At CAGR 5.9%, North America Power Inverter Market to Reach a Value of US$ 17.6 Billion by 2027

According to the recent report by IMARC Group, titled "North America Power Inverter Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the North America power inverter market reached a value of US$ 12.3 Billion in 2021. The market is expected to reach a value of US$ 17.6 Billion by 2027, exhibiting a CAGR of 5.9% during 2022-2027.

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Power inverters refer to electric devices that transform direct current (DC) from solar panels, transmission lines, or batteries to alternating current (AC). In comparison to electric generators, power inverters are smaller, lighter, eco-friendly, cost-effective, and easy to install. Moreover, they eliminate the inconvenience of using change-over switches. They also offer an uninterrupted supply of power and can be used in emergencies as a backup solution. Due to these advantages, power inverters have gained immense traction over the past several years and are now utilized in commercial and residential sectors.

North America Power Inverter Industry Growth:

In North America, consumers are shifting from conventional to hybrid and electric vehicles (HEVs/EVs) due to growing environmental concerns. As power inverters are used for controlling the motor speed in EVs, the rising demand for these vehicles is driving the market growth. Furthermore, regional governments are also encouraging the establishment of renewable energy (RE) plants to meet the global emission standards, which, in turn, is driving the demand for power inverters. For instance, the US Government has implemented state renewable portfolio standards (RSP) to encourage the establishment of RE projects. Moreover, technological innovations are expected to create a positive outlook for the market. For instance, market players are introducing inverters that can monitor solar installations and batteries in photovoltaic (PV) systems. They are also offering variants with digital communication interfaces that can be integrated with energy management solutions.

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Key Market Segmentation:

Key Regions:

• United States
• Canada
• Mexico
• Analysis for Each Country

Market by Type:

• 5KW
• 5KW to 95KW
• 100KW to 495KW
• Above 500KW

Market by Application:

• Motor Drives
• UPS
• Rail Traction
• Wind Turbines
• EVs/HEVs
• Solar PVs
• Others

Market by End-Use Sector:

• Utility
• Residential
• Commercial and Industrial

• Value Chain Analysis
• Key Drivers and Challenges
• Porters Five Forces Analysis
• PESTEL Analysis
• Government Regulations
• Competitive Landscape

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