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The latest report by IMARC Group, titled“ Solar Microinverter Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032, ” offers a comprehensive analysis of the industry, which comprises insights on the global solar microinverter market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global solar microinverter market size reached US$ 311.9 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 988.9 Million by 2032, exhibiting a growth rate (CAGR) of 13.3% during 2024-2032.
A solar microinverter is a compact device used in photovoltaic (PV) systems to convert direct current (DC) generated by a single solar panel into alternating current (AC). Compared to traditional central inverters that manage the output of multiple solar panels, microinverters are installed on each panel. This setup enhances the overall efficiency of the solar array, provides detailed monitoring of individual panel performance, and improves the system's safety by eliminating high-voltage DC circuits. The key advantage of solar microinverters is their ability to maximize energy harvest from each solar panel independently. This is particularly beneficial in situations where panels are subject to shading and debris or have differing orientations, as the performance of one panel doesn't affect the output of others.
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Global Solar Microinverter Market Trends:
The ability of microinverters to optimize the performance of individual solar panels, maximizing energy production, especially in conditions of shading, dust, or orientation mismatches, is driving the global market. Furthermore, the simplicity and flexibility of installation, along with the scalability of systems equipped with microinverters, allow for easy expansion and customization of solar installations, catering to varied energy needs.
Moreover, governmental policies and incentives promoting solar energy adoption significantly impact the market. Subsidies, tax rebates, and feed-in tariffs are some of the supportive measures that have accelerated the deployment of solar energy systems, including those with microinverters. Besides, technological advancements in the field have also propelled the market forward. Modern microinverters are equipped with smart grid capabilities, enabling enhanced monitoring and management of energy production and consumption.
Competitive Landscape:
ABB Asea Brown Boveri Ltd Chilicon Power, LLC Enphase Energy Inc. Altenergy Power System Inc. SunPower Corporation Darfon Electronics Corporation Siemens AG Delta Energy Systems (Germany) GmbH Alencon Systems LLC ReneSola Ltd. Omnik New Energy Co. Ltd. EnluxSolar Co. Ltd. Sungrow Deutschland GmbH Sensata Technologies, Inc.
Key Market Segmentation:
Breakup by Communication Channel:
Breakup by Type:
Breakup by Connectivity:
Breakup by Component:
Breakup by Application:
Residential Commercial Others
Breakup by Region:
North America (United States, Canada) Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others) Europe (Germany, France, United Kingdom, Italy, Spain, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
Market Performance (2018-2023) Market Outlook (2024-2032) COVID-19 Impact on the Market Porter's Five Forces Analysis Historical, Current and Future Market Trends Market Drivers and Success Factors SWOT Analysis Structure of the Market Value Chain Analysis Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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