Solar Microinverter Market Potential Growth, Share, Demand and Analysis of Key Players - Forecasts to 2032

Germany The solar microinverter market is estimated to account for a major share of around 7.5% during the forecast time frame. The US will generate approximately 34.8% of the global solar microinverter market share during the projected time frame. Residential Sector to increase sales of Solar Systems with Micro Inverters.

The Global Solar Microinverter Market Projected to create a full dollar opportunity with a strong CAGR of 18.1% in the projection period from 2022 to 2032, has reached a valuation of US$ 5,716.0 million until 2032. On the basis of system type, the integrated systems category is predicted to capture approximately 8% of the global solar microinverter market share in 2022.

According to World Bank estimates, the global economy is projected to grow by 3.2% in 2023, creating an adjustable window of opportunities for the construction industry to thrive in different parts of the world.

As per the FMI analysis, the historical data of the global microinverter market shows a phenomenal growth at a CAGR of 14.2% between 2017 and 2021. Solar microinverters are predicted to reach demand. US$ 1,177.2 Mn In the global market by the end of 2022.

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key takeaways

The market for solar microinverters is predicted to expand at a lightning fast pace, due to increasing investment in technologies for the production of renewable energy, expected to boost the demand for solar microinverters due to its advanced technological advantages over conventional products. Is.

Several other capital-funded startups in the small and medium-sized enterprise (SME) and microinverter space are increasingly being acquired by well-established and major players in the solar inverter market. As per the estimates of FMI, solar microinverter installation companies and module firms should diversify their product portfolio to gain competitive advantage in the market.

The growing demand from residential and commercial sectors is expected to drive the solar micro inverter market due to higher energy yield, module-level monitoring capabilities and enhanced safety of solar based microinverters.

The ever-increasing demand for residential spaces is providing sound flexibility and high labor efficiency. The solar microinverter market has a global share of around 12-16% solar inverter marketDiscloses FMI.

The growing environmental consciousness among the majority and the emergence of strict laws governing the use of non-renewable power generation methods to address the issues of power shortages is driving the demand for solar microinverters globally.

The residential and commercial sectors have witnessed tremendous growth in emerging countries. Microinverters are known as one of the important components of solar power systems. Growing awareness of several environmental issues is also projected to increase the number of solar panel installations worldwide, which will boost sales of solar microinverters in the assessment period.

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competitive landscape

With increasing demand for eco-friendly solar products, there is a constant pressure on leading manufacturers of solar microinverters to improve the reliability and efficiency of their products. Various manufacturing businesses are keen to increase the availability of their solar microinverters on the market through the introduction of new products and increased collaboration activities.

Key Segments Covered in Solar Microinverter Industry Analysis

By system type:

By end use:

residential
commercial
utility
by region:

North America
Latin America
Europe
East Asia
South Asia and pacific
Middle East And Africa
More Information on the Solar Microinverter Market

The increasing use of solar photovoltaics in residential locations in the US is driven primarily by the cost savings of electricity, the growing demand for an alternative power source, and the urgent need to reduce the risk of climate change.

The optimal reason driving the demand for solar power in abundance is the growing need for solar power which is the conventional energy source in the US, which is projected to drive sales of solar microinverters. It is estimated that the US will generate approximately 34.8% of the global solar microinverter market share during the projected time frame.

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The German solar microinverter market is predicted to gain a major share of the market with around 7.5% during the assessment period. The market value of solar microinverter in the country is estimated to be around US$463.0 million in 2032.

Widespread awareness about sustainable energy options and increasing electrification in end-use sectors across the globe is expected to drive the growth of the market. Moreover, rising demand for solar microinverters from residential and commercial sectors is expected to boost the solar microinverter market in the country.

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.