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Global Micro Inverter Market 2023 Latest Trends, Regional Segments, Industry Share And Forecast To 2032| Major Players Are Enphase Energy, AP Systems, Darfon Electronics Corporation, ReneSola, Chilicon Power
Micro Inverter Market
The Business Research Company's Micro Inverter Global Market Report 2023 The increase in residential solar rooftop installations as the major driver for the Micro Inverter Market's growth in the forecast period. Microinverters are installed behind each solar panel, to convert the direct current into an alternating current. These microinverters operate independently and perform at their fullest potential compared to conventional or string inverters.
The global micro inverter market size grew from $2.33 billion in 2022 to $2.86 billion in 2023 at a compound annual growth rate (CAGR) of 22.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of global micro inverter market size is expected to grow to $6.29 billion in 2027 at a CAGR of 21.8%.
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Major competitors in the micro inverter market are Enphase Energy, AP Systems, Darfon Electronics Corporation, ReneSola, Chilicon Power, Sensata Technologies, P and P Energy Technology Co Limited, Canadian Solar, SPARQ Systems, Loom Solar, and FIMER S.p.A.
A key trend in the Micro Inverter Market includes Technological innovations. The companies operating in the microinverters market are increasingly developing innovative products with advanced technologies such as remote performance monitoring, easy installation, and other features. For instance, in 2020, Homilies, a Japan-based company developed and launched the first three-phase microinverters using reactive power control technology. This is a unique one as the user can monitor the inverter from anywhere. The three-phase microinverters have advantages such as supporting up to six modules with quality power distribution and a simple installation procedure.
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The Micro Inverter Market is segmented -
By Type: Single Phase, Three Phase
By Offering: Hardware, Software And Services
By Power Rating: Below 250 W, Between 250 W and 500 W, Above 500 W
By Application: Residential, Commercial, PV Power Plant
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Micro Inverter Market.
The Business Research Company's "Global Micro Inverter Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Micro Inverter Market Include:
1. Executive Summary
2. Micro Inverter Market Characteristics
3. Micro Inverter Market Trends And Strategies
4. Micro Inverter Market - Macro Economic Scenario
5. Micro Inverter Market Size And Growth
……
26. Africa Micro Inverter Market
27. Micro Inverter Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Micro Inverter Market
29. Micro Inverter Market Future Outlook and Potential Analysis
30. Appendix
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