BANGALORE, India, April 10, 2024 /PRNewswire/ -- Micro Inverter Market is Segmented by Type (Single-phase, Three-phase), by Application (Residential Commercial).
The Global Micro Inverter Market was valued at USD 2493 Million in 2023 and is anticipated to reach USD 5314.7 Million by 2030, witnessing a CAGR of 10.9% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Micro Inverter Market
The market for micro inverters is expanding due to rising demand for solar energy solutions, which is being driven by government incentives, falling solar panel costs, and environmental concerns. Because of its benefits-which include increased energy output, increased dependability, and better monitoring capabilities-micro inverters are a popular option for both residential and commercial solar systems looking to maximize energy production and improve system performance.
Technological developments also drive market expansion by making micro inverters more economical, efficient, and able to adapt to changing energy infrastructure requirements. These developments include integration with smart energy systems and continuous cost reductions.
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TRENDS INFLUENCING THE GROWTH OF MICRO INVERTER MARKET:
Globally, the growing use of solar energy is a major factor driving the micro inverter market's expansion. The demand for solar photovoltaic (PV) systems has increased as more people and companies want to harness renewable energy sources to diminish their carbon footprint and minimize power bills. By converting the DC (direct current) power produced by solar panels into AC (alternating current) electricity fit for use in residences, commercial buildings, and the grid, micro inverters are essential components of solar PV systems.
Another important aspect propelling market expansion is the better energy output and system performance that micro inverters provide over standard string inverters. Micro inverters are mounted on individual solar panels as opposed to string inverters, which function at the level of the entire solar array. This enables maximum energy harvesting even under partially shaded or mismatched situations. Owners of solar PV systems looking to optimize their energy output will find micro inverters to be a compelling option due to their ability to reduce energy losses and improve overall system performance at the individual panel level.
Additionally supporting the micro inverter industry is the fact that they are more durable and reliable than conventional inverters. Because micro inverters function independently of one another, the functionality of the complete solar PV system is unaffected by the failure of one unit. The danger of system outages and maintenance expenses related to diagnosing and fixing centralized string inverters are decreased by this decentralized design. Furthermore, the majority of micro inverters are made with sturdy materials and sophisticated cooling systems, which extends their lifespan and increases their resistance to adverse climatic conditions.
The better monitoring and control features that these devices provide are another reason propelling the micro inverter market's expansion. Integrated monitoring systems that offer real-time performance data for every solar panel in the system are frequently seen in micro inverters. This fine-grained level of information enables installers and system owners to promptly detect and resolve issues like panel failures, shading concerns, or maintenance requirements, thereby maximizing energy output and system performance.
The growing market for micro inverters is a result of their increasing integration into smart energy systems. There is increasing interest in technologies that allow for bidirectional communication and control between solar PV installations, energy storage systems, and the grid due to the development of smart grids and distributed energy resources. Smart energy systems may be seamlessly integrated with micro inverters that include communication interfaces and grid support features. This allows for sophisticated techniques such as demand response, energy optimization, and grid management. The market is expanding because to the decreasing costs and ongoing technical improvements in micro inverter technology, which increase the accessibility and efficiency of these devices. Thanks to advances in semiconductor materials, enhanced manufacturing techniques, and economies of scale, producers have successfully lowered the cost of producing micro inverters throughout the years.
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MICRO INVERTER MARKET SHARE ANALYSIS
The market has grown as a result of the presence of major companies in the US and an increase in the installation of micro inverters, mostly in the residential sector.
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Key Players:
- ACC
- Enphase Energy
- ABB Group
- SunPower
- SMA Solar Technology
- Delta Energy Systems
- SolarEdge Technologies
- ReneSola
- Siemens AG
- P&P Energy Technology
- Involar
- Alencon Systems
- Delta-Energy
- Altenergy Power
- Ampt
- Array Power
- Chilicon Power
- i-Energy
- KACO New Energy
- Petra Systems
- Solantro
- Sparq Systems
- Tigo Energy
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
-Solar Microinverters market size is estimated to be worth USD 2572 Million in 2022 and is forecast to be a readjusted size of USD 7695.2 Million by 2028 with a CAGR of 20.0% during the review period.
-PV Micro Inverter market size is expected to reach USD 1747.6 Million by 2029, growing at a CAGR of 12.9% from 2023 to 2029.
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-Single-In Microinverter market is projected to reach USD 6072.3 Million in 2029, increasing from USD 1800 Million in 2022, with a CAGR of 18.8% during the period of 2023 to 2029.
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-Three Phase Parallel Microinverter Market
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-Three-phase Inverter Market
-Solar Inverter market size is expected to reach USD 26650 Million by 2029, growing at a CAGR of 8.9% from 2023 to 2029.
-Pure Sine Wave Solar Inverters market is projected to reach USD 304.6 Million in 2029, increasing from USD 213 Million in 2022, with a CAGR of 5.1% during the period of 2023 to 2029.
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-Three-phase Energy Storage Inverter market was valued at USD 1453 Million in 2023 and is anticipated to reach USD 4037.2 Million by 2030, witnessing a CAGR of 12.1% during the forecast period 2024-2030.
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-Battery Energy Storage Inverter market is projected to reach USD 1949 Million in 2029, increasing from USD 1026 Million in 2022, with a CAGR of 9.6% during the period of 2023 to 2029.
-Three-phase DC-AC Inverter Market
-Inverter Generator Bundle market is projected to reach USD 3261.1 Million in 2029, increasing from USD 2018 Million in 2022, with a CAGR of 7.0% during the period of 2023 to 2029.
-SiC Based Power Electronics market is projected to reach USD 15300 Million in 2029, increasing from USD 2090.3 Million in 2022, with a CAGR of 30.0% during the period of 2023 to 2029.
-Inverter Duty Motors market size is expected to reach USD 5939.4 Million by 2029, growing at a CAGR of 7.3% from 2023 to 2029.
-Automotive Inverter market was valued at USD 3115.2 Million in 2022 and is anticipated to reach USD 14940 Million by 2029, witnessing a CAGR of 24.8% during the forecast period 2023-2029.
-Hybrid Inverter market is projected to reach USD 7354.5 Million in 2029, increasing from USD 2680 Million in 2022, with a CAGR of 15.1% during the period of 2023 to 2029.
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