The global demand for Micro Inverter Market is presumed to reach the market size of nearly USD 23.27 BN by 2028 from USD 5.53 BN in 2021 with a CAGR of 22.8% under the study period 2022 - 2028.
A micro inverter is an electric device that transforms DC (direct current) from solar panels into AC (alternating current) in photovoltaic systems. These inverters are often installed separately on each solar panel to convert DC power to AC power. Moreover, compared to a conventional inverter, a micro inverter is easier to install and operate. Also, it facilitates the production of optimal power by implementing the maximum power point tracking for the linked panel. Furthermore, it has various advantages over typical inverters, like increased dependability, higher output, and improved safety.
Market Dynamics
Rising solar system installation in residential areas and an increase in renewable power generation are the main factors influencing the micro inverter market growth. The market is growing due to advantages offered by micro inverter, such as improved safety and reliability, better output, and cost efficiency. Moreover, it is anticipated that an increase in government investment in renewable energy projects will open up attractive development potentials for the market growth of micro inverters. Due to growing worries about gas emissions, there is an increase in demand for sustainable and clean energy, which propels the market growth of micro inverters. The market of micro inverters is significantly constrained by high installation and maintenance costs.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of micro inverter. The growth and trends of micro inverter industry provide a holistic approach to this study.
Market Segmentation
This section of the micro inverter market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Type
By Connection
- Stand Alone
- Grid Connected
By End User
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Micro Inverter market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Micro Inverter Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the micro inverter market include ABB Group, Delta Energy Systems GmbH, Enphase Energy Inc., Involar, P & P Energy Technology Co Limited, ReneSola, Siemens AG, SMA Solar Technology AG, SolarEdge Technologies Inc., SunPower Corporation. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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