Press release
Micro Inverter Market size is Projected to Grow $13.5 Billion by 2030 | Growing at a CAGR of 19.7%
Micro Inverter Market
The global micro inverter market size was valued at $2.4 billion in 2020, and is projected to reach $13.5 billion by 2030, growing at a CAGR of 19.7% from 2021 to 2030.
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A micro inverter is device that connects to a single solar panel and converts direct current (DC) into alternating current (AC), which can be used to power domestic appliances or deliver into the grid for energy credits. It is long lasting, more reliable, and more efficient compared to traditional inverters. Micro inverters are divided into two categories based on the phase supply: single phase and three phase.
Developing nations tend to witness high penetration of micro inverter products, especially in residential segment, which augments the market growth. Factor such as remote monitoring capabilities of micro inverter products accelerates the micro inverter market growth. Product such as enphase micro inverter iq7, solar panel micro inverter, and micro grid tie inverter are in the latest trend.
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Region wise, micro inverter market trends are analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific contributed maximum revenue in 2020. In addition, between 2020 and 2030, the micro inverter market in Asia-Pacific is expected to grow at a faster rate compared to other regions. This is attributed to increase in demand for micro inverter based products from the developing countries such as India, China, and South Korea.
Competitive Analysis:
The micro inverter industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players of the global micro inverter market include,
⦁ ABB Group
⦁ SMA Solar Technology AG
⦁ Delta Energy Systems GmbH
⦁ SunPower Corporation
⦁ Enphase Energy, Inc
⦁ ReneSola
⦁ Involar
⦁ Siemens AG
⦁ P and P Energy Technology Co.Limited
⦁ SolarEdge Technologies Inc.
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Top Impacting Factors
The prominent factors that impact the micro inverter market growth include rise in solar system installation in residential areas and surge in renewable energy investment. In addition, features of micro inverter, such as increase in reliability & safety, and higher output & cost-efficiency fuel the market growth. However, high installation cost restricts the market growth. On the contrary, rise in government spending on renewable energy projects is expected to create lucrative growth opportunities for the market.
Key Benefits for Stakeholders:
⦁ This study comprises analytical depiction of the global micro inverter market size along with current trends and future estimations to depict imminent investment pockets.
⦁ The overall micro inverter market analysis is determined to understand the profitable trends to gain a stronger foothold.
⦁ The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
⦁ The current micro inverter market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
⦁ Porter's five forces analysis illustrates the potency of the buyers and the micro inverter market share of key vendors.
⦁ The report includes the market trends and the market share of key vendors.
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