Solar micro inverters are used for converting direct current (DC) output of a photovoltaic (PV) module to alternating current (AC) that can be fed into a domestic grid or used by a load. They help maximize energy harvest from each PV module as they monitor each module individually for faults or shading.
The global Solar Micro Inverter Market is estimated to be valued at US$ 323.28 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the solar micro inverter market is majorly driven by rising demand from the residential sector. The deployment of solar panels in residential buildings is increasing owing to the declining prices of solar systems and supportive government policies and incentives. Micro inverters work best for residential solar systems where modules are laid out over an angled or multi-axis roof, since they allow for module-level monitoring and optimized power harvesting. This helps homeowners take full advantage of roof space and assist in speeding up the payback period of their solar investment. As a result, micro inverters provide homeowners with the flexibility to install solar panels where it is most convenient and productive for their specific roof structure. This growing popularity and widespread adoption of micro inverters for residential PV systems is expected to significantly contribute to the market growth over the forecast period.
Segment Analysis
The global solar micro inverter market is dominated by the single-phase micro inverter segment. Within the single-phase micro inverter segment, the integrated micro inverter sub-segment currently holds a larger market share as compared to stand-alone micro inverters. Integrated micro inverters are more cost-effective than stand-alone micro inverters as the manufacturing costs are lower due to economies of scale as more micro inverters are produced per silicon wafer.
Key Takeaways
The Global Solar Micro Inverter Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. Over the years, there has been a rise in the adoption of solar micro inverters owing to their benefits over traditional string inverters. This is a key factor driving market growth. The global Solar Micro Inverter Market is estimated to be valued at US$ 323.28 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030.
Regionally, the Asia Pacific region currently dominates the global market and is expected to continue its dominant position over the forecast period. China, in particular, has witnessed strong growth in solar installations, which is propelling the demand for solar micro inverters in the country. China is the leading market for solar micro inverters in the region owing to strong government support for the adoption of renewable energy. The country is also home to some of the leading solar micro inverter manufacturers such as Enphase Energy.
Key players
Key players operating in the solar micro inverter market are Ethicon (Johnson & Johnson), Medtronic, Intuitive Surgical, Olympus Corporation, Karl Storz, Teleflex Incorporated, Accuray Incorporated, AngioDynamics, CONMED Corporation, Trovagene, Varian Medical Systems, Medrobotics Corporation, Siemens Healthineers, Atricure, Inc., Novadaq Technologies Inc.
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