in renewable energy projects and the shift towards electric vehicles. Car batteries and household electronics are major applications driving demand for inverters. Manufacturing facilities and plants are also procuring inverters for uninterruptible power supplies as backup solutions during electricity outages. Technological developments in solar inverters, particularly solar PV systems and solar modules, are key factors fueling growth. Rising disposable incomes and environmental concerns are boosting demand for silent, environment-friendly inverters. Supply bottlenecks and procurement costs of raw materials are challenges for market players. Renowned companies like Continental, Delphi Technologies, Toyota Industries, Sensata Technologies, Samlex Europe, BESTEK, and the International Energy Agency are major players in the inverter market. Government bodies are promoting clean energy and reducing reliance on fossil fuels, such as gasoline, through incentives and regulations. Renewable energy sources like wind and solar are becoming more cost-effective, making inverters essential for their efficient conversion and storage. 

Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!

Market Challenges

The solar PV market is experiencing significant growth due to decreasing installation costs and favorable government regulations. However, the intermittent nature of solar energy is a major challenge to market expansion. Solar energy production can vary throughout the day, impacting energy consistency. Solar PV converts only 12-16% of sunlight into electric energy, and monocrystalline silicon panels offer the highest efficiency of up to 15%. Advanced panels from companies like SunPower, with conversion rates of up to 20%, help mitigate intermittency. Yet, their high cost limits widespread adoption, making intermittency a key challenge for the global inverter market.The inverter market is experiencing significant growth due to the increasing adoption of renewable energy sources and electric vehicles. Renewable power infrastructure, including Solar PV systems, relies heavily on solar inverters to convert Direct Current (DC) from solar panels into Alternating Current (AC) for use in homes and businesses. Key players in the solar inverter segment include Continental, Delphi Technologies, Toyota Industries, Sensata Technologies, Samlex Europe, and BESTEK. Government bodies and international organizations like the International Energy Agency are pushing for clean energy solutions to reduce reliance on fossil fuels. This trend is driving demand for inverters in various sectors, including automotive, building & construction, and oil & gas industry. Automotive segment is witnessing growth with the rise of hybrid and electric vehicles. Component suppliers are developing advanced inverters for electric motors in vehicles. In the renewable power sector, there is a need for maintenance services for on-grid and off-grid solar power systems. Rural electrification projects and charging station infrastructure are other areas where inverters play a crucial role. The market is segmented into vehicle, residential, commercial, and industrial segments. Renewable energy adoption is essential to mitigate environmental pollution and transition towards a sustainable future.

Discover how AI is revolutionizing market trends- Get your access now!

Segment Overview

This inverter market report extensively covers market segmentation by  

Application 1.1 Motor drive1.2 Renewable energy1.3 UPSType 2.1 On-grid2.2 Off-gridGeography 3.1 APAC3.2 Europe3.3 North America3.4 Middle East and Africa3.5 South America

1.1 Motor drive-  The global inverter market’s motor drive segment is experiencing significant growth due to the increasing need to optimize manufacturing processes and reduce operational costs by monitoring energy consumption using variable frequency drive systems. Electric motors, which consume 44% of the world’s electricity, require control drives to adjust their speed and increase energy efficiency. The demand for these drives is growing as electric motors replace mechanical and hydraulic motors in various applications, including household appliances, motor vehicles, aerospace, and industrial equipment. As urbanization rates rise and populations grow, the demand for electricity continues to increase, leading to a higher demand for electric motor driver inverters. Compliance with energy standards set by regulatory bodies is also driving market growth. The APAC and European regions are expected to see particularly strong demand for compact AC drives for electric motors.

Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics

Research Analysis

The inverter market is experiencing significant growth due to the increasing adoption of renewable energy sources, such as solar and wind, for generating clean energy. Electric vehicles (EVs) are another major driver, as they require inverters for converting DC battery power to AC for use in homes and charging stations. Government bodies are promoting the use of renewable power and emission rules for reducing dependence on fossil fuels, further boosting market growth. The solar inverter segment holds a prominent share, supplying power conditioning solutions for Solar PV systems. Other significant applications include the automotive segment with electric motors and hybrid vehicles, building & construction, and the oil & gas industry for remote operations. Component suppliers, such as Continental, Delphi Technologies, Toyota Industries, Sensata Technologies, Samlex Europe, and BESTEK, are key players in the market. The market also includes maintenance services and charging station infrastructure providers. Renewable power, automakers, and rural electrification are other notable sectors driving market expansion.

Market Research Overview

The inverter market is witnessing significant growth due to the increasing adoption of renewable energy sources, such as solar, wind, and hydro, for generating clean energy. Electric vehicles (EVs) are another major driver, as they require inverters for converting DC power from their batteries to AC power for use in homes and charging stations. Government bodies and international energy agencies are promoting the use of renewable power to reduce reliance on fossil fuels and mitigate environmental pollution. Solar inverters, specifically, are a key segment of this market, used in Solar PV systems to convert DC power from solar modules to AC power for use in homes and businesses. The solar industry is also seeing technological developments, including the use of DC microgrids and energy storage systems, which require advanced inverters. The automotive segment is another significant market for inverters, with applications in electric motors, charging station infrastructure, and hybrid and battery electric vehicles. Inverters are also used in the building & construction industry, oil & gas industry, and manufacturing facilities for renewable power infrastructure and backup solutions. The solar inverter segment is expected to continue its growth trajectory, driven by the increasing deployment of solar PV systems for residential, commercial, and industrial applications. The residential segment is a major market, with the growing trend of rooftop solar installations. The commercial and industrial segments are also expected to see significant growth due to the rising disposable incomes and the need for uninterruptible power supplies as backup solutions during outages. The solar panel manufacturing industry also requires inverters for converting DC power from solar panels to AC power for use in renewable energy projects. The procurement costs of raw materials and supply bottlenecks can impact the order completion time and the overall cost of solar projects. However, the technological developments in the solar industry and the increasing focus on reducing CO2 emissions are expected to drive the growth of the solar inverter market. Inverters are also used in household electronics and vehicle applications, such as car batteries and charging stations. The automakers are investing in research and development to improve the efficiency and performance of inverters for use in their vehicles, including hybrid and electric vehicles, to meet emission rules and reduce reliance on gasoline. The silent and environment-friendly nature of inverters makes them a preferred choice for renewable energy projects and backup solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationMotor DriveRenewable EnergyUPSTypeOn-gridOff-gridGeographyAPACEuropeNorth AmericaMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/inverter-market-to-grow-by-usd-32-38-billion-2024-2028-as-wind-energy-demand-rises-with-ai-redefining-the-market-landscape—technavio-302254501.html

SOURCE Technavio

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Niutech at the Forefront: U.S.-China Circular Economy Forum Tackles “White Pollution”

Published

2 hours ago

on

September 21, 2024

By

BEIJING, Sept. 20, 2024 /PRNewswire/ — On September 6, 2024, the inaugural U.S.-China Circular Economy Cooperation Forum was held in Beijing. The forum, guided by the U.S.-China Climate Action Working Group Circular Economy Task Force, was co-organized by the China Circular Economy Association and the US-China Business Council. The forum brought together approximately 460 distinguished guests from the National Development and Reform Commission of China, the Ministry of Foreign Affairs, the Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, the Ministry of Housing and Urban-Rural Development, the Ministry of Commerce, the General Administration of Market Regulation, the US State Department, the US Department of Energy and other government departments, as well as industry experts, business representatives and scientific research institutions of the two countries. As the domestic leader in continuous pyrolysis technology, Niutech was invited by the China Circular Economy Association to attend the forum and gave an insightful speech on the topic of waste plastic recycling, and the issues of ‘white pollution’ that can result from it.

Enhancing Quality and Efficiency in the Circular Economy with Innovative Forces

The forum was strategically designed to advance the goals outlined in the U.S.-China “The Sunnylands Statement on Enhancing Cooperation to Address the Climate Crisis” (hereinafter referred to as the Sunnylands Statement). It aimed to create a collaborative platform for the business community, social organizations, and research institutions from both countries to foster exchanges and drive tangible cooperation in the circular economy.  

Zhao Chenxin, Deputy Director of the National Development and Reform Commission, John Podesta, Senior Advisor to the U.S. President on International Climate Policy, Liu Zhenmin, China’s Special Envoy for Climate Change Affairs, Nicholas Burns, U.S. Ambassador to China, and Xie Zhenhua, former Special Envoy for Climate Change Affairs of China, attended the opening ceremony of the Forum and delivered a speech, and Xie Feng, Chinese Ambassador to the U.S., made a video message. Deputy Director Zhao Chenxin said that addressing climate change is a common cause for all mankind and cannot be separated from the cooperation between the two global forces, China and the United States.

The China-US Circular Economy Cooperation Forum, held as an initiative to implement the Sunnylands Statement, marked another significant milestone in China-US cooperation on the circular economy. This collaboration is crucial for both nations as they join forces to tackle the climate crisis. On the afternoon of September 6, the forum organized four parallel meetings, where representatives engaged in in-depth exchanges on topics such as using the recycling economy to reduce greenhouse gas emissions, promoting the application of recycled materials, addressing plastic pollution and enhancing recycling, and increasing the recycling value of waste in the context of new industries and consumption patterns.

Niutech: International Experts on Continuous Pyrolysis Technology and Pioneers in solving the global “white pollution” problem

Globally, hundreds of millions of tons of waste plastics are generated annually, yet only about 30% undergo recycling. Traditional physical methods are typically limited to high-value, single-category, and relatively clean waste plastics. However, repeated recycling can degrade the quality of the plastics. Chemical recycling, on the other hand, offers a transformative approach by converting waste plastics into high-value products or fuels through chemical processes, thus overcoming the limitations of physical recycling.

Pyrolysis technology, a cornerstone of chemical recycling, addresses the challenges associated with the material recycling of waste plastics. It is adept at processing various types of low-value, mixed, and contaminated waste plastics. The products of pyrolysis can be further processed to manufacture new plastics, achieving a closed-loop system where waste plastics are repurposed into high-value new plastics. This not only retains the material’s utility at a high level but also converts “white pollution” into a “white oil field,” signifying a major shift in the management and valorization of plastic waste.

At the forum, as the international expert in continuous pyrolysis technology, the corporate representative of Niutech shared the cases of waste plastic chemical recycling projects deployed with international giants BASF and Quantafuel in Denmark, Thailand and other countries. Niutech has developed its own pyrolysis technology and equipment, which they fully own the intellectual property rights to. This technology enables the transformation of low-value, mixed, and contaminated waste plastics—including various polymers such as PP, PE, PS, ABS—into high-quality fuel oil.  

The fuel oil derived from this process can undergo further refining into naphtha, a critical raw material in the production of new plastics. This advanced recycling process not only diverts plastics from landfills and the environment but also contributes to a circular economy by turning waste into a valuable resource.

In the future, Niutech will continue to champion the principle of “green, recycling and low-carbon” waste plastics pyrolysis. Armed with advanced technology, reliable equipment, abundant high-value solutions and proven experience, Niutech is committed to enhancing communication and cooperation with domestic and foreign partners. Together, they will drive forward the chemical recycling of waste plastics and the sustainable development of the global waste plastics recycling industry.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/niutech-at-the-forefront-us-china-circular-economy-forum-tackles-white-pollution-302254665.html

SOURCE Niutech

Continue Reading

Technology

Global Ultrasound Institute Launches GUSI Fellowships Platform: Elevating Point-of-Care Ultrasound Education

Published

3 hours ago

on

September 21, 2024

By

SAN FRANCISCO, Sept. 20, 2024 /PRNewswire/ — The Global Ultrasound Institute (GUSI) is proud to announce the launch of the GUSI Fellowships Platform, an innovative online platform designed to empower learners around the world to achieve confidence and competency in point-of-care ultrasound (POCUS). With a holistic, device-independent approach that includes comprehensive evidence-based education, personalized mentorship from world-class POCUS educators, detailed scan review feedback, quantitative assessments, and CME certification, GUSI is setting a new standard in POCUS education.

“GUSI’s online didactics are the best that I have seen. And what I like most about the fellowship were the 1:1 sessions and being able to interact with GUSI expert faculty who have many years of experience in POCUS. And you get to pick their brains and they get to instruct you 1:1. I have used the training I received from GUSI to do much more POCUS clinically and further impact my patients lives.”

Dr. James Wilcox,
Assistant POCUS Director, Indiana University School of Medicine
Adjunct Professor and Assistant Professor of Medicine

“Our mission at GUSI is to democratize access to high-quality ultrasound training,” said Dr. Kevin Bergman and Dr. Mena Ramos, Co-CEOs of Global Ultrasound Institute. “The GUSI Fellowships Platform enables learners from diverse backgrounds to enhance their skills in a supportive, flexible environment, making it easier than ever to reach their POCUS goals.”

With training options covering 38 different scan types, learners can expect personalized 1:1 mentorship with expert POCUS educators who provide timely feedback on practice scans.

“The GUSI fellowship mentors are the best: patient, kind, knowledgeable, experienced, and supportive. GUSI provided education in the areas I wanted and needed to obtain and in my home/office environment not requiring multiple trips around the country. It is not just the way course work is presented – learning is made easier by the support provided to each student.”

Dr. Glenda Patterson
Core Faculty, University of Arkansas Northwest Internal Medicine Residency
Physician, Veterans Health Care of the Ozarks
Board-certified in Internal Medicine, Pulmonary Medicine, and Critical Care Medicine

The GUSI Fellowships Platform features a scalable software system designed to monitor and track performance, ensuring learners can effectively measure their progress.

GUSI understands the challenges faced by healthcare professionals seeking to enhance their ultrasound skills amid demanding schedules. GUSI addresses these concerns with flexible scheduling options, allowing learners to progress at their own pace while balancing their professional and personal commitments. This adaptability and virtual experience is crucial for fostering a culture of continuous learning and skill development.

“I went from not being able to hold the probe to someone who can scan and diagnosing and finding pathologies. I worked with Dr. Milne-Price and she was amazing! She sharpened my skills and we did sessions of live scanning over Zoom. I feel confident in my skills now to scan on my own.”

Dr. Dalea Al-Hawarri
Faculty, Bryn Mawr Family Medicine Residency

As healthcare continues to evolve, the demand for proficient ultrasound practitioners has never been greater. GUSI is not only committed to providing exceptional education but also aims to inspire a new generation of healthcare professionals who can leverage POCUS to improve patient outcomes globally. Join us in this exciting journey towards excellence in ultrasound practice.

For more information on GUSI Fellowships and to start your journey toward ultrasound proficiency, visit https://globalultrasoundinstitute.com/.

About Global Ultrasound Institute:

Global Ultrasound Institute stands at the forefront of point-of-care ultrasound, providing wraparound education, training, AI, and administrative software tools to healthcare providers and health systems globally to lower barriers to POCUS adoption and implementation. GUSI has trained over 14,000 healthcare practitioners in over 60 countries. GUSI is working to create a better world in which every healthcare practitioner is empowered to offer a rapid, reliable, accurate ultrasound-enabled diagnosis directly at the point-of-care, for any patient, anywhere.

For more information about GUSI Fellowships or any of GUSI services, please visit https://globalultrasoundinstitute.com/

Contact:

Dr. Kevin Bergman, Co-Founder, co-CEO, Global Ultrasound Institute
Dr. Mena Ramos, Co-Founder, co-CEO, Global Ultrasound Institute

View original content to download multimedia:https://www.prnewswire.com/news-releases/global-ultrasound-institute-launches-gusi-fellowships-platform-elevating-point-of-care-ultrasound-education-302254656.html

SOURCE GLOBAL ULTRASOUND INSTITUTE

Continue Reading

Technology

Keuka College Notifies Individuals of Data Security Incident

Published

4 hours ago

on

September 20, 2024

By

KEUKA PARK, N.Y., Sept. 20, 2024 /PRNewswire/ — Keuka College has learned of a data security incident that may have involved personal information.

On April 25, 2024, the College identified suspicious activity within its network environment and immediately took steps to secure the environment, restore its systems, and began an investigation to determine the nature and scope of the issue. Keuka College also engaged independent cybersecurity specialists to assist with the process. The comprehensive investigation, which concluded on August 21, 2024, could not determine definitively whether personal information related to current and former students and employees was affected.

Keuka College maintains a variety of records which can include: name, Social Security number, Driver’s license number, student id number, financial account information, and date of birth. Current students and employees were contacted by the College in May and provided with one year of free credit and identity monitoring services.

Keuka College has established a toll-free call center to answer questions about the incident and address related concerns. Call center representatives are available Monday through Friday from 9:00 am to 9:00 pm Eastern Time and can be reached at 1-833-913-7557. Please be prepared to provide the engagement number, B131983, for reference.

View original content:https://www.prnewswire.com/news-releases/keuka-college-notifies-individuals-of-data-security-incident-302254623.html

SOURCE Keuka College

Continue Reading

Trending