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The portable power inverter market is expected to grow from US$ 1,359.21 million in 2021 to US$ 2,206.57 million by 2028. It is estimated to rise at a CAGR of 7.2% from 2021 to 2028.
A power inverter changes DC power from a battery to conventional AC power that you can use 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 the battery terminals. The rising penetration of electric vehicles, increasing commercial usage of recreational vehicles, the surging adoption 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.
The reports cover critical developments in the portable power inverter market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies, such as product launches, product approvals, patents, and events. Inorganic growth strategies activities witnessed in the market have been acquisitions, partnerships, and collaborations. These activities have paved the way for the expansion of business and the customer base for market players. These players are anticipated to gain lucrative growth opportunities with the rising demand for portable power inverters over the next few years.
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Portable Power Inverter Market: Strategic Insights
Market Size Value in US$ 1,359.21 million in 2021 Market Size Value by US$ 2,206.57 million by 2028 Growth rate CAGR of 7.2% from 2021 to 2028. Forecast Period 2021- 2028 Base Year 2021
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Portable Power Inverter Market: Strategic Insights
| Market Size Value in | US$ 1,359.21 million in 2021 |
| Market Size Value by | US$ 2,206.57 million by 2028 |
| Growth rate | CAGR of 7.2% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Impact of COVID-19 Pandemic on Global Portable Power Inverter Market
Portable power inverters have been equipped with cutting-edge technologies, resulting in enhanced efficiency and a high level of system redundancy. They can provide a sustainable energy solution for a wide range of household and commercial applications. The lockdown imposed due to COVID-19 negatively impacted the growth of this market globally. With delays in producing new inverters, capacity expansion forecasts, and financial issues for the leading players' value chain, the market grew slowly during the pandemic. The demand for portable power inverters decreased significantly due to surplus electricity production as most employees were working from homes, and manufacturing plants were temporarily shut down. This had hampered by the portable power inverter market growth in 2020.
Lucrative Regions for Portable Power Inverter Market
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Portable Power Inverter Market Insights
Continuous Increase in Demand from Residential Sector
The adoption of inverters for personal usage in the residential sector has been around for decades. This factor is one of the major factors driving the growth of the portable power inverter market. In the current scenario, the attention toward portable power inverters has risen stupendously due to portability and lower energy consumption advantage. The increasing interest in 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 portable power inverter market size.
The increase in the number of household appliances purchased worldwide is one of the key factors responsible for the rising demand for power inverters. Over the past couple of years, the work from home scenario has displayed an increase in the use 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, which is further catalyzing the portable power inverter market growth.
In recent years, the uncertainty of sudden power outages has reflected on the demand for power inverters in the residential sector. Thus, coupling the factors, such as portability, less power consumption, and the need for inverters to support electronics operations during power outages, has led to a rise in the uptake of power inverters, and more recently the portable versions of the power inverters. This is driving the portable power inverter market size.
Phase-Based Market Insights
Based on phase, the portable power inverter market is segmented as single-phase and three-phase. In 2021, the single-phase segment led the market. The adoption of single-phase inverters is gaining traction due to increased solar PV deployment for residential applications. The governments are offering incentives in the form of tax benefits and subsidiaries for residential sectors for incorporating renewable energy
Output Voltage - Based Market Insights
Based on the output voltage, the portable power inverter market is divided into up to 240 volts and above 240 volts. In 2021, the up to 240 volts segment accounted for the largest market share. Inverters provide the inverse function of "converters," which initially were big electromechanical devices that converted AC to DC. Even when the inverter's load changes, the AC output voltage of a power inverter is commonly controlled to be the same as the grid line voltage, which is typically 120 or 240 VAC at the distribution level.
Application-Based Market Insights
Based on application, the portable power inverter market is segmented into residential, commercial, and industrial. In 2021, the residential segment accounted for the largest market share. With the increasing adoption of solar PVs by residential users, companies are offering inverters with advanced capabilities. For instance, in May 2020, Huawei Technologies Co., Ltd. announced the launch of Smart Energy Controllers, a one-phase and a three-phased inverter with AI-powered arcing protection technology for residential applications.
The players operating in the portable power inverter market adopt strategies, such as mergers, acquisitions, and market initiatives, to maintain their positions in the market. A few developments by key players are listed below:
- In September 2020, Ring announced that two of its products were awarded in the inverter test in the latest edition of Auto Express. The RINVU300 PowerSource 300W Compact Inverter won the Best Buy award and retained its crown, with the RINVU500 PowerSource 500W Compact Inverter getting a recommendation.
- In January 2022, Eaton and Samsung are accelerating the opportunity with a new partnership to extend the home energy management and monitoring capabilities of Samsung's SmartThings Energy platform.
Company Profiles
The key players operating in the portable power inverter market include; Cobra Electronics Corporation; ENERGIZER HOLDINGS, INC.; Kisae Technology Inc.; COTEK; Rally Manufacturing; EXELTECH; OSRAM GmbH; Ring Automotive Ltd.; Growatt New Energy; and Eaton. Several other players across geographies were also studied to understand the overall scenario of the portable power inverter market.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Phase, Output Voltage, Application, Power
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Mexico, Russian Federation, Saudi Arabia, South Africa, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Solar power inverters are essential components of solar power systems. Solar power plants generate DC power, which is incompatible with common household appliances. As a result, this DC power must be converted to AC power. The fluctuating DC output of PV solar panels is converted to usable AC by solar inverters. Residential, PV plants, and commercial end users can use this AC to power electric appliances and devices. Commercial solar systems are installed on rooftops or the ground, allowing clients to create renewable energy while taking advantage of various government incentives. PV systems on a commercial scale generate green energy and save money on electricity costs and drive market growth.
The rapid increase in energy demands necessitates utilizing alternative energy sources. 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 expected to drive the demand for portable power inverters in the years to come. The rising concerns about global warming and increasing measures to minimize dependency on fossil fuels are also leading to increased solar energy adoption several countries are attempting to build large solar power-producing facilities to harness solar energy. The demand for solar inverters is increasing due to the surge in the application of large-scale devices that store solar energy for later use. These factors are expected to offer lucrative opportunities to market players during the forecast period.
Based on power, the portable power inverter market is segmented as 1000W to 2500W and 2500W to 5000W. The 1000W to 2500W segment continues to hold the largest share in the global portable power inverter market throughout the forecast period. The key reason behind the dominance is the significant demand for the same among the residential and commercial sectors. Owing to this, manufacturers of portable power inverters are also designing and developing robust power inverters within a range of 1000W to 2500W power.
Based on application, the portable power inverter market is segmented as residential, commercial, and industrial. The residential segment dominates the global portable power inverter 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 catalyzers of the portable power inverter market. Commercial spaces such as restaurants, individual office spaces, vehicle maintenance stores, as well as retail stores are procuring portable power inverters in order to avoid any disruption during a sudden power outage. This trend is foreseen to drive the portable power inverter market through the commercial segment.
The Asia Pacific is estimated to be the prominent region for product manufacturing due to the rise in industrialization and urbanization. Increasing automotive and manufacturing industries in the APAC region, especially in countries such as China, India, and Japan, are also expected to give a significant boom to factory automation and industrial control solutions. China and India are the fastest-growing economies in the Asia Pacific. Moreover, the industries in these countries have witnessed some evolutionary changes in the past few decades in the region in terms of its application in manufacturing plants, transport industry, and other critical infrastructural application areas, which are driving the growth of the portable power inverter market in the region.
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 end-users 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 power inverters.
The List of Companies - Portable Power Inverter Market
- Cobra Electronics Corporation
- ENERGIZER HOLDINGS, INC.
- Kisae Technology Inc.
- COTEK
- Rally Manufacturing
- EXELTECH
- OSRAM GmbH
- Ring Automotive Ltd.
- Growatt New Energy
- Eaton
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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