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PV Micro Inverters Market Outlook Report 2022
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Over the forthcoming years, the competition within the market is expected to intensify as a number of enterprises are shifting their focus towards emerging economies, having abundant untapped potential, notes the research study.
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Continued Dominance of North America
As per TMR’s estimation, the opportunity in the worldwide PV micro inverters market is likely to touch US$489.1 mn by the end of 2017. Further, the market is projected to witness a tremendous upswing at a CAGR of 15.20% during the period from 2017 to 2022 and attain a value of US$990.3 mn by the end of the forecast period. Standalone PV micro inverter systems are enjoying a stronger demand than their integrated counterparts. Researchers predict this setup will remain so over the period of forecast. Currently, the demand for PV micro inverters is higher in the residential sectors. Thanks to the rising demand for continuous supply of power from individuals, this trend is expected to continue in the near future.
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Among all the regions, North America surfaced as the leading regional market for PV micro inverters, owing to the presence of a technologically advanced infrastructure. Rising at a healthy CAGR of 15% between 2017 and 2022, this regional market is predicted to maintain its dominance over the next few years. Asia Pacific, however, is likely to present the most lucrative opportunities for the market’s growth in the years to come. The presence of ample untapped potential and abundant solar power resource will support the Asia Pacific market for PV micro inverters to grow at a steady rate over the forthcoming years, reports the research study.
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About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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