The global solar microinverter market is set to experience an impressive Compound Annual Growth Rate (CAGR) of 18.1% from 2022 to 2032, with the market valuation expected to exceed USD 5,716.0 million by the end of this period. This substantial growth not only highlights the rising adoption of solar energy but also emphasizes the critical role microinverters play within the broader solar ecosystem.
Within this growth trajectory, a key trend emerges: the integrated system category is expected to account for over 8% of the global solar microinverter market share in 2022. These integrated systems, which combine solar panels and microinverters into a single, streamlined unit, are gaining significant popularity due to their simplicity and efficiency. They are instrumental in broadening access to solar energy, making it more accessible across residential and commercial sectors, particularly in emerging economies.
Rapid Expansion Predicted for Solar Microinverters Market Amidst Growing Investments in Renewable Technologies:
The solar microinverters market is poised for remarkable growth, propelled by advanced technical advantages over traditional alternatives, catalyzed by increasing investments in renewable energy technologies. Established solar inverter market leaders are swiftly acquiring microinverter-focused small and medium-sized enterprises (SMEs) and capital-funded startups. According to FMI, diversifying product portfolios is imperative for solar microinverter installation companies and module firms to secure a competitive edge.
With its high energy yield, module-level monitoring capabilities, and safety enhancements, solar microinverters are anticipated to experience escalating demand from residential and commercial sectors. The market captures 12-16% of the global solar inverter market, as indicated by FMI.
Growing environmental consciousness, coupled with stringent regulations against non-renewable power generation methods to address power shortages, is driving global demand for solar microinverters. The upsurge in residential and commercial sector growth, especially in emerging economies, is fostering solar panel installations and subsequently boosting sales of solar microinverters.
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Competitive Landscape:
Leading solar microinverter manufacturers are under increasing pressure to enhance product reliability and efficiency to meet rising demand for eco-friendly solar solutions. Manufacturers are expanding their market presence through innovative product launches and collaborative initiatives to make environmentally conscious solar microinverters more accessible to consumers.
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 USD 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.
Key Players Profiled in Report:
- Enphase Energy Inc.
- Altenergy Power Systems Inc.
- SMA Solar Technology AG
- ABB Ltd.
- SunPower Corporations
- Darfon Electronics Corporation
- Northern Electric and Power Co. Ltd.
- Sparq Systems
- Chilicon Power, LLC
- iEnergy Co. Ltd
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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