South Korea Power Inverter Market Overview, 2029

South Korea Power Inverter Market Overview, 2029

South Korea has consistently progressed in the power inverter market, starting with central advancements in the mid-2000s that gained by its expanding gadgets and semiconductor businesses. By the 2010s, South Korean monsters like Hyundai Heavy Industries, LG Electronics, and Samsung Electronics diversified into power electronics, including inverters, utilizing their ability in assembling and mechanical development. The nation's emphasis on environmentally friendly power additionally impelled development, with organizations like Hyundai Weighty Enterprises Efficient Power Energy and LSIS becoming forerunners in solar inverters. Government drives all through this period upheld the development of sustainable power foundation, cultivating a vigorous homegrown market for inverters and empowering mechanical progressions. Late years have seen South Korean producers improving their worldwide impression, putting resources into Research and development for additional effective and coordinated inverters appropriate for shrewd networks and energy stockpiling frameworks. As South Korea keeps on improving, its power inverter area stays essential in driving forward the worldwide progress towards maintainable energy arrangements. The COVID-19 impact on automotive industry is unpredictable, and is expected to remain in force for a few years. The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban import-export of essential raw material items for most of 2020, and few months in 2021. This led to sudden decline in availability of important raw materials for components. The South Korean government is keen on the energy transition in the country, as Korea is still largely dependent on fossil fuels for electricity generation and other energy requirements. The highly coal-reliant energy sector urgently seeks cleaner energy sources intervention to combat the high carbon-emissions scenario of the sector. In July 2021, the Korea New and Renewable Energy Center (KNERC), the branch of the Korea Energy Agency, announced that it had allocated 2.05 GW of solar capacity in the latest auction. It included 7,663 solar projects with an average tariff of around KRW 136/kWh.

According to the research report ""South Korea Power Inverter Market Overview, 2029,"" published by Bonafide Research, the South Korea power inverter market is expected to reach a market size of more than USD 3 Billion by 2029. The power inverter market in South Korea is supposed to see huge development before long because of different factors like the rising interest for sustainable power, the developing reception of electric vehicles, and the requirement for solid power reinforcement arrangements. South Korea is an innovatively progressed country with a popularity for power. The nation is likewise dedicated to diminishing its carbon impression and expanding the portion of environmentally friendly power in its power blend. Subsequently, there is a developing interest for power inverters that can be utilized in environmentally friendly power frameworks, for example, sun oriented and wind power. The rising utilization of energy stockpiling frameworks in South Korea is supposed to drive the demand for power inverters that can be utilized in battery-based frameworks. The South Korean government has set aggressive focuses for the reception of EVs, and this is supposed to encourage a huge interest for power inverters utilized in EV charging stations and in the actual EVs. The requirement for dependable power reinforcement arrangements in different enterprises like medical care, IT, and media communications is additionally expected to drive the development of the power inverter market in South Korea. Power inverters are utilized in uninterruptible power supply (UPS) frameworks to give reinforcement power during blackouts and to guarantee the smooth working of basic frameworks. Notwithstanding these elements, the developing interest for savvy networks and microgrids in South Korea is supposed to set out new open doors for power inverter producers. Savvy networks and microgrids require progressed power hardware, for example, power inverters to guarantee the proficient and dependable activity of the matrix.

5 KW to 100 KW incorporates power inverters going from 5 KW to 100 KW and is viewed as driving because of a few variables. Essentially, it benefits from an experienced market climate where request is powerful and reliable. South Korea's modern and business areas intensely depend on medium-sized inverters inside this reach for different applications, for example, sun oriented PV frameworks, modern apparatus, and reinforcement power arrangements. Driving organizations in this fragment have laid areas of strength for presence, mechanical ability, and solid conveyance organizations, permitting them to keep up with critical piece of the pie and impact market patterns through developments and vital associations. The fragment containing inverters with under 5 KW limit is classified as filling in South Korea. This development is driven by growing private reception of sun oriented energy frameworks and limited scope sustainable activities. Expanding familiarity with energy productivity and government impetuses advancing sustainable power establishments further move the interest for more modest inverters. Organizations in this section are effectively developing to take special care of private customers and coordinate savvy advances, accordingly adding to its continuous development direction. In the scope of 100 KW to 500 KW, South Korea's power inverter market addresses a critical portion essentially serving bigger business and modern applications. This portion is portrayed by consistent interest from areas, for example, fabricating, server farms, and huge scope environmentally friendly power projects. Organizations working here center around conveying elite execution arrangements custom-made to meet rigid functional necessities and lattice coordination guidelines. Power inverters surpassing 500 KW take care of South Korea's utility-scale projects, including huge solar ranches and framework adjustment drives. This section is portrayed by fewer specific players because of the great specialized intricacy and rigid administrative prerequisites related with utility-scale establishments.

Motor drives address a main section in South Korea's power inverter market because of their boundless modern and business applications. These inverters are fundamental for controlling the speed and force of electric engines across different areas including producing, central air frameworks, and transportation. The administration status is ascribed to the reliable interest from laid out businesses and the persistent mechanical headways in motor drive proficiency and control. Driving organizations in South Korea have created vigorous abilities in engine drive innovation, guaranteeing dependable execution and energy productivity. The electric vehicle (EV) section is quickly filling in South Korea's power inverter market driven by the country's solid push towards zap of transportation. EV inverters convert DC power from batteries to AC power for the electric engine, assuming a urgent part in vehicle execution and effectiveness. Development in this portion is powered by government motivators advancing EV reception, progressions in battery innovation, and expanding buyer interest for harmless to the ecosystem transportation arrangements. South Korean organizations are putting vigorously in EV inverter advances to upgrade effectiveness, decrease weight, and coordinate brilliant functionalities. In the sun oriented photovoltaic (PV) portion, South Korea's power inverter market is portrayed by significant establishments across private, business, and utility-scale projects. Inverters assume a urgent part in changing over DC power produced by sunlight based chargers into usable AC power for network association or local utilization. Uninterruptible power supply (UPS) inverters guarantee solid reinforcement power for basic applications in areas, for example, server farms, media communications, and medical care offices in South Korea. This fragment is described by its soundness and steady interest for top caliber, uninterruptible power arrangements. In the wind turbine portion, South Korea's power inverter market upholds the change of variable breeze energy into stable AC power for lattice reconciliation. This section is driven by the country's endeavors to grow its environmentally friendly power limit, including seaward and inland wind ranches.

The commercial and industrial fragment in South Korea's power inverter market is driving because of its significant interest from areas, for example, fabricating, server farms, telecommunications, and business structures. Inverters assume a vital part in these settings by changing over DC power from solar chargers or batteries into AC power reasonable for hardware, HVAC system, lighting, and other functional requirements. This section benefits from steady interest in modern mechanization, energy productivity drives, and administrative consistence measures advancing manageable practices. Driving organizations in South Korea center around conveying high-limit, dependable inverters that improve functional proficiency, diminish energy costs, and coordinate consistently with existing foundation. The utility fragment in South Korea's power inverter market is encountering quick development driven by the nation's rising interests in sustainable power projects, especially sunlight based and wind ranches. Utility-scale inverters are fundamental for changing over huge scope sustainable power into framework viable AC power. This portion benefits from government motivations, feed-in taxes, and aggressive sustainable power targets pointed toward lessening fossil fuel byproducts and improving energy security. Development in utility-scale inverters is upheld by headways in matrix solidness advancements, savvy framework coordination, and the requirement for dependable, versatile answers for fulfils developing power need. The residential fragment in South Korea's power inverter market takes special care of mortgage holders and limited scope environmentally friendly power frameworks, basically solar PV establishments. Inverters in this portion convert DC power produced by roof solar chargers into AC power for family utilization or lattice send out. This section is driven by government sponsorships, net metering arrangements, and expanding purchaser familiarity with energy freedom and maintainability.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Power Inverter market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type
• 5 KW to 100 KW
• Less than 5 KW
• 100 KW to 500 KW
• More than 500 KW

By Application
• Motor Drives
• Electric Vehicle
• Solar PV
• UPS
• Wind Turbines
• Others

By End User
• Commercial and Industrial
• Utility
• Residential

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Power Inverter industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.