PV Micro Inverters Market 2027: the Report Gives Immense Knowledge on Growing Factors of Growing Regions: ABB Ltd., Enphase Energy Inc., Sungrow Power Supply Co. Ltd., TMEIC
With the rising demand for off-grid electricity, the global market for PV micro inverters is witnessing a tremendous rise. The increasing awareness regarding the efficiency of PV microinverters and the benefits of MLPE technology is driving the growth of this market significantly. Over the coming years, the rising installations of PVs, growing preference for integrated products, and the escalating number of AC Modules are projected to fuel the demand for PV micro inverters across the world in the near future.
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Residential Sector to Continue Reporting Strong Demand for PV Micro Inverters:
PV micro inverters find a widespread application in the residential, commercial, and utility sectors. The rising preference for highly efficient systems for constant power in residential setups has encouraged consumers to shift from conventional inverters to PV micro inverters, resulting in their high deployment in the residential sector. With increasing concerns of regulatory bodies over the safety of PV deployments, this trend is anticipated to remain so over the next few years.
Standalone systems and integrated systems have surfaced as the key types of PV micro inverters available across the world. Holding more than 90% of the entire market, standalone systems are currently enjoying the lead. While the segment's hold on this market will loosen with time in the years to come, it will still stand on the top position throughout the forecast period. Primarily, PV micro inverters are available in single and three-phase power classes across the world.
Continuous Infrastructural Advancements to Ensure North America's Dominance:
Europe, North America, Asia Pacific excluding Japan (APEJ), the Middle East and Africa (MEA), and Japan are the prime geographical segments of the worldwide PV micro inverters market. In terms of value, North America has been leading this market over the last few years and is predicted to continue it further at a CAGR of 15% between 2017 and 2024. The high rate of infrastructural advancements is the key factor behind the substantial rise of the North American market for PV micro inverters.
The global market for PV micro inverters is highly competitive in nature. Sungrow Power Supply Co. Ltd., TMEIC, ABB Ltd., Schenzhen Kstar Science & Technology Co. Ltd., General Electric, TBEA SunOasis Co. Ltd., Enphase Energy Inc., SunPower Corp., SMA Solar Technology AG, and Darfon Electronics Corp. are some of the leading vendors of PV micro inverters across the world.
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Europe, which is at the second position in this market, is anticipated to remain here over the next few years, thanks to the increasing awareness regarding the benefits of PV micro inverters among consumers. However, the Asia Pacific excluding Japan is projected to offer the most promising opportunities for growth in this market over the forthcoming years. The increasing PV installation in China and the availability of micro inverters at low cost in this region are expected to propel the APEJ market for PV micro inverters, which is poised to expand at a 15.4% CAGR during the period from 2017 to 2024.
Global PV Micro Inverters Market: Overview:
The significant rise in the need for a continuous supply of electricity has fueled the demand for PV micro inverters across the world. This research report presents a detailed analysis and forecast of the global PV micro inverters market, emphasizing especially its regional performance.
In a recent research paper, we listed a wide range of business policies, mergers and acquisitions, cooperation, upcoming innovations, and trend innovations. It also provides structured information and analysis on global PV Micro Inverters market trends, growth factors, shares, market segments, challenges, opportunities, and forecast details from 2021-2027.
The global PV Micro Inverters market report reveals several factors that drive industry growth, and at the same time assesses the current market conditions, insightful details, and new updates of this segment related to the PV Micro Inverters market report. It also reveals price trends, supply-demand ratios, historical and forecast industry data, and company stocks of top PV Micro Inverters market participants by region.
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