The global non-renewable inverter market grew steadily on the back of rising demand for reliable power and the lack of stable power infrastructure in many regions of the world.
Higher disposable incomes and greater affordability in developing regions such as Latin America, as well as parts of Africa and South Asia, encourage the adoption of power inverters, especially in residential markets.
New analysis from Frost & Sullivan finds the market earned revenue of about $1.94 billion in 2012 and estimates this to reach $2.34 billion in 2018.
“The need for power reliability stimulates demand for power inverter and inverter/chargers, as they are employed as part of a back-up power system involving a battery,” said Frost & Sullivan Energy and Environment Senior Industry Analyst Anu Elizabeth Cherian. “The manufacturing and commercial sectors’ increased awareness and proactive protective measures such as employing adequate back-up resources to manage business more efficiently gives a significant boost to the market’s prospects.”
The market will also gain from the escalating use of electronic equipment in boats, cars, trucks, ambulances and recreational vehicles. Power inverters and inverter chargers can meet business travelers’ or vacationers’ demand for connectivity on the go as well.
While power inverters are establishing a foothold in the power industry, the gradual pace of economic recovery and restrained spending environment are stymieing inverter manufacturers’ efforts to expand. Further, the slowdown in infrastructural build-outs in telecommunications and investments makes customers cautious about investing in inverters.
“Inverter manufacturers could attempt to offset the price issue by offering enhanced features for the premium products or lowering prices,” noted Cherian. “We know that without a solid solution, power quality issues will continue to persist. This improved awareness of the need to be well prepared for power outages bolsters the power inverter market.”