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In this paper, a novel analysis of a carrier based PWM method for multilevel inverters is presented. The space vector PWM and carrier based PWM correlations in multilevel inverters are investigated in a nominal two-level switching diagram. The obtained results can be applied to design various carrier PWM techniques. In this paper, a carrier based single-state PWM technique, which reduces the switching number and optimizes the active voltage errors, is presented. This PWM technique can be advantageous if there are a large number of levels. The proposed method is mathematically formulated and demonstrated by simulations and experimental results.