The most recent market research report indicates that the worldwide Micro Inverter Market is expected to increase significantly. With a strong compound annual growth rate (CAGR) of 24.1% from 2023 to 2028, the market, which is expected to be valued USD 4.9 billion in 2024, is expected to rise to USD 14.5 billion by 2029.
The research points to a number of important variables that are contributing to this expansion, such as improvements in communication technologies that provide a variety of choices for wired and wireless connections. Additionally, customised solutions for a range of industries are made possible by the market's segmentation based on type, power rating, and application. Micro-inverters are essential for optimising energy efficiency and improving system performance in light of the global upsurge in demand for renewable energy sources and the growing use of solar power systems.
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Rising energy costs are the main driver of the Micro-Inverter Market expansion, as solar panel installation becomes more and more attractive as a low-cost alternative energy source. The increasing need for energy worldwide is driving this boom in the use of solar energy. Notwithstanding these favourable aspects, the market is also constrained by issues like very expensive installation and maintenance costs and a limited capacity for power handling. Widespread adoption is hampered by these issues, especially in larger-scale applications where a higher power handling capability is crucial. However, these constraints should be addressed by further technological developments and advances in micro-inverter design, opening the door for steady market expansion in the near future.
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The wireless segment is expected to have the highest CAGR during the forecast period.
The micro-inverter market's wireless category is expected to grow at the fastest rate over the course of the forecast year, with a Compound Annual Growth Rate (CAGR) of its own. This increase is explained by the benefits that wireless communication technologies—such as Wi-Fi and Zigbee—offer over traditional wired choices, including more flexibility and faster installation procedures. Furthermore, wireless connection makes solar arrays more scalable, which is consistent with the growing use of distributed energy resources. The market is expected to grow as a result of consumers' growing desire for intelligent and networked energy systems, which wireless communication has made possible. The market for wireless micro-inverters is anticipated to increase steadily as long as there is a continued need for seamless integration and sophisticated monitoring features.
The grid-tied segment in micro-inverter is anticipated to dominate during the forecast period.
The micro-inverter market is expected to remain dominated by the grid-tied segment for the duration of the forecast period. Most micro-inverters used in photovoltaic (PV) power plant applications, whether residential, commercial, or otherwise, are currently grid-connected. Both homes and businesses usually keep an electrical grid connection in urban and suburban settings. Energy sustainability can be achieved with grid-tied micro-inverters without the need for energy storage devices. When there is an abundance of sunlight, any excess energy produced can be easily reinjected into the grid to serve as a distributed power source for the neighbourhood. Through grid integration, solar energy systems become more dependable and efficient while also strengthening the resilience and stability of the grid.
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North America to dominate the micro-inverter market during the forecast period.
The market for micro-inverters is expected to be led by North America for the duration of the forecast period due to large installations in nations like the US and Canada. Particularly the United States appears as a leader in the broad use of micro-inverters, demonstrating a healthy market for solar energy solutions. Furthermore, the region benefits from the existence of well-known industry companies that support the expansion and innovation of the market, such as Chilicon Power, Altenergy Power System, and Enphase Energy. North America continues to lead the micro-inverter industry due to a favourable legislative framework and rising investments in renewable energy infrastructure. North America continues to be a major force behind the expansion and innovation of the micro-inverter market, placing a high priority on sustainable energy practices and technological breakthroughs.
Key Players
The Micro-Inverter Market includes significant Tier I and II players like Enphase Energy (US), Altenergy Power Systems (US), Hoymiles (China), Ningbo Deye Inverter Technology Co Ltd (China), Chilicon Power LLC (US), AEconversion GmbH & CO. KG (Germany), Envertech (China), ZJBENY (China), Bluesun Solar Co., Ltd. (China), and Solar Panels Plus (US), are some of the key players in the Micro-Inverter Market.
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