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.
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.
The modular inverter market size is segmented into type, application, and region. By type, the market is divided into the standard modular inverter and compact modular inverter. The compact modular segment garnered the highest modular inverter market share and is expected to grow at the fastest pace during the forecast period. By application, the market is categorized into industrial, telecommunications, and others. For the application segment, the industrial application was the largest market revenue contributor in 2021. Industrial application is also expected to grow fastest during the projection period closely followed by telecommunications applications. Modular inverters have high installation costs. Moreover, in commercial and residential sectors, the need for such high reliability and output efficiency is far less than in the industrial and telecommunications sector. Thus, the application of the inverter for the residential and commercial sectors is discouraged. It is highly unlikely to invest a large sum of money for a device that offers a similar function to that of traditional inverters
Region-wise, the modular inverter market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa). The modular inverter market share was dominated by the North America region. However, the Asia-Pacific region is expected to grow at a higher CAGR during the projection period closely followed by North America and Europe.
The key players operating in the modular inverter industry are Eaton Corporation, Eagle Eye Power Solutions, BENNING Elektrotechnik und Elektronik GmbH & Co. KG, AEG Power Solutions, Sungrow Power Supply Co., Ltd., Shenzhen Pulsen technology, TDK Electronics AG, PRAG, Shenzhen Bwitt Power Co., Limited, and CE+ T Power. Shenzhen Pulsen Technology Co. Ltd. is engaged in manufacturing and marketing power products including modular parallel inverters, modular UPS, modular EPS, and modular active power inverter loads. It is involved in the development of advanced technology and the manufacturing of high-quality products.
TDK Electronics AG is engaged in the manufacture of electrical equipment. It is a part of TDK group, a Japanese multinational group of companies. It offers electronic components, modules, and systems. It has a wide product portfolio for industrial electronics, automotive electronics, and consumer electronics. It also offers a portfolio that includes capacitors, ferrites, inductors, piezo and protection devices, as well as sensors. It has around 20 development and manufacturing sites globally
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The report features Strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain the intense competition in the industry.
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.
The modular inverter market size is segmented into type, application, and region. By type, the market is divided into the standard modular inverter and compact modular inverter. The compact modular segment garnered the highest modular inverter market share and is expected to grow at the fastest pace during the forecast period. By application, the market is categorized into industrial, telecommunications, and others. For the application segment, the industrial application was the largest market revenue contributor in 2021. Industrial application is also expected to grow fastest during the projection period closely followed by telecommunications applications. Modular inverters have high installation costs. Moreover, in commercial and residential sectors, the need for such high reliability and output efficiency is far less than in the industrial and telecommunications sector. Thus, the application of the inverter for the residential and commercial sectors is discouraged. It is highly unlikely to invest a large sum of money for a device that offers a similar function to that of traditional inverters
Region-wise, the modular inverter market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa). The modular inverter market share was dominated by the North America region. However, the Asia-Pacific region is expected to grow at a higher CAGR during the projection period closely followed by North America and Europe.
The key players operating in the modular inverter industry are Eaton Corporation, Eagle Eye Power Solutions, BENNING Elektrotechnik und Elektronik GmbH & Co. KG, AEG Power Solutions, Sungrow Power Supply Co., Ltd., Shenzhen Pulsen technology, TDK Electronics AG, PRAG, Shenzhen Bwitt Power Co., Limited, and CE+ T Power. Shenzhen Pulsen Technology Co. Ltd. is engaged in manufacturing and marketing power products including modular parallel inverters, modular UPS, modular EPS, and modular active power inverter loads. It is involved in the development of advanced technology and the manufacturing of high-quality products.
TDK Electronics AG is engaged in the manufacture of electrical equipment. It is a part of TDK group, a Japanese multinational group of companies. It offers electronic components, modules, and systems. It has a wide product portfolio for industrial electronics, automotive electronics, and consumer electronics. It also offers a portfolio that includes capacitors, ferrites, inductors, piezo and protection devices, as well as sensors. It has around 20 development and manufacturing sites globally
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The report features Strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain the intense competition in the industry.
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 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
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
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Table of Contents
CHAPTER 1: INTRODUCTION1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.3. Porter’s five forces analysis
3.3.1. Bargaining power of suppliers
3.3.2. Bargaining power of buyers
3.3.3. Threat of substitutes
3.3.4. Threat of new entrants
3.3.5. Intensity of rivalry
3.4. Market dynamics
3.4.1. Drivers
3.4.1.1. Rise in demand for the product
3.4.1.2. Increased investment in product development
3.4.2. Restraints
3.4.2.1. Availability of alternatives and competitor products
3.4.3. Opportunities
3.4.3.1. Rising demand from the solar energy sector for modular inverters
3.5. COVID-19 Impact Analysis on the market
3.6. Key Regulation Analysis
3.7. Patent Landscape
3.8. Value Chain Analysis
CHAPTER 4: MODULAR INVERTER MARKET, BY TYPE
4.1. Overview
4.1.1. Market size and forecast
4.2. Standard Modular Inverter
4.2.1. Key market trends, growth factors and opportunities
4.2.2. Market size and forecast, by region
4.2.3. Market share analysis by country
4.3. Compact Modular Inverter
4.3.1. Key market trends, growth factors and opportunities
4.3.2. Market size and forecast, by region
4.3.3. Market share analysis by country
CHAPTER 5: MODULAR INVERTER MARKET, BY APPLICATION
5.1. Overview
5.1.1. Market size and forecast
5.2. Industrial
5.2.1. Key market trends, growth factors and opportunities
5.2.2. Market size and forecast, by region
5.2.3. Market share analysis by country
5.3. Telecommunications
5.3.1. Key market trends, growth factors and opportunities
5.3.2. Market size and forecast, by region
5.3.3. Market share analysis by country
5.4. Others
5.4.1. Key market trends, growth factors and opportunities
5.4.2. Market size and forecast, by region
5.4.3. Market share analysis by country
CHAPTER 6: MODULAR INVERTER MARKET, BY REGION
6.1. Overview
6.1.1. Market size and forecast By Region
6.2. North America
6.2.1. Key trends and opportunities
6.2.2. Market size and forecast, by Type
6.2.3. Market size and forecast, by Application
6.2.4. Market size and forecast, by country
6.2.4.1. U.S.
6.2.4.1.1. Key market trends, growth factors and opportunities
6.2.4.1.2. Market size and forecast, by Type
6.2.4.1.3. Market size and forecast, by Application
6.2.4.2. Canada
6.2.4.2.1. Key market trends, growth factors and opportunities
6.2.4.2.2. Market size and forecast, by Type
6.2.4.2.3. Market size and forecast, by Application
6.2.4.3. Mexico
6.2.4.3.1. Key market trends, growth factors and opportunities
6.2.4.3.2. Market size and forecast, by Type
6.2.4.3.3. Market size and forecast, by Application
6.3. Europe
6.3.1. Key trends and opportunities
6.3.2. Market size and forecast, by Type
6.3.3. Market size and forecast, by Application
6.3.4. Market size and forecast, by country
6.3.4.1. Germany
6.3.4.1.1. Key market trends, growth factors and opportunities
6.3.4.1.2. Market size and forecast, by Type
6.3.4.1.3. Market size and forecast, by Application
6.3.4.2. UK
6.3.4.2.1. Key market trends, growth factors and opportunities
6.3.4.2.2. Market size and forecast, by Type
6.3.4.2.3. Market size and forecast, by Application
6.3.4.3. France
6.3.4.3.1. Key market trends, growth factors and opportunities
6.3.4.3.2. Market size and forecast, by Type
6.3.4.3.3. Market size and forecast, by Application
6.3.4.4. Spain
6.3.4.4.1. Key market trends, growth factors and opportunities
6.3.4.4.2. Market size and forecast, by Type
6.3.4.4.3. Market size and forecast, by Application
6.3.4.5. Italy
6.3.4.5.1. Key market trends, growth factors and opportunities
6.3.4.5.2. Market size and forecast, by Type
6.3.4.5.3. Market size and forecast, by Application
6.3.4.6. Rest of Europe
6.3.4.6.1. Key market trends, growth factors and opportunities
6.3.4.6.2. Market size and forecast, by Type
6.3.4.6.3. Market size and forecast, by Application
6.4. Asia-Pacific
6.4.1. Key trends and opportunities
6.4.2. Market size and forecast, by Type
6.4.3. Market size and forecast, by Application
6.4.4. Market size and forecast, by country
6.4.4.1. China
6.4.4.1.1. Key market trends, growth factors and opportunities
6.4.4.1.2. Market size and forecast, by Type
6.4.4.1.3. Market size and forecast, by Application
6.4.4.2. Japan
6.4.4.2.1. Key market trends, growth factors and opportunities
6.4.4.2.2. Market size and forecast, by Type
6.4.4.2.3. Market size and forecast, by Application
6.4.4.3. India
6.4.4.3.1. Key market trends, growth factors and opportunities
6.4.4.3.2. Market size and forecast, by Type
6.4.4.3.3. Market size and forecast, by Application
6.4.4.4. South Korea
6.4.4.4.1. Key market trends, growth factors and opportunities
6.4.4.4.2. Market size and forecast, by Type
6.4.4.4.3. Market size and forecast, by Application
6.4.4.5. Australia
6.4.4.5.1. Key market trends, growth factors and opportunities
6.4.4.5.2. Market size and forecast, by Type
6.4.4.5.3. Market size and forecast, by Application
6.4.4.6. Rest of Asia-Pacific
6.4.4.6.1. Key market trends, growth factors and opportunities
6.4.4.6.2. Market size and forecast, by Type
6.4.4.6.3. Market size and forecast, by Application
6.5. LAMEA
6.5.1. Key trends and opportunities
6.5.2. Market size and forecast, by Type
6.5.3. Market size and forecast, by Application
6.5.4. Market size and forecast, by country
6.5.4.1. Brazil
6.5.4.1.1. Key market trends, growth factors and opportunities
6.5.4.1.2. Market size and forecast, by Type
6.5.4.1.3. Market size and forecast, by Application
6.5.4.2. Saudi Arabia
6.5.4.2.1. Key market trends, growth factors and opportunities
6.5.4.2.2. Market size and forecast, by Type
6.5.4.2.3. Market size and forecast, by Application
6.5.4.3. South Africa
6.5.4.3.1. Key market trends, growth factors and opportunities
6.5.4.3.2. Market size and forecast, by Type
6.5.4.3.3. Market size and forecast, by Application
6.5.4.4. Rest of LAMEA
6.5.4.4.1. Key market trends, growth factors and opportunities
6.5.4.4.2. Market size and forecast, by Type
6.5.4.4.3. Market size and forecast, by Application
CHAPTER 7: COMPETITIVE LANDSCAPE
7.1. Introduction
7.2. Top winning Strategies
7.3. Product Mapping of Top 10 Player
7.4. Competitive Dashboard
7.5. Competitive Heatmap
7.6. Top player positioning, 2022
CHAPTER 8: COMPANY PROFILES
8.1. Eaton Corporation
8.1.1. Company overview
8.1.2. Key Executives
8.1.3. Company snapshot
8.1.4. Operating business segments
8.1.5. Product portfolio
8.1.6. Business performance
8.2. Eagle Eye Power Solutions, LLC
8.2.1. Company overview
8.2.2. Key Executives
8.2.3. Company snapshot
8.2.4. Operating business segments
8.2.5. Product portfolio
8.3. CE T Power SA
8.3.1. Company overview
8.3.2. Key Executives
8.3.3. Company snapshot
8.3.4. Operating business segments
8.3.5. Product portfolio
8.4. BENNING Electrical and Electronic GmbH and Co. KG
8.4.1. Company overview
8.4.2. Key Executives
8.4.3. Company snapshot
8.4.4. Operating business segments
8.4.5. Product portfolio
8.4.6. Key strategic moves and developments
8.5. AEG Power Solutions B.V.
8.5.1. Company overview
8.5.2. Key Executives
8.5.3. Company snapshot
8.5.4. Operating business segments
8.5.5. Product portfolio
8.6. Sungrow Power Supply Co., Ltd
8.6.1. Company overview
8.6.2. Key Executives
8.6.3. Company snapshot
8.6.4. Operating business segments
8.6.5. Product portfolio
8.6.6. Business performance
8.6.7. Key strategic moves and developments
8.7. Shenzhen Pulsen Technology Co. Ltd.
8.7.1. Company overview
8.7.2. Key Executives
8.7.3. Company snapshot
8.7.4. Operating business segments
8.7.5. Product portfolio
8.8. TDK Electronics AG
8.8.1. Company overview
8.8.2. Key Executives
8.8.3. Company snapshot
8.8.4. Operating business segments
8.8.5. Product portfolio
8.9. PRAG
8.9.1. Company overview
8.9.2. Key Executives
8.9.3. Company snapshot
8.9.4. Operating business segments
8.9.5. Product portfolio
8.10. Shenzhen Bwitt Power Co., Limited
8.10.1. Company overview
8.10.2. Key Executives
8.10.3. Company snapshot
8.10.4. Operating business segments
8.10.5. Product portfolio
List of Tables
Table 01. Global Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 02. Modular Inverter Market for Standard Modular Inverter, by Region, 2022-2031 (Revenue, $Million)
Table 03. Modular Inverter Market for Compact Modular Inverter, by Region, 2022-2031 (Revenue, $Million)
Table 04. Global Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 05. Modular Inverter Market for Industrial, by Region, 2022-2031 (Revenue, $Million)
Table 06. Modular Inverter Market for Telecommunications, by Region, 2022-2031 (Revenue, $Million)
Table 07. Modular Inverter Market for Others, by Region, 2022-2031 (Revenue, $Million)
Table 08. Modular Inverter Market, by Region, 2022-2031 (Revenue, $Million)
Table 09. North America Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 10. North America Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 11. North America Modular Inverter Market, by Country, 2022-2031 (Revenue, $Million)
Table 12. U.S. Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 13. U.S. Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 14. Canada Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 15. Canada Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 16. Mexico Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 17. Mexico Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 18. Europe Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 19. Europe Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 20. Europe Modular Inverter Market, by Country, 2022-2031 (Revenue, $Million)
Table 21. Germany Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 22. Germany Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 23. UK Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 24. UK Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 25. France Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 26. France Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 27. Spain Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 28. Spain Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 29. Italy Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 30. Italy Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 31. Rest of Europe Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 32. Rest of Europe Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 33. Asia-Pacific Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 34. Asia-Pacific Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 35. Asia-Pacific Modular Inverter Market, by Country, 2022-2031 (Revenue, $Million)
Table 36. China Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 37. China Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 38. Japan Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 39. Japan Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 40. India Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 41. India Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 42. South Korea Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 43. South Korea Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 44. Australia Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 45. Australia Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 46. Rest of Asia-Pacific Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 47. Rest of Asia-Pacific Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 48. LAMEA Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 49. LAMEA Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 50. LAMEA Modular Inverter Market, by Country, 2022-2031 (Revenue, $Million)
Table 51. Brazil Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 52. Brazil Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 53. Saudi Arabia Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 54. Saudi Arabia Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 55. South Africa Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 56. South Africa Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 57. Rest of LAMEA Modular Inverter Market, by Type, 2022-2031 (Revenue, $Million)
Table 58. Rest of LAMEA Modular Inverter Market, by Application, 2022-2031 (Revenue, $Million)
Table 59. Eaton Corporation: Key Executives
Table 60. Eaton Corporation: Company Snapshot
Table 61. Eaton Corporation: Product Segments
Table 62. Eaton Corporation: Product Portfolio
Table 63. Eagle Eye Power Solutions, LLC: Key Executives
Table 64. Eagle Eye Power Solutions, LLC: Company Snapshot
Table 65. Eagle Eye Power Solutions, LLC: Product Segments
Table 66. Eagle Eye Power Solutions, LLC: Service Segments
Table 67. Eagle Eye Power Solutions, LLC: Product Portfolio
Table 68. Ce T Power SA: Key Executives
Table 69. Ce T Power SA: Company Snapshot
Table 70. Ce T Power SA: Product Segments
Table 71. Ce T Power SA: Service Segments
Table 72. Ce T Power SA: Product Portfolio
Table 73. Benning Electrical and Electronic GmbH and Co. KG: Key Executives
Table 74. Benning Electrical and Electronic GmbH and Co. KG: Company Snapshot
Table 75. Benning Electrical and Electronic GmbH and Co. KG: Product Segments
Table 76. Benning Electrical and Electronic GmbH and Co. KG: Service Segments
Table 77. Benning Electrical and Electronic GmbH and Co. KG: Product Portfolio
Table 78. Benning Electrical and Electronic GmbH and Co. KG: Key Strategies
Table 79. Aeg Power Solutions B.V.: Key Executives
Table 80. Aeg Power Solutions B.V.: Company Snapshot
Table 81. Aeg Power Solutions B.V.: Product Segments
Table 82. Aeg Power Solutions B.V.: Service Segments
Table 83. Aeg Power Solutions B.V.: Product Portfolio
Table 84. Sungrow Power Supply Co. Ltd.: Key Executives
Table 85. Sungrow Power Supply Co. Ltd.: Company Snapshot
Table 86. Sungrow Power Supply Co. Ltd.: Product Segments
Table 87. Sungrow Power Supply Co. Ltd.: Product Portfolio
Table 88. Sungrow Power Supply Co. Ltd.: Key Strategies
Table 89. Shenzhen Pulsen Technology Co. Ltd.: Key Executives
Table 90. Shenzhen Pulsen Technology Co. Ltd.: Company Snapshot
Table 91. Shenzhen Pulsen Technology Co. Ltd.: Product Segments
Table 92. Shenzhen Pulsen Technology Co. Ltd.: Service Segments
Table 93. Shenzhen Pulsen Technology Co. Ltd.: Product Portfolio
Table 94. Tdk Electronics AG: Key Executives
Table 95. Tdk Electronics AG: Company Snapshot
Table 96. Tdk Electronics AG: Product Segments
Table 97. Tdk Electronics AG: Service Segments
Table 98. Tdk Electronics AG: Product Portfolio
Table 99. Prag: Key Executives
Table 100. Prag: Company Snapshot
Table 101. Prag: Product Segments
Table 102. Prag: Product Portfolio
Table 103. Shenzhen Bwitt Power Co. Limited: Key Executives
Table 104. Shenzhen Bwitt Power Co. Limited: Company Snapshot
Table 105. Shenzhen Bwitt Power Co. Limited: Product Segments
Table 106. Shenzhen Bwitt Power Co. Limited: Service Segments
Table 107. Shenzhen Bwitt Power Co. Limited: Product Portfolio
List of Figures
Figure 01. Modular Inverter Market, 2022-2031
Figure 02. Segmentation of Modular Inverter Market, 2022-2031
Figure 03. Top Investment Pockets in Modular Inverter Market (2022-2031)
Figure 04. Low Bargaining Power of Suppliers
Figure 05. Low Bargaining Power of Buyers
Figure 06. Low Threat of Substitutes
Figure 07. Low Threat of New Entrants
Figure 08. Low Intensity of Rivalry
Figure 09. Drivers, Restraints and Opportunities: Globalmodular Inverter Market
Figure 10. Impact of Key Regulation: Modular Inverter Market
Figure 11. Patent Analysis by Company
Figure 12. Patent Analysis by Country
Figure 13. Value Chain Analysis: Modular Inverter Market
Figure 14. Modular Inverter Market, by Type, 2022(%)
Figure 15. Comparative Share Analysis of Modular Inverter Market for Standard Modular Inverter, by Country 2022-2031(%)
Figure 16. Comparative Share Analysis of Modular Inverter Market for Compact Modular Inverter, by Country 2022-2031(%)
Figure 17. Modular Inverter Market, by Application, 2022(%)
Figure 18. Comparative Share Analysis of Modular Inverter Market for Industrial, by Country 2022-2031(%)
Figure 19. Comparative Share Analysis of Modular Inverter Market for Telecommunications, by Country 2022-2031(%)
Figure 20. Comparative Share Analysis of Modular Inverter Market for Others, by Country 2022-2031(%)
Figure 21. Modular Inverter Market by Region, 2022
Figure 22. U.S. Modular Inverter Market, 2022-2031 ($Million)
Figure 23. Canada Modular Inverter Market, 2022-2031 ($Million)
Figure 24. Mexico Modular Inverter Market, 2022-2031 ($Million)
Figure 25. Germany Modular Inverter Market, 2022-2031 ($Million)
Figure 26. UK Modular Inverter Market, 2022-2031 ($Million)
Figure 27. France Modular Inverter Market, 2022-2031 ($Million)
Figure 28. Spain Modular Inverter Market, 2022-2031 ($Million)
Figure 29. Italy Modular Inverter Market, 2022-2031 ($Million)
Figure 30. Rest of Europe Modular Inverter Market, 2022-2031 ($Million)
Figure 31. China Modular Inverter Market, 2022-2031 ($Million)
Figure 32. Japan Modular Inverter Market, 2022-2031 ($Million)
Figure 33. India Modular Inverter Market, 2022-2031 ($Million)
Figure 34. South Korea Modular Inverter Market, 2022-2031 ($Million)
Figure 35. Australia Modular Inverter Market, 2022-2031 ($Million)
Figure 36. Rest of Asia-Pacific Modular Inverter Market, 2022-2031 ($Million)
Figure 37. Brazil Modular Inverter Market, 2022-2031 ($Million)
Figure 38. Saudi Arabia Modular Inverter Market, 2022-2031 ($Million)
Figure 39. South Africa Modular Inverter Market, 2022-2031 ($Million)
Figure 40. Rest of LAMEA Modular Inverter Market, 2022-2031 ($Million)
Figure 41. Top Winning Strategies, by Year
Figure 42. Top Winning Strategies, by Development
Figure 43. Top Winning Strategies, by Company
Figure 44. Product Mapping of Top 10 Players
Figure 45. Competitive Dashboard
Figure 46. Competitive Heatmap: Modular Inverter Market
Figure 47. Top Player Positioning, 2022
Figure 48. Eaton Corporation: Net Sales, 2019-2021 ($Million)
Figure 49. Eaton Corporation: Research & Development Expenditure, 2019-2021 ($Million)
Figure 50. Eaton Corporation: Revenue Share by Region, 2021 (%)
Figure 51. Eaton Corporation: Revenue Share by Segment, 2021 (%)
Figure 52. Sungrow Power Supply Co. Ltd.: Net Revenue, 2019-2021 ($Million)
Figure 53. Sungrow Power Supply Co. Ltd.: Research & Development Expenditure, 2019-2021
Figure 54. Sungrow Power Supply Co. Ltd.: Revenue Share by Region, 2021 (%)
Figure 55. Sungrow Power Supply Co. Ltd.: Revenue Share by Segment, 2021 (%)
Executive Summary
According to the report titled, 'Modular Inverter Market,' the modular inverter market was valued at $16.8 billion in 2022 and is estimated to reach $33.3 billion by 2031, growing at a CAGR of 8% from 2022 to 2031.The modular inverter is made from different components that are assembled together and generate sine output. The components of the modular inverter can be swapped out with other components to perform maintenance and repair. Even in the event that requires reconfiguration, the device can fit into any space with dynamic dimensions. Modular inverters are easy to maintain and have a lower cost for the same. They are made from different components that are assembled to form a working inverter. These components are independent in their functions and can be easily fixed or removed as per the requirement. Any damage to a single component of the inverter can be replaced without disturbing the functions of other components of the inverter. Since there are many players operating in the industry, the product's availability is easy.
The supply side of the product is easily able to meet the demand. A customer has many options available to choose from owing to the wide variety of products in the market. 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. Apart from this, they are also capable of monitoring & controlling the entire photovoltaic system, recording all operating data, automatically disconnecting from the grid if required, interrupting the grid supply, and protecting the network against overloading.
The modular inverter market size is segmented into type, application, and region. By type, the market is divided into the standard modular inverter and compact modular inverter. Compact modular inverter came out to be the highest revenue contributor in 2021. The same segment is also projected to grow at a higher CAGR during the estimation period of the study. This was owed to various benefits of the product such as ease of maintenance, ease of installation, and independent repairing or replacement of the modular inverter components. Compact modular inverters are way more advanced in terms of technology and power output when compared with standard modular inverters. This contributes to the rising demand for the product and hence fosters the modular inverter industry growth.
By application, the market is categorized into industrial, telecommunications, and others. The industrial sector has a vast variety of assembling machinery, processing machinery, and heavy equipment running on power. Such machines require a constant power supply to ensure smooth functioning. This leads to an increase in the demand for modular inverters as a backup in case of power failure. Moreover, a similar case is for the telecommunications sector as an uninterrupted power supply is required for running the communication network needs which are met by modular inverters. Thus, the above-mentioned factors act as a driving factor for the modular inverter market growth.
Region-wise, the modular inverter market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa). North America has been through industrialization at an earlier stage as compared to the rest of the world. It has highly advanced industrial and telecommunication sectors along with strong nationwide power grid systems. However, since automation is a regular process in the country, having power backup is a must and thus modular inverters are widely installed. Asia-Pacific region is experiencing industrialization 4.0 where the maximum production process is shifting to automation and resulting in the rising demand for modular inverters.
The key players operating in the modular inverter industry are Eaton Corporation, Eagle Eye Power Solutions, BENNING Elektrotechnik und Elektronik GmbH & Co. KG, AEG Power Solutions, Sungrow Power Supply Co., Ltd., Shenzhen Pulsen technology, TDK Electronics AG, PRAG, Shenzhen Bwitt Power Co., Limited, and CE+ T Power. CE+T Power SA is engaged in the manufacture of power solutions including inverters (DC to AC), UPS (securing AC loads with batteries), and multidirectional converters (inverter, rectifier, and UPS all-in-one). It has three manufacturing factories and three research and development centers. It has a capacity of producing 300 and above modules per annum. It has a presence in 18 countries across Europe, America, and Asia. In May 2022, Sungrow launched the ''1+X'Modular Inverter, which is expected to lead the next-generation inverter designation for utility-scale solar plants, significantly streamlining O&M and guaranteeing favorable yields for applications.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The report features Strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain the intense competition in the industry.
Companies Mentioned
- 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
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 198 |
| Published | January 2023 |
| Forecast Period | 2022 - 2031 |
| Estimated Market Value ( USD | $ 16.8 billion |
| Forecasted Market Value ( USD | $ 33.3 billion |
| Compound Annual Growth Rate | 7.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
