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Micro Inverter Market Size, Emerging Trends, Market Opportunities, Key Players And Forecast To 2033
Micro Inverter Market Share
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According to The Business Research Company's, The micro inverter market size has grown exponentially in recent years. It will grow from $2.87 billion in 2023 to $3.5 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. The growth in the historic period can be attributed to government incentives, solar energy expansion, efficiency improvements, module-level monitoring, grid stability.
The micro inverter market size is expected to see exponential growth in the next few years. It will grow to $7.27 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. The growth in the forecast period can be attributed to reduced installation costs, agricultural applications, floating solar, hybrid microgrids, energy transition. Major trends in the forecast period include smart grid integration, micro inverter innovation, rural electrification, electrification of transportation, energy storage integration.
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Market Drivers and Trends:
The increase in residential solar rooftop installations is expected to propel the growth of the micro inverter market. 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. For instance, according to the study published by Solar Energy Industries Association, residential solar installations in the United States increased from 19,190.5 megawatts of direct current (MWdc) in 2020 to 23,315.3 MWdc in 2021. Thus, the rise in residential solar rooftop installation and shift in interest towards highly effective power conversion technologies is expected to boost the growth of the microinverters market during the forecast period.
Major companies operating in microinverters are focusing on innovating new products, such as the IQ8 microinverters, to provide reliable services to customers. IQ8 microinverters are used as powerful microinverters for residential solar solutions for customers. For instance, in October 2023, Enphase Energy Inc., a US-based energy technology company, launched IQ8 microinverters. IQ8 microinverters are microinverters designed to maximize energy production and can manage a continuous direct current (DC) of 14 amperes, supporting higher-powered solar modules through increased energy harvesting. IQ8 microinverters are available in IQ8HC and IQ8P models with output power of 384 Watt (W) and 480 Watt (W).
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Major Key Players of the Market:
Enphase Energy Inc., APsystems Co. Ltd., Canadian Solar Inc., Chilicon Power LLC, Darfon Electronics Corp., FIMER S.p.A., Loom Solar Pvt. Ltd., P&P Energy Technology Co. Ltd., ReneSola Ltd., Sensata Technologies Holding plc, SPARQ Systems Inc., ABB Ltd., AEconversion GmbH, CyboEnergy Inc., Delta Electronics Inc., Eaton Corporation plc, Fronius International GmbH, GoodWe Power Supply Technology Co. Ltd., HiQ Solar, Huawei Technologies Co. Ltd., KACO new energy GmbH, Kostal Solar Electric GmbH, Magnum Energy Solutions LLC, Omnik New Energy Co. Ltd., Pika Energy Inc., Power-One LLC, Redback Technologies Pty Ltd., SMA Solar Technology AG, SolarBridge Technologies Inc., SolarEdge Technologies Inc., Yaskawa America Inc., Sungrow Power Supply Co. Ltd., Sunmagic Solar and Electronics Pvt. Ltd., SunPower Corporation, Tabuchi Electric Co. Ltd.
Micro Inverter Market 2024 Key Insights:
• The micro inverter market size is expected to see exponential growth in the next few years. It will grow to $7.27 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%.
• Residential Solar Rooftop Installations Driving Microinverter Market Growth
• Enphase Energy Iq8 Microinverters Enhance Solar Power Solutions
• North America was the largest region in the micro inverter market in 2023
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