Selbyville, Delaware, May 29, 2023 (GLOBE NEWSWIRE) --
Micro Inverter Market is expected to cross a valuation of USD 10 billion by 2032, according to the latest research report by Global Market Insights Inc.
The growing need for renewable energy sources and the declining costs of solar panels are increasing solar power installations. Micro inverters play a crucial role in solar energy systems by converting the direct current (DC) generated by solar panels into alternating current (AC). In April 2023, the US government invested USD 82 million to increase domestic solar manufacturing and recycling and strengthen the American Clean Energy Grid. In addition, continuous advancements in microinverter technology have led to improved efficiency, reliability, and affordability, complementing the product dynamics.
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Three phase micro inverters to dominate the market share
The three-phase micro inverter market generated substantial revenue in 2022 owing to its scalability and modularity. They help to minimize voltage fluctuations, harmonics, and other power quality issues associated with single-phase systems. Moreover, the rising demand for solar installations has boosted the cost of solar panels and associated equipment, including micro inverters. However, three-phase inverters are cost-efficient.
Micro Inverters to attain traction in the commercial sector
The micro inverter industry size from the commercial segment will depict remarkable growth from 2023 to 2032 owing to a strong inclination towards cost savings, environmental sustainability, scalability, flexibility, improved energy harvesting, enhanced monitoring, safety, and favorable government schemes are impelling segment growth. Additionally, the positive attitude of commercial firms toward efficient monitoring and maintenance capabilities for their solar energy systems is complementing the product scenario.
Europe holds the largest industry share
Europe micro inverter market will showcase drastic growth through 2032. The increasing focus on renewable energy transition is pushing regional business growth. Micro inverters help meet stringent grid connection standards by providing advanced grid management features, such as anti-islanding protection, power factor correction, and voltage regulation. Moreover, the strong presence of market players focusing on R&D initiatives will further propel product adoption in the region.
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Major micro inverter industry players
Some of the key players profiled in the micro inverter industry report include Darfon Electronics Corp., SMA Solar Technology AG, Enphase Energy, SolarEdge Technologies, Inc., Siemens, Altenergy Power System, Inc., Canadian Solar, Northern Electric Power Technology Inc., TMEIC, Fimer Group, Chilicon Power, LLC, Renesola, AEconversion GmbH & Co. KG, Sensata Technologies, Inc., Zhejiang Envertech Corporation Limited, and Sparq Systems. These firms are engaging in strategic alliances and partnerships with public and private energy firms, along with product diversification tactics.
Micro inverter industry news
- In April 2023, SMA Solar Technology AG, a solar energy firm, announced a new factory set up in Germany. The new manufacturing facility will commence by 2024 and increase the annual capacity to 40 GW. With this, the company aims to boost its 20 GW inverter business offering and increase its customer base.
- In August 2022, Altenergy Power System, Inc., a micro inverter technology firm, introduced QT2, a three phase C&I microinverter at RE+ International Show. The new inverter will connect 4 PV modules and offer around 480V output models. With this, the company intended to enhance its product offerings and expand its business globally.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Micro inverter industry 3600 synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Phase trends
2.1.3 Connectivity trends
2.1.4 Application trends
2.1.5 Regional trends
Chapter 3 Micro Inverter Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Positive outlook toward clean energy
3.3.1.2 Large-scale renewable integration
3.3.1.3 Growing demand for distributed energy
3.3.2 Industry pitfalls & challenges
3.3.2.1 Price increase due to supply chain disruption
3.4 Growth potential analysis
3.5 Porter's Analysis
3.6 PESTEL Analysis
3.7 COVID- 19 impact on the industry outlook
3.7.1 Overall view
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
