March 30, 2022 06:26 ET | Source: The Insight Partners The Insight Partners

New York, March 30, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Portable Power Inverter Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Phase (Single-Phase and Three-Phase), Output Voltage (Upto 240 Volts and Above 240 Volts), Application (Residential, Industrial, and Commercial), Power (1000W to 2500W and 2500W to 5000W)”, the global portable power inverter market growth is driven by 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).

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Portable Power Inverter Market: Competitive Landscape and Key Developments Eaton, Cobra Electronics, Growatt New Energy, Zucchetti Centro, and Omron are some of the key players profiled in the portable power inverter market study. In addition, several other essential market players were studied and analyzed to get a holistic view of this market and its ecosystem.

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In 2018, Delphi Technologies PLC invested in PolyCharge America, Inc. to portable power inverter market a revolutionary capacitor technology. The discovered technology is expected to aid in the construction of high-power inverters that are smaller, lighter, and more resistant to high temperatures.

The portable power inverter market in European countries is growing at a decent rate year-over-year. The key reason behind the growth of the portable power inverter market is the presence of large number manufacturers of portable power inverters across the region. The portable power inverter market players present in Europe enjoy contract for supplying their products to various end users ranging from commercial end users to industrial end users. However, the residential sector account for the majority of the procurement of portable power inverters in the region. Nonetheless, the growth rate of commercial and industrial sectors in countries such as Russia, Italy, the UK, and Germany is expected to be the key catalyzer for portable power inverter market during the forecast period.

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 portable power inverter market growth over the forecast period.

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The COVID-19 outbreak resulted in the shutdown of the manufacturing of several electronics products and services, including portable power inverters. The pandemic had negative impact on a number of industries, including electronics & semiconductors. Trade obstacles further hampered the outlook for demand and supply. The overall production process was significantly disrupted as governments in many countries announced a complete lockdown and a temporary industry shutdown in 2020. COVID-19 drastically affected the consumers and the economy. Electronic manufacturing hubs were temporarily shut down to minimize the spread of COVID-19 among persons. This has significantly impacted the semiconductor supply chain, resulting in a shortage of materials, components, and finished goods. Due to a lack of business continuity, revenue, shareholder returns, and revenue were severely affected, causing financial disruptions. The portable power inverter market is expected to recover during the forecast period as the lockdown has ended, and the logistics operations are again functional post continual vaccine drives.

The adoption of inverters for personal usage in the residential sector has been around for decades. In the current scenario, the attention toward portable power inverters has risen stupendously due to portability and lower energy consumption advantage. The increase in attraction toward varied models of these inverters is driving the market substantially. Further, the uptake of portable power inverters is foreseen to grow over the years, as procurement of solar PV portable inverters is rising among end users in the residential sector, propelling the market.

The increase in the number of household appliances purchased worldwide is one of the key factors responsible for the growth in demand for portable power inverters. Over the past couple of years, the work from home scenario has displayed an increase in the usage of laptops, desktops, and other consumer electronics at homes, which require a continuous power supply. Due to this, the need for and uptake of portable power inverters has risen remarkably across the world.

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Portable Power Inverter Market: Application Overview Based on application, the portable power inverter market is segmented as residential, commercial, and industrial. The residential segment dominates the global market, while the commercial segment is expected to be the fastest revenue-generating segment during the forecast period. The growing commercialization across countries worldwide is one of the key factors driving the market. Commercial spaces, such as restaurants, individual office spaces, vehicle maintenance stores, and retail stores, are procuring portable power inverters to avoid disruptions during a sudden power outage. This trend is foreseen to drive the market through the commercial segment in the coming years.

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