Surge in demand from the solar energy sector and increased investment in product development drive the global modular inverter market. Based on type, the compact modular inverter segment held the highest share in 2021. Based on region, North America held the largest share in 2021, contributing to nearly two-fifths of the global growlers market share.
Portland, OR, March 01, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global modular inverter market garnered $16.8 billion in 2021, and is estimated to generate $33.3 billion by 2031, manifesting a CAGR of 8.0% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
|Market Size in 2021||$16.8 billion|
|Market Size in 2031||$33.3 billion|
|No. of Pages in Report||198|
|Segments covered||Application, Type, and Region|
|Drivers||Surge in demand from the solar energy sector|
|Opportunities||Increased investment in product development|
|Restraints||High installation costs|
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global modular inverter market, owing to implementation of the global lockdown which resulted to temporary closure of several factories.
- Supply chain was disrupted due to import & export restrictions. Manufacturers faced shortage of labor and unavailability of raw materials.
- However, the market has already recovered from the negative impacts of its pre-COVID terms and is expected to grow at a significant rate during the forecasted period.
The research provides detailed segmentation of the global modular inverter market based on application, type, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on type, the compact modular inverter segment held the highest share in 2021, accounting for nearly three-fifths of the global modular inverter market, and is expected to continue its leadership status during the forecast period. This segment is expected to register the highest CAGR of 8.07% from 2022 to 2031.
Based on application, the industrial segment accounted for the highest share in 2021, contributing to nearly half of the global modular inverter market, and is expected to maintain its lead in terms of revenue during the forecast period. This segment is expected to manifest the highest CAGR of 8.14% from 2022 to 2031.
Based on region, North America held the largest share in 2021, contributing to nearly two-fifths of the global modular inverter market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 8.28% during the forecast period.
Leading market players of the global modular inverter market analyzed in the research include 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.
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The report provides a detailed analysis of these key players of the global modular inverter market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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