Micro Inverter Market Report: Illuminating Growth through Solar Energy Revolution Propels Growth at CAGR 17.8%, Value Set to Reach USD 11.8 Billion by 2032

TOKYO, Aug. 13, 2023 (GLOBE NEWSWIRE) -- The Global Micro Inverter Market is primed for dynamic growth in the forthcoming years, catalyzed by the soaring popularity of solar Photovoltaic (PV) systems and the relentless evolution of distributed power generation technologies.

The micro inverter market is embarking on a compelling journey, infused with the promise of renewable energy transformation. As the industry navigates challenges and capitalizes on opportunities, the role of innovation and strategic investments assumes paramount significance. Micro inverters are instrumental in propelling the solar energy revolution, ensuring optimal energy capture and efficient distribution across sectors. By embracing cutting-edge technologies, prioritizing sustainability, and fostering collaborative partnerships, the micro inverter market is poised to revolutionize the global energy landscape, contributing to a brighter and greener future.

Micro Inverter Market Key Highlights and Noteworthy Figures:

• Forecasts indicate a prosperous journey for the micro inverter market, with a projected valuation of USD 11.8 billion by 2032. The value in 2022 stood at USD 2.4 billion. This trajectory is underscored by a compelling Compound Annual Growth Rate (CAGR) of 17.8% between 2023 and 2032.
• The region of Asia Pacific took center stage, commanding a substantial share exceeding USD 820 million in the year 2022.
• A dominant trend that's steering the course of the industry is the seamless integration of micro inverters with smart meters and energy storage systems.
• As the world embraces cleaner and more sustainable energy solutions, micro inverters are emerging as pivotal components in the renewable energy landscape, offering efficiency, reliability, and performance benefits that drive their adoption across various sectors.

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Micro Inverter Market Report Coverage:

Market Perspective and Growth Prospects:

The market perspective for the micro inverter industry is imbued with positivity, fortified by the manifold benefits that these devices confer. Micro inverters present an array of advantages, including augmented energy yield, panel-level monitoring capabilities, and enhanced reliability through module-level Maximum Power Point Tracking (MPPT). As residential and commercial rooftop installations continue to embrace micro inverters, the industry's growth trajectory remains robust.

However, it's imperative to acknowledge that the initial investment for micro inverters can be relatively higher than that for central inverters, thus influencing the current rate of adoption.

Micro Inverter Market Key Growth Drivers:

• Surging Rooftop Solar Installations Globally: The global surge in rooftop solar installations is creating a fertile ground for micro inverters to flourish, given their efficiency in managing decentralized power generation.
• Global Energy Consumption and Electricity Demand: The ever-increasing demand for energy and electricity worldwide is driving the integration of micro inverters to enhance power generation and distribution.
• Government Incentives and Renewable Energy Initiatives: Supportive government incentives and initiatives aimed at promoting renewable energy adoption are instrumental in fostering the growth of micro inverters.
• Advancements in Panel-Level Monitoring and Safety Features: Technological advancements focusing on panel-level monitoring and safety shutdown functionalities are elevating the appeal of micro inverters.
• Emphasis on Efficiency, Reliability, and Longevity: The industry's spotlight on system efficiency, reliability, and extended lifespans is fostering the adoption of micro inverters.
  

Principal Challenges:

Higher Initial Purchase and Installation Costs: The comparatively higher upfront costs associated with micro inverters relative to string inverters can act as a deterrent to adoption.

Communication Gateways and Monitoring Hardware Requirements: The necessity for communication gateways and monitoring hardware can contribute to the complexity of implementation.

Susceptibility to Power Fluctuations and Output Losses: Micro inverters, like any electronic device, can be susceptible to power fluctuations, leading to potential output losses.

Limited Utility in Large-Scale PV Farms: The current applications of micro inverters are relatively limited in large-scale utility solar farms.

Lack of Standardized Safety and Grid Interconnection Protocols: The absence of standardized safety measures and grid interconnection standards can complicate integration.

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Micro Inverter Market Segmentation:

Based on the Type

• Three Phase
• Single Phase

Based on the Connection Type

• Stand Alone
• Grid Connected

Based on the Power Ratings

• Above 500 W
• Below 250 W
• Between 250 W and 500 W
  

Based on End-Users

• Commercial
• Residential

Micro Inverter Market Regional Dynamics:

Presently, North America assumes a leadership position in the micro inverter market. However, the Asia Pacific region is projected to experience the highest Compound Annual Growth Rate (CAGR) over the forecast period.

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Micro Inverter Market Industry Players:

Major industry players steering the trajectory of the Micro Inverter Market include Enphase Energy, SolarEdge Technologies Inc., SMA Solar Technology, ABB Ltd., SunPower Corporation, Delta Energy Systems, Darfon Electronics Corp., Siemens AG, Renesola, Altenergy Power System Inc., and Alencon Systems. These innovators are contributing to the advancement of the industry through pioneering technologies and strategic initiatives.

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The Solar Inverter Market is expected to grow at a CAGR of around 15.6% from 2020 to 2027 and expected to reach the market value of around USD 27.6 Billion by 2027.

Global Traction Inverter Market is expected to reach the market value of around USD 8.2 Billion by 2027 and is anticipated to grow at a CAGR of around 18% in terms of revenue during the forecast period 2020 to 2027

The Global PV Inverter Market size is expected to worth around USD 12.1 billion by 2026 and forecasted to grow at a CAGR of 8.1% over the forecast time frame 2019 to 2026.

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