Micro Inverter Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Micro Inverter Market grew at a CAGR of 12.3% between 2017-2021 and is estimated to be US$ 2,341.6Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 13.7% and is expected to reach a valuation of US$ 8,455.1Mn by 2032 end.
The upcoming solar inverter technology is the micro-inverter. The demand for effective, affordable inverter systems is rising as the energy and power industries expand. Micro-inverters are currently the most widely used type in the solar industry and may effectively meet this criterion. The expanding use of solar PV panels for residential and commercial applications worldwide drives the market for micro-inverters. Micro-inverters have several built-in advantages that make them useful in various industries.
ChemView Consulting has analyzed that, technically, micro-inverters have several advantages over traditional central and string solar inverters. The micro-inverter delivers the photovoltaic (PV) system’s maximum potential output. The key benefit is their capacity to maintain a strong and steady power flow even when one or more of their panels are shaded, raising end users’ interest in micro-inverters.
With a 90% revenue share, the single-phase micro inverter category will continue to rule the worldwide micro inverter market. Due to their compliance with various standards, single-phase micro inverters have become the most often used power electronic device in commercial and residential structures. By using one unit rather than two or more, these tiny inverters allow consumers to save money.
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Segments Covered in Report
- Single Phase
- Three Phase
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Micro Inverter Market
- Based on the phase, with a 90% revenue share, the single-phase micro inverter category will continue to rule the worldwide micro inverter market. Due to their compliance with various standards, single-phase micro inverters have become the most often used power electronic device in commercial and residential structures. By using one unit rather than two or more, these tiny inverters allow consumers to save money.
- Based on the connectivity, due to their small size and ability to be put in remote locations without grid access, emerging micro inverter market trends predict that the standalone micro inverter segment will grow at a significantly higher CAGR over the forecast period. They are becoming incredibly sought-after products for homes. On the other hand, sales of on-grid micro inverters are also anticipated to increase significantly due to their better flexibility and higher energy conversion ratios. Around 2021, the segment brought in US$ 1.1 billion.
- Based on the region, with a market share of 39.8%, promising markets like China and India dominate the Asia Pacific market. With the increasing usage of commercial solar PV systems for industrial, residential, and other applications, the micro-inverter market in the Asia Pacific region is expanding quickly.
Key companies covered in the market study are Darfon Electronics Corp., Siemens, Solar Edge Technologies, Inc., Alternative Power System, Inc., Enphase Energy, Sensata Technologies, Inc., TMEIC, Fimer Group, Chilicon Power, LLC, AEconversion GmbH & Co. KG, Sparq Systems, Yotta Energy
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have collaborated with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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