The global solar microinverter market is anticipated to create an absolute dollar opportunity over the projection period from 2022 to 2032 with a robust CAGR of 18.1%, reaching a valuation of US$ 5,716.0 Million by 2032. Based on system type, the integrated system category is predicted to garner about 8% of the global solar microinverter market share in 2022.
The world economy is expected to grow by 3.2% in 2023, according to World Bank predictions, opening up a flexible window of chances for the construction industry to prosper around the world.
According to FMI study, the market for microinverters worldwide has shown extraordinary development between 2017 and 2021, with a CAGR of 14.2%. By the end of 2022, the global market for solar microinverters is expected to generate US$ 1,177.2 Million.
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Key Takeaways
The market for solar microinverters is anticipated to grow at a breakneck pace due to increased expenditures in technologies for the production of renewable energy. This is because solar microinverters have superior technical benefits over conventional products, which are projected to drive up demand.
Small and medium-sized businesses (SMEs) and a number of other venture-funded startups in the microinverter market are being quickly bought up by well-established and dominating market players. According to the FMI estimates, in order to get a competitive edge in the market, solar microinverter installation companies and module companies need to diversify their product lines.
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.
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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.
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.
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