Global Solar Micro Inverter Market is expected to grow at a robust CAGR
Global Solar
Micro Inverter Market is expected to grow owing to enhanced efficiency and
reliability, rising adoption of solar energy to reduce carbon footprint throughout
the forecast period.
According to
TechSci Research report, “Solar
Micro Inverter Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast 2018-2028”, the Global Solar Micro Inverter Market is expected to
register robust growth during the forecast period. The Global Micro Solar
Inverter Market is anticipated to experience substantial growth in the forecast
period, driven by the lucrative advantages it offers over conventional solar
inverters. Micro solar inverters provide numerous benefits compared to
traditional string and central inverters, including high energy yield,
module-level monitoring capabilities, longer life cycles, enhanced safety,
improved flexibility, simplicity, higher labor efficiency, and no single point
of failure. These key factors have contributed to the increased adoption of
microinverters in the photovoltaic industry in recent years.
The worldwide
transition towards renewable energy sources, especially solar power, offers a
substantial opportunity for manufacturers of solar micro inverters. With a
growing number of households, businesses, and industries adopting solar PV
systems, there is an increasing demand for micro inverters to optimize energy
production.
Exploring the
integration of energy storage systems with micro inverters is a promising
avenue. This enables the storage of surplus solar energy for utilization during
periods of low sunlight or high electricity demand.
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market data Figures spread through XX Pages and an in-depth TOC on the "Global Solar Micro Inverter Market."
Based on type, the Single-Phase segment is
expected to dominate the market during the forecast period. Single-phase micro
inverters often come equipped with monitoring capabilities that enable users to
track the real-time performance of their solar systems. This data can be
remotely accessed through mobile apps or web-based platforms, enhancing user
experience and simplifying maintenance. The increasing trend of smart and
connected solar systems, where users can monitor and manage their energy
production and consumption, is driving innovation in single-phase micro
inverters with advanced monitoring features. In many regions, government
incentives and policies support the installation of residential and small
commercial solar PV systems, including single-phase micro inverter systems. The
ongoing trend of government support for renewable energy adoption continues to
create opportunities for manufacturers in the single-phase micro inverter
segment, particularly in regions with favorable solar policies. In summary, the
single-phase segment of the Global Solar Micro Inverter Market is characterized
by its suitability for residential and small-scale commercial applications,
ease of installation, scalability, monitoring capabilities, and regulatory
support. These factors contribute to the growth and relevance of this segment
in the broader solar micro inverter industry. Manufacturers that cater to the
specific needs of residential and small commercial users are poised for success
in this market.
Based on component,
Hardware segment is projected to dominate the market throughout the forecast
period. Ensuring the reliability and durability of micro inverter hardware is
paramount for long-term performance. Innovations in materials and manufacturing
processes can lead to more robust and resilient components. The ongoing trend
of conducting rigorous testing and implementing quality control measures during
the manufacturing process contributes to the delivery of micro inverters with
enhanced reliability and durability. Strategies aimed at cost reduction, such
as optimizing materials and manufacturing processes, present opportunities to
lower the overall cost of micro inverter hardware, thereby making them more
affordable and accessible. The pursuit of cost optimization involves finding
ways to reduce the bill of materials and production costs without compromising
the quality and performance of micro inverter hardware. In conclusion, the
hardware segment of the Global Solar Micro Inverter Market comprises various
components and materials that are crucial for the operation of micro inverters.
Innovations in power electronics, enclosures, mounting hardware, connectors,
monitoring interfaces, as well as efforts towards reliability, durability, and
cost reduction strategies, all contribute to the growth and competitiveness of
this segment. Manufacturers that prioritize the improvement of the hardware
aspects of micro inverters can enhance their market position and effectively
meet the evolving needs of the solar industry.
Key market
players in the Global Solar Micro Inverter Market are:-
- Darfon Electronics Corp.
- Enphase Energy Inc
- SunPower
Corporation
- Chilicon Power,
LLC
- Energy
Corporation Limited
- Emerson Electric
Company.
- Schneider
Electric Co
- Power-one Inc.
- SMA Solar Type AG
- NEP Microinverter
Inc.
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“Asia Pacific
region is expected to be the dominating region during the forecast period. The
rising environmental consciousness and increasing focus on sustainability are
fueling the widespread adoption of solar energy systems, including the
utilization of micro inverters. Both consumers and businesses are actively
seeking eco-friendly and clean energy solutions to minimize their carbon
footprint. Notably, initiatives aimed at rural electrification in countries
such as India and Indonesia frequently employ solar micro inverter systems to
deliver clean and sustainable energy to remote communities.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Solar Micro
Inverter Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented By
Type (Single-Phase and Three-Phase), By Connectivity (Standalone and
Integrated), By Component (Hardware & Software), By Application
(Residential, Commercial and Industrial), By Region, Competition 2018-2028,” has evaluated the
future growth potential of Global Solar Micro Inverter Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Solar Micro Inverter Market.
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