Dublin, Dec. 17, 2024 (GLOBE NEWSWIRE) -- The "Micro-Inverters - Global Strategic Business Report" has been added to ResearchAndMarkets.com's offering.
The global market for Micro-Inverters was estimated at US$4.3 Billion in 2023 and is projected to reach US$12.5 Billion by 2030, growing at a CAGR of 16.6% from 2023 to 2030.
What Innovations Are Shaping the Micro-Inverter Market?
Several innovations are driving the growth of the micro-inverter market, particularly in terms of performance, efficiency, and integration with smart grid systems. The development of high-efficiency micro-inverters capable of operating in a wider range of environmental conditions is helping to increase the adoption of solar energy in regions with varying sunlight exposure. Additionally, advancements in power electronics are improving the reliability and lifespan of micro-inverters, reducing maintenance costs and enhancing the overall return on investment for solar system owners.
Another key innovation is the integration of micro-inverters with energy storage systems. By pairing micro-inverters with batteries, users can store excess solar energy generated during the day for use at night or during power outages. This capability is becoming increasingly important as the demand for energy independence and resilience grows. The integration of micro-inverters with smart home and grid systems is also gaining traction, allowing for more efficient energy management and real-time monitoring of energy production and consumption.
How Do Market Segments Define the Growth of Micro-Inverters?
Types of micro-inverters include single-phase and three-phase models, with single-phase systems being the most common in residential applications and three-phase models used in commercial installations. Applications of micro-inverters are primarily in residential and commercial solar installations, with the residential sector accounting for the largest market share due to the increasing adoption of rooftop solar systems.
Regionally, North America leads the market for micro-inverters, driven by the high demand for residential solar installations and favorable government incentives. Europe follows closely, with strong growth in countries like Germany and the UK, where solar energy adoption is supported by renewable energy targets and subsidies. The Asia-Pacific region is also expected to witness significant growth, particularly in countries like Australia and Japan, where solar energy is gaining popularity due to rising electricity costs and environmental concerns.
What Factors Are Driving the Growth in the Micro-Inverter Market?
The growth in the micro-inverter market is driven by several factors, including the increasing adoption of solar energy, the need for more efficient energy conversion, and advancements in smart grid technology. As the demand for residential and commercial solar installations grows, micro-inverters are becoming an attractive solution due to their ability to maximize energy production, even in challenging environments with shading or uneven sunlight.
Additionally, the integration of energy storage solutions and smart home systems is further propelling the demand for micro-inverters, as consumers seek greater control over their energy use and costs. Government incentives and renewable energy targets in regions like North America and Europe are also playing a significant role in driving the growth of the micro-inverter market.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Residential Application segment, which is expected to reach US$7.5 Billion by 2030 with a CAGR of a 17.1%. The Commercial Application segment is also set to grow at 16.4% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $1.2 Billion in 2023, and China, forecasted to grow at an impressive 23.4% CAGR to reach $3.1 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Key Questions Answered:
- How is the Global Micro-Inverters Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the Global Micro-Inverters Market such as ABB, Altenergy Power System, Canadian Solar, Chilicon Power, Darfon Electronics and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Some of the 36 companies featured in this Global Micro-Inverters market report include:
- ABB
- Altenergy Power System
- Canadian Solar
- Chilicon Power
- Darfon Electronics
- Enphase Energy
- Infineon Technologies
- Intertech
- ReneSola
- Siemens
- SMA Solar Technology
- SolarEdge Technologies
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 92 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $4.3 Billion |
| Forecasted Market Value (USD) by 2030 | $12.5 Billion |
| Compound Annual Growth Rate | 16.6% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- World Market Trajectories
- Global Economic Update
- Micro-Inverters - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Rising Demand for Solar Energy Systems Spurs Growth in Micro-Inverters Market
- Technological Advancements in High-Efficiency and Smart Micro-Inverters Strengthen Business Case for Adoption
- Growing Focus on Decentralized Power Generation and Residential Solar Installations Expands Addressable Market
- Expansion of Micro-Inverters in Commercial and Industrial Solar Installations Fuels Market Growth
- Increasing Adoption of Micro-Inverters in Grid-Tied and Off-Grid Solar Systems Expands Market Opportunities
- Technological Innovations in Power Optimization and Maximum Power Point Tracking (MPPT) Propel Market Expansion
- Rising Focus on Enhancing Solar System Performance and Reducing Shading Losses Drives Demand for Micro-Inverters
- Growing Use of Micro-Inverters in Energy Storage Integration and Hybrid Systems Expands Market Potential
- Focus on Reducing Installation Complexity and Maintenance Costs Strengthens Market for Micro-Inverters
- Rising Adoption of Monitoring and IoT-Enabled Micro-Inverters Expands Addressable Market
- Technological Advancements in Modular and Scalable Micro-Inverter Solutions Propel Market Growth
- Expansion of Micro-Inverters in Electric Vehicle Charging and Smart Grid Integration Expands Market Opportunities
GLOBAL MARKET PERSPECTIVE
FOCUS ON SELECT PLAYERS
- ABB
- Altenergy Power System
- Canadian Solar
- Chilicon Power
- Darfon Electronics
- Enphase Energy
- Infineon Technologies
- Intertech
- ReneSola
- Siemens
- SMA Solar Technology
- SolarEdge Technologies
For more information about this report visit https://www.researchandmarkets.com/r/svoedb
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