The global solar microinverter market is poised to present substantial opportunities throughout the projection period spanning 2022 to 2032, driven by a robust Compound Annual Growth Rate (CAGR) of 18.1%. By the year 2032, this market is anticipated to achieve a notable valuation of US$ 5,716.0 million, signifying a remarkable growth trajectory.
Within the spectrum of system types, the integrated system category is foreseen to capture approximately 8% of the global solar microinverter market share in 2022, contributing to the overall market dynamics.
Projections from the World Bank suggest a global economy poised for a 3.2% increase in 2023, thus creating a dynamic window of opportunities for the construction industry to flourish across diverse corners of the world.
Examining historical trends, FMI analysis reveals a remarkable journey for the global microinverters market, with a phenomenal Compound Annual Growth Rate (CAGR) of 14.2% observed between 2017 and 2021. The demand for solar microinverters is on track to ascend, with a projected global market value of US$ 1,177.2 million anticipated by the conclusion of 2022. This data underscores the thriving momentum and evolving landscape of the solar microinverter market on a global scale.
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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.
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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
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.
The German solar microinverter market is predicted to acquire a larger share of the market with nearly 7.5% throughout the assessment period. The market for solar microinverters in the country is anticipated to be valued at about US$ 463.0 Mn in 2032.
Widespread awareness about sustainable energy options and surging electrification across end-use sectors all over the world are likely to propel growth in the market. In addition to that, increasing demand for solar microinverters from the residential and commercial sectors is anticipated to accelerate the solar microinverter market in the country.
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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