Portable Power Inverter Market to Grow at a CAGR of 7.2% to Hit US$ 2,206.57 million by 2028 - Impact of COVID-19 Pandemic and Global Analysis by The Insight Partners

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.

Portable Power Inverter Market report focuses on providing a market overview, which interprets value chain structure, industrial environment, regional analysis, applications, and forecast from 2021 to 2028. The report also offers the most accurate estimations and forecasts possible. In addition, this study emphasizes detailed competition analysis on market prospects, especially growth strategies that market experts claim.

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A power inverter changes DC power from a battery to conventional AC power used to operate all kinds of devices. Inverters can be used to charge electrical devices using automobile batteries and other renewable energy sources, such as wind turbines and solar panels. Portable power inverters are used in a wide range of automotive and manufacturing industries. They are powered by plugging into a socket, using a fuse panel, or directly connecting to battery terminals. The rising penetration of electric vehicles, increasing commercial usage of recreational vehicles, the surge in the uptake of solar power, and the growing number of government initiatives to reduce the emission of Greenhouse Gas (GHG) are driving the portable power inverter market.

Further, during the forecast period, several trends, such as in-wheel microinverter systems and increased incorporation of inverters that operate on AC power in electric vehicles, are projected to boost the market. It is also expected to be driven by technological advancements in power electronics, government regulations related to carbon emissions, growing adoption and sales of electric vehicles, increased integration of electronic devices in automobiles, and the rise in the use of various handheld devices, navigation devices, and smartphones, over the next few years.

The report on the Portable Power Inverter market includes information on the strategic collaborations. The study also mentions the key players across the Portable Power Inverter market. Here are some prominent participants involved in the Portable Power Inverter Market - Major Players: Eaton, Cobra Electronics, Growatt New Energy, Zucchetti Centro, and Omron.

The report shows the latest market insights, current situation analysis with upcoming trends, and breakdown of the products and services. It then provides a detailed overview of the factors influencing the global business scope. The global Portable Power Inverter market has been segmented on the basis of technology, product type, application, distribution channel, end-user, and geography, delivering valuable insights.

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Due to continued urbanization and population, the energy demand has skyrocketed, necessitating the use of alternative energy sources to meet this requirement. Carbon emissions are strongly linked to traditional energy sources based on fossil fuels, such as coal and petroleum. As a result, renewable energy sources, especially solar energy, are now being used to generate electricity. The increasing uptake of solar energy for electricity generation is likely to drive the demand for portable power inverter market for the forecast period.

Portable power inverters are in high demand among end users across economically developed countries and a few developing countries. However, the pricing of these inverters stands as one of the key restraining factors for the market, owing to manufacturers integrating their products with various technologies to facilitate smooth power flow, reduce noise operation, and compact the final design, which scales up the product's final price. The high cost of the final product restricts several end users in various economically developing countries worldwide, hindering the portable power inverter market growth.

Impact of COVID-19 Pandemic on Portable Power Inverter Market Growth

The COVID-19 outbreak resulted in the shutdown of the manufacturing of several electronics products and services, including portable power inverters. Travel and logistical limitations directly influenced the supply chains of several portable power inverter businesses irrespective of the country or the region. It was pulled down due to decreased sales of products, including the automobile, entertainment, and energy goods industries. The manufacturing of inverters has also been hampered due to many factors that directly influenced the worldwide portable power inverter market. The use of portable power inverters declined as the manufacturing units were not functional. The new variants of covid-19 again affected the thought process and approach of companies belonging to these industries.

This research provides detailed information regarding the major factors influencing the growth of the Portable Power Inverter Market in Global and Regional Level (drivers, restraints, opportunities, and challenges), forecast of the market size, in terms of value, market share by region and segment; regional market positions; segment and country opportunities for growth; New product developments, strengths and weaknesses, brand portfolio; Marketing and distribution strategies; challenges and threats from current competition and prospects; Key company profiles, SWOT, product portfolio and growth strategies.

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About Us:
The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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