Power Converters and Inverters Market Insights Video
According to Cognitive Market Research, the global Power Converters and Inverter Market size will be USD 58452.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 8.80% from 2024 to 2031.
North America held the major market share for more than 40% of the global revenue with a market size of USD 23381.00 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 17535.75 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 13444.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.8% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 2922.63 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 1169.05 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031.
The electric motor speed control category is the fastest growing segment of the power converters and inverter industry
