Dublin, Feb. 20, 2024 (GLOBE NEWSWIRE) -- The "Global MicroInverter Market (2023 Edition): Analysis By Value and Volume, Product (Single-phase, Three-phase), Connectivity (On-grid, Off-grid), Power Rating, End-user, By Region, By Country: Market Insights and Forecast (2019-2029)" report has been added to ResearchAndMarkets.com's offering.
The Global MicroInverter Market is expected to generate USD 5.72 billion by the end of 2029, up from USD 1.85 billion in 2022. During the forecast period, 2024-2029, the Global MicroInverter Market is expected to expand at a CAGR of 17.8%.
The report analyzes the market by region and by country the historical period of 2019-2022, the estimated year of 2023 and the forecast period of 2024-2029. The research also assesses market growth indicators, restraints, supply and demand risk, and other important statistics, as well as a full assessment of current and future market trends that are relevant to the market's evolution.
The demand for improved performance and monitoring features in photovoltaic systems around the world, as well as rising solar PV installations, have all contributed to the market expansion of MicroInverter. The use of MLPE microinverters has also been aided by its capacity to reduce the impacts of shading, boost grid integration through sophisticated communication and monitoring systems, and optimize module-level power output.
The increase in solar PV installations around the world in recent years has significantly enhanced the demand for MicroInverter. This trend will probably continue as solar energy keeps playing a crucial part in the world's energy transition. With an emphasis on ecologically friendly production techniques and product design, sustainability continues to take on greater significance in the market. The global expansion of MicroInverter in the solar PV industry can be attributed to their ability to improve energy production, enhance monitoring capabilities, and provide a reliable solution for various solar applications while adapting to regional market dynamics and regulatory requirements.
Microinverters are becoming more efficient through innovations in power electronics and semiconductor technologies. Higher efficiency means less energy is lost during the DC-to-AC conversion process, resulting in higher energy yields from solar panels. This is particularly important in regions with suboptimal sunlight conditions or where space for solar installations is limited, as it maximizes the return on investment for solar projects.
Furthermore, advancements in microinverter communication and monitoring capabilities are enabling more sophisticated system control and real-time performance monitoring. This not only enhances system efficiency but also simplifies maintenance and troubleshooting. Installers and users can remotely monitor and diagnose issues, reducing downtime and minimizing maintenance costs.
Additionally, some microinverters are being designed to be compatible with energy storage solutions, allowing homeowners and businesses to harness the benefits of solar power even during grid outages or during night-time hours. As these technologies continue to evolve, they contribute significantly to the growing adoption of MicroInverter in the solar energy market, making them a promising choice for optimizing solar energy systems.
Scope of the Report
- The report analyses the Global MicroInverter Market by Value (USD Million).
- The report analyses the Global MicroInverter Market by Volume (Million Units).
- The report presents the analysis of the Global MicroInverter Market for the historical period of 2019-2022, the estimated year 2023 and the forecast period of 2024-2029.
- The report analyses the Global MicroInverter Market by Product (Single-phase, Three-phase).
- The report analyses the MicroInverter Market by Connectivity (On-grid, Off-grid).
- The report analyses the MicroInverter Market by Power Rating (< 250W, 250W-500W, >500W).
- The report analyses the MicroInverter Market by End-user (Residential, Commercial, Utility).
- The key insights of the report have been presented through the frameworks of SWOT and Porter's Five Forces Analysis. Also, the attractiveness of the market has been presented by region, by Product, by Connectivity, by Power Rating and by End-user. Also, the major opportunities, trends, drivers and challenges of the industry have been analyzed in the report.
- The report tracks competitive developments, strategies, mergers and acquisitions and new product development.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 290 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $2.52 Billion |
| Forecasted Market Value (USD) by 2029 | $5.72 Billion |
| Compound Annual Growth Rate | 17.8% |
| Regions Covered | Global |
Strategic Recommendations
- Diversify Product Portfolio
- Invest in Research and Development (R&D)
Competitive Positioning
- Companies' Product Positioning
- Market Position Matrix
- Market Share Analysis of MicroInverter Market
Company Profiles
- Enphase Energy, Inc.
- Altenergy Power System, Inc.
- Hoymiles Power Electronics Inc
- Generac Holdings Inc.
- ABB Ltd.
- Sensata Technologies, Inc.
- Darfon Solar
- Tigo Energy
- AEconversion GmbH & Co. KG
- Sparq Systems
For more information about this report visit https://www.researchandmarkets.com/r/zf0w2r
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