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Unreliable power source and lack of grid infrastructure drives inverter market growth
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A non-renewable inverter is an electronic device which converts low voltage direct current (DC) to high voltage alternate current (AC) power making the current usable to our daily appliances from a non-renewable power source. Increasing demand for power in all end-user segments combined with the unreliable and ageing grid infrastructure creates demand for emergency backup power systems. The increasing incidences of power outages caused due to natural disasters has also led to the governments around the world to mandate the presence of inverters as part of emergency kits. Sustained growth of telecommunication sector as well as increasing incorporation of electronic appliance in automobiles has boosted the growth of global non-renewable inverters market. APAC holds the largest share of the global non-renewable inverters market closely followed by North America. Growing need for efficient and reliable power supply in the APAC region fueled by rapid expansion of telecommunication, data processing and industrial end-users perpetuates the demand for non-renewable inverters. 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 growth of this market. The introduction of non-renewable bi-directional inverters/chargers where the battery storage portion can accommodate renewable powers sources as well ascertains 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 market growth. Due to the advent of 5G network, telecommunication entities have been looking for innovative products with advanced capabilities to be used in new infrastructure. Thus, companies who can develop inverters with enhanced performance capabilities and unique features are bound for higher revenues. The non-renewable inverters market is highly fragmented with manufacturers relying on distributes and OEMs to get their products to end-users. Companies should collaborate with local players in order to establish their presence in the new markets and strengthen their brand image. Power management companies can merge with or acquire smaller players in this space in order to utilize their existing technical expertise to produce integrated and complete power solutions which will ensure increased uptake.
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