Global PV Micro Inverters Market to Register Robust CAGR of 15.20 throughout the Projected Period

 Global PV micro inverters market is expected to witness tremendous growth in the years to come due to growing popularity and demand for off grid electricity. Another factors which are responsible for the market’s robust growth are, advantages of Module-Level Power Electronics technology and rising awareness about the efficacy of PV micro inverters. According to the new research report titled, “PV Micro Inverters Market- Global Industry Analysis, Size, Share, Growth, trends and Forecast, 2017-2022,” that has been added in the repository of Market Research Reports Search Engine (MRRSE), the global PV micro inverters market is likely to achieve the value of US$ 489.1 Mn in 2017. With impressive CAGR of 15.20% during 2017 and 2022, the market is expected to reach to US$ 990.3 Mn by 2022 end. 

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Global PV Micro Inverters Market- Segmental Analysis and Forecast

The application segment of the market includes commercial, utility and residential sectors. The residential sector is likely to witness major growth owing to growing preference for continuous effective power system that is encouraging people to shift from conventional inverters to PV micro inverters. This shifting has also seen high deployment of PV micro inverters in residential sector. The growth is further supported by the rising concerns over the safety of PV deployment.

Integrated system and the system of standalone are two main types of PV micro inverters across the world. The standalone systems is likely to hold around 90% of the overall market and thus dominate the market. PV micro inverters are generally available in the phases such as single and three phase power class all over the world.

Global PV Micro Inverters Market- Regional Analysis and Forecast

Five regions have been covered in this report namely, North America, MEA, Japan, APEJ, and Europe. With healthy CAGR of 15%, the North America region is likely to dominate the PV micro inverters market during the projected period. The key reason behind this growth is increasing infrastructural development in the region.

Notwithstanding, Asia Pacific barring Japan is anticipated to offer the most encouraging open doors for development in this market over the expected years. With the expanding PV installation in China and the accessibility of micro inverters easily in this area are relied upon to drive the APEJ showcase for PV smaller scale inverters, which is ready to grow at a 15.4% CAGR amid the period from 2017 to 2022.

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Global PV Micro Inverters Market- Key Players

Darfon Electronics Corp., Sungrow Power Supply Co. Ltd., TMEIC, SunPower Corp., ABB Ltd., Enphase Energy Inc., SMA Solar Technology AG, Schenzhen Kstar Science & Technology Co., TBEA SunOasis Co. Ltd., and General Electric are few key players functioning in the global market for PV micro inverters.

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