Unreliable Power Source and Lack of Grid Infrastructure Drive Market Growth
A non-renewable inverter is an electronic device that converts low-voltage direct current (DC) to high-voltage alternate current (AC), making it usable by daily appliances powered by a non-renewable power source. Increasing demand for power in all end-user segments, combined with the unreliable and aging grid infrastructure, creates a demand for emergency backup power systems. Rising incidences of power outages caused due to natural disasters have also led governments around the world to mandate the presence of inverters as part of emergency kits. The sustained growth of the telecommunications sector, as well as the increasing incorporation of electronic appliances in automobiles, has boosted the growth of the global non-renewable inverter market.
Asia-Pacific (APAC) holds the largest share of the global non-renewable inverter market and is closely followed by North America. The growing need for efficient and reliable power supply fueled by the rapid expansion of the telecommunications, data processing, and industrial end-users perpetuates the demand for non-renewable inverters in the region. The increasing frequency of natural disasters such as hurricanes and storms in North America has created awareness among end users regarding the importance of backup power systems, consequently fueling the growth of the non-renewable inverter market.
The introduction of non-renewable bi-directional inverters/chargers where the battery storage portion can also accommodate renewable power sources will strengthen the growth of this segment in the near future. Most players in the non-renewable inverters space manufacture products with similar features and basic functionalities. This leads the market to become extremely competitive and price sensitive, eventually resulting in low growth. With the advent of 5G networks, telecommunication entities have been looking at innovative products with advanced capabilities for developing the related network infrastructure. Thus, companies that can develop inverters with enhanced performance capabilities and unique features are bound to register higher revenues.
The non-renewable inverter market is highly fragmented with manufacturers relying on distributors and OEMs to get their products to end users. Companies should collaborate with local players in order to establish their presence in new markets and strengthen their brand image. Power management companies can merge with or acquire smaller players in this space and utilize their existing technical expertise to produce integrated and complete power solutions which will ensure increased product uptake.
