Dublin, May 23, 2023 (GLOBE NEWSWIRE) -- The "Modular Inverter Market By Type, By Application: Global Opportunity Analysis and Industry Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The global modular inverter market was valued at $16.8 billion in 2022 and is projected to reach $33.3 billion by 2031, growing at a CAGR of 8% from 2022 to 2031.
Key Market Players
- TDK Electronics AG
- Sungrow Power Supply Co., Ltd
- CE T Power SA
- PRAG
- Shenzhen Bwitt Power Co., Limited
- AEG Power Solutions B.V.
- Shenzhen Pulsen Technology Co. Ltd.
- Eaton Corporation
- Eagle Eye Power Solutions, LLC
- BENNING Electrical and Electronic GmbH and Co. KG
The modular inverters provide additional AC input directly to the grid. That is, they can be directly linked to the grid, and in case of power failures, the modular inverter supplies the required AC output.
These inverters are reliable, compact, and offer cost savings. They offer easy maintenance as the module system can be replaced for any damage or repairs while the installation is still in working mode. Modular inverters have advanced technology and compact size, they offer many desired benefits which are industry compliant and can be used in all applications.
The market for modular inverters is driven by their pure sine wave output. Moreover, ease of installation and maintenance also contributes to the modular inverter market growth. They also offer cost-saving benefits on damage or repair which also acts as a driving factor for modular inverter industry growth.
The rising demand for the product and increased investment in product development are also major contributors to the modular inverter market growth. Since the modular inverter incorporates the latest technologies and enhanced product safety, the market growth for the same is high.
Easy availability to rival products is one of the challenges in the market for the modular inverter. As cheap alternatives for the product are available, the market suffers losses. Another barrier in the market is the low cost of alternatives. Meanwhile, firms intend to overcome this obstacle by using cutting-edge technology and managing prices, which is expected to subsequently boost product demand.
Moreover, for market participants to prevent risks, alter their plans, and carry on with operations, research activities, and product innovation are sped up. The rising demand from the solar energy sector for modular inverters is expected to boost the modular inverter market growth and create several opportunities for industry players and new entrants. Solar modular inverters are located between solar modules and the power connectivity grid. These modular inverters can convert direct current from solar cells into grid-compatible alternating current.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the modular inverter market analysis from 2022 to 2031 to identify the prevailing modular inverter market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's Five Forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the modular inverter market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global modular inverter market trends, key players, market segments, application areas, and market growth Strategies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 198 |
| Forecast Period | 2022 - 2031 |
| Estimated Market Value (USD) in 2022 | $16.8 billion |
| Forecasted Market Value (USD) by 2031 | $33.3 billion |
| Compound Annual Growth Rate | 7.9% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Rise in demand for the product
- Increased investment in product development
Restraints
- Availability of alternatives and competitor products
Opportunities
- Rising demand from the solar energy sector for modular inverters
Key Market Segments
By Application
- Industrial
- Telecommunications
By Type
- Standard Modular Inverter
- Compact Modular Inverter
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/alu617
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