Press release
PV Micro Inverters Market Forecasted to Cross Revenues Worth 2022
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.
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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Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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