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Global MicroInverter Market (2023 Edition): Analysis By Value and Volume, Product (Single-phase, Three-phase), Connectivity (On-grid, Off-grid), Power Rating, End-user, By Region, By Country: Market Insights and Forecast (2019-2029)

Category: Electronics & Technology

Publish Date: October 2023

No. of Pages: 290

Format: Pdf

  • USD

Licensing options

Executive Summary

Azoth Analytics has released a research report titled “Global MicroInverter Market (2023 Edition)” which provides a complete analysis of the Global MicroInverter Market industry in terms of market segmentation by Product (Single-phase, Three-phase), Connectivity (On-grid, Off-grid), Power Rating (<250W, 250W-500W, >500W) and End-user (Residential, Commercial, Utility).  The report analyzes the market by region and by country for the historical period of 2019-2022, the estimated year of 2023 and the forecast period of 2024-2029.

The research study also assesses market growth indicators, restraints, supply and demand risk, and other important statistics, as well as a full assessment of current and future market trends that are relevant to the market's evolution. During the forecast period, 2024-2029, the Global MicroInverter Market is expected to expand at a CAGR of 17.8%. The demand for improved performance and monitoring features in photovoltaic systems around the world, as well as rising solar PV installations, have all contributed to the market expansion of MicroInverter. The use of MLPE microinverters has also been aided by its capacity to reduce the impacts of shading, boost grid integration through sophisticated communication and monitoring systems, and optimize module-level power output.

The Global MicroInverter Market is expected to generate USD 5.72 billion by the end of 2029, up from USD 1.85 billion in 2022. With an emphasis on ecologically friendly production techniques and product design, sustainability continues to take on greater significance in the market. The global expansion of MicroInverter in the solar PV industry can be attributed to their ability to improve energy production, enhance monitoring capabilities, and provide a reliable solution for various solar applications while adapting to regional market dynamics and regulatory requirements.

Microinverters are becoming more efficient through innovations in power electronics and semiconductor technologies. Higher efficiency means less energy is lost during the DC-to-AC conversion process, resulting in higher energy yields from solar panels. This is particularly important in regions with suboptimal sunlight conditions or where space for solar installations is limited, as it maximizes the return on investment for solar projects.

Furthermore, advancements in microinverter communication and monitoring capabilities are enabling more sophisticated system control and real-time performance monitoring. This not only enhances system efficiency but also simplifies maintenance and troubleshooting. Installers and users can remotely monitor and diagnose issues, reducing downtime and minimizing maintenance costs.

Additionally, some microinverters are being designed to be compatible with energy storage solutions, allowing homeowners and businesses to harness the benefits of solar power even during grid outages or during night-time hours. As these technologies continue to evolve, they contribute significantly to the growing adoption of MicroInverter in the solar energy market, making them a promising choice for optimizing solar energy systems.

 

Scope of the Report:

• The report analyses the Global MicroInverter Market by Value (USD Million).

• The report analyses the Global MicroInverter Market by Volume (Million Units).

• The report presents the analysis of the Global MicroInverter Market for the historical period of 2019-2022, the estimated year 2023 and the forecast period of 2024-2029.  

• The report analyses the Global MicroInverter Market by Product (Single-phase, Three-phase).  

• The report analyses the MicroInverter Market by Connectivity (On-grid, Off-grid).  

• The report analyses the MicroInverter Market by Power Rating (<250W, 250W-500W, >500W).  

• The report analyses the MicroInverter Market by End-user (Residential, Commercial, Utility).  

• The key insights of the report have been presented through the frameworks of SWOT and Porter’s Five Forces Analysis. Also, the attractiveness of the market has been presented by region, by Product, by Connectivity, by Power Rating and by End-user.  

• Also, the major opportunities, trends, drivers and challenges of the industry have been analyzed in the report.  

• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include Enphase Energy, Inc., Altenergy Power System, Inc., Hoymiles Power Electronics Inc, Generac Holdings Inc., ABB Ltd., Sensata Technologies, Inc., Darfon Solar, Tigo Energy, AEconversion GmbH & Co. KG, Sparq Systems.

One can also purchase any particular sections from this report. Please send us an email to info@azothanalytics.com with your order details.

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