Dublin, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The "Solar Microinverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global solar microinverter market, which achieved a market size of US$270.7 million in 2022, is anticipated to experience substantial growth, reaching US$632.8 million by 2028. This projected expansion represents a remarkable Compound Annual Growth Rate (CAGR) of 15% during the period from 2023 to 2028, according to a report by [Publisher Name].
A solar microinverter is an electronic device used in photovoltaic (PV) cells to convert the waveform of the current. These inverters typically function in parallel circuits and are employed to convert direct current (DC) into alternating current (AC). PV cell systems consist of multiple individual solar panels, each equipped with a microinverter. These devices can separate and convert power output from each panel into grid voltage.
In comparison to traditional string converters, solar microinverters offer several advantages, including the ability to maintain a consistent power flow despite panel shading, greater design flexibility, enhanced power extraction from solar panels via Maximum Power Point Tracking (MPPT) technology, and reduced fire risk.
The market's growth is driven by several factors, including the increasing deployment of solar microgrids, rising energy demand in the commercial and industrial sectors, and the growing adoption of residential solar rooftop installations. Additionally, the utilization of Building-Integrated Photovoltaics (BIPV) is contributing to market expansion. BIPV involves integrating PV power generators into building envelope materials, serving as a primary or supplementary source of electrical power.
Microinverters play a crucial role in maintaining ambient temperatures while providing fire protection to buildings. Other growth drivers include the demand for remote monitoring capabilities, ongoing research and development (R&D) activities, and government initiatives promoting renewable energy adoption.
Key Market Segmentation:
The market report analyzes key trends within each sub-segment of the global solar microinverter market and provides forecasts at both global and regional levels for the period from 2023 to 2028. The market is categorized based on connectivity, component, communication channel, type, and application.
Breakup by Connectivity:
- Standalone
- On-Grid
Breakup by Component:
- Hardware
- Software
Breakup by Communication Channel:
- Wired
- Wireless
Breakup by Type:
- Single Phase
- Three Phase
Breakup by Application:
- Residential
- Commercial
- Others
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Competitive Landscape:
The report has conducted a comprehensive analysis of the competitive landscape of the market, featuring key players including ABB Asea Brown Boveri Ltd., Chilicon Power, LLC, Enphase Energy Inc., Altenergy Power System Inc., SunPower Corporation, Darfon Electronics Corporation, Siemens AG, Delta Energy Systems (Germany) GmbH, Alencon Systems LLC, ReneSola Ltd., Omnik New Energy Co. Ltd., EnluxSolar Co. Ltd., Sungrow Deutschland GmbH, Sensata Technologies, Inc., and others.
Key Questions Answered in This Report:
- What was the size of the global solar microinverter market in 2022?
- What is the expected growth rate of the global solar microinverter market during 2023-2028?
- What are the key factors driving the global solar microinverter market?
- How has COVID-19 impacted the global solar microinverter market?
- What is the breakdown of the global solar microinverter market based on connectivity?
- What is the breakdown of the global solar microinverter market based on the component?
- What is the breakdown of the global solar microinverter market based on communication channel?
- What is the breakdown of the global solar microinverter market based on type?
- What is the breakdown of the global solar microinverter market based on application?
- Which regions are key players in the global solar microinverter market?
- Who are the key players/companies in the global solar microinverter market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 139 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $270.7 Million |
| Forecasted Market Value (USD) by 2028 | $632.8 Million |
| Compound Annual Growth Rate | 15.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/bnvhu3
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