Solar Microinverter Market
The Solar Microinverter Market is on the cusp of rapid expansion, driven by substantial investments in renewable energy technologies. These cutting-edge microinverters are poised to outpace conventional products, thanks to their advanced technical advantages. As a result, the demand for solar microinverters is expected to surge significantly. With their ability to optimize solar power generation and enhance overall system performance, these innovative devices are set to revolutionize the solar energy landscape.
The global solar microinverter market is expected to grow at an 18.1% CAGR from 2022 to 2032, reaching a valuation of US$ 5,716.0 Million. In 2022, the integrated system category is expected to account for around 8% of the worldwide solar microinverter market by system type.
According to World Bank forecasts, the global economy would grow by 3.2% in 2023, allowing the construction industry to thrive in many parts of the world.
According to FMI, the microinverter market would grow at a 14.2% CAGR between 2017 and 2021. The necessity for
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Key Takeaways
Due to the rising investments in technologies for the production of renewable energy, the market of solar microinverters is predicted to expand at a lightning fast speed owing to its advanced technical advantages over conventional products is expected to fuel the demand for solar microinverters.
Small and medium-sized enterprises (SMEs) and several other capital-funded startups in the microinverter space are rapidly being acquired by well-established and dominant players in the solar inverter market. As per the FMI estimations, solar microinverter installation companies and module firms must diversify their product portfolios in order to get a competitive advantage in the market.
The solar micro inverter market is expected to be driven by rising demand from residential and commercial sectors owing to the high energy yield, module-level monitoring abilities, and enhanced safety of microinverters based on solar power.
The ever-increasing demand for residential spaces is providing sound flexibility and higher labor efficiency. The solar microinverter market accounts for around 12-16% of the global solar inverter market, reveals FMI.
The rising environmental consciousness among the majority and the emergence of strict laws governing the use of non-renewable power generation methods in order to address power shortage issues are driving the demand for solar microinverters globally.
Residential and commercial sectors have witnessed tremendous growth in emerging countries. Microinverters are known to be one of the crucial components of solar energy systems. The rising awareness about several environmental issues is also projected to surge the number of solar panel installations worldwide, thereby pushing sales of solar microinverters in the evaluation period.
Competitive Landscape
The leading manufacturers of solar microinverters are undergone continuous pressure in order to improve their product’s reliability and efficiency in case there is a rise in the demand for environmentally friendly solar products. Various manufacturing businesses are willing to increase the availability of their solar microinverters on the market through the introduction of new products and increased collaboration activities.
More Insights into the Solar Microinverter Market
The surging use of solar photovoltaics in residential spaces in the U.S. has been primarily elevated due to the electricity cost savings, surging demand for an alternative electricity source, and urgent need to reduce the risk of climate change.
The optimal reason for driving the demand for solar energy in abundance is the rising need for solar energy that the traditional power sources in the U.S., which is anticipated to boost sales of solar microinverters. It is estimated that the U.S. will generate roughly 34.8% of the global solar microinverter market share during the projected timeframe.
Key Segments Covered in Solar Microinverter Industry Analysis
By System Type:
- Standalone
- Integrated
By End Use:
- Residential
- Commercial
- Utility
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East Africa
