Integrated Segment is Expected to Dominate the Global Residential Solar Micro Inverter Market.
Rising need to maximize energy yield and simplify
maintenance processes are a major factor attributable to the
growth of the market.
According to TechSci
Research report, “Global Residential Solar Micro Inverter Market - Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Residential Solar Micro Inverter is
anticipated to project robust growth in the forecast period with a CAGR of 16.35% through 2028. The Global Residential 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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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 Residential
Solar Micro Inverter Market are following:-
- 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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“The Global
Residential Solar Micro Inverter Market is being propelled by several key
drivers. Firstly, the growing awareness of environmental sustainability and the
need to reduce carbon footprints are encouraging homeowners to adopt solar
power solutions. Secondly, government incentives, subsidies, and favorable
policies in various regions are making residential solar installations more
affordable and attractive. Thirdly, technological advancements in micro
inverter technology have significantly improved system efficiency, enabling
homeowners to maximize their energy production. Additionally, the integration
of energy storage solutions with solar systems is gaining momentum, and micro
inverters play a critical role in optimizing this integration. Furthermore, the
rise of smart and connected micro inverters allows for real-time monitoring and
control, enhancing system performance and user-friendliness. These drivers
collectively contribute to the global growth of the residential solar micro
inverter market, making it a pivotal component of the renewable energy
transition.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management
consulting firm.
Residential Solar Micro Inverter Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Type
(Single-Phase, Three-Phase), By Connectivity (Standalone, Integrated), By
Component (Hardware, Software), By Region, Competition 2018-2028 has evaluated the future growth potential
of Global Residential Solar Micro
Inverter Market and provides statistics and information on market structure,
size, share, and future growth. The report is intended 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 present in the Global Residential Solar Micro Inverter Market.
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