PUBLISHER: Allied Market Research | PRODUCT CODE: 1097694
PUBLISHER: Allied Market Research | PRODUCT CODE: 1097694
The global micro inverter market was valued at $2.43 billion in 2020, and is projected to reach $13.51 billion by 2030, registering a CAGR of 19.7% from 2021 to 2030. Micro inverter is basically a solar inverter that converts DC electrical energy generated from solar photovoltaic systems into AC electrical energy. In addition, it boosts the energy output of the system, increases the safety measures, and reduces future costs. Increase in demand for renewable energy and growth in the residential segment photovoltaic (PV) systems allows the users to switch to microinverters from traditional central and string inverters.
Growth of the global micro inverter market is driven by factors, such as technical advantages over other conventional solar inverter, design flexibility, and capabilities like producing maximum power from solar panels. In addition, surge in need for sustainable & clean energy on account of growing concerns regarding damaging greenhouse gases emissions boosts the market growth. However, increase in installation and maintenance costs restraints the market growth. On the contrary, rise in the number of solar PV installations for various applications across the globe fuels the market growth during the forecast period.
The micro inverter market is segmented on the basis of type, connection, end user, and region. By type, it is classified into fan in single phase and three phase. Depending on connection, it is categorized into stand alone and grid connected. On the basis of end user, it is divided into residential and commercial.
Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific dominated the micro inverter market in 2020, and is projected to register significant growth rate during the forecast period, owing to growth in the grid connected segment. In addition, Asia-Pacific is expected to witnesses significant growth by the end of the forecast period, followed by North America. The key players operating in the market include ABB Group, Delta Energy Systems GmbH, Enphase Energy Inc., Involar, P & P Energy Technology Co Limited, ReneSola, Siemens AG, SMA Solar Technology AG, SolarEdge Technologies Inc., and SunPower Corporation.
By Type
By Connection
By End User
By Region