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The global micro inverter market attained a value of USD 2,559.1 million in 2023. The market is projected to grow at a CAGR of 14.42% between 2024 and 2032 to reach USD 5,454.7 million by 2032.
Micro inverters provide a number of technical advantages over other types of solar inverters, such as string and central inverters, which is a major factor fuelling the growth of the market. Micro inverters are located beneath each solar panel and convert direct current (DC) power produced by a single solar panel, unlike conventional inverters, which are placed at a distance from the solar array and can monitor a number of solar panels at the same time. This feature allows micro inverters to work independently and improve efficiency of the solar panels. This is providing impetus to the market growth.
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In addition to this, micro inverters deliver the maximum potential of the photovoltaic (PV) system. The added advantage of micro inverters to maintain a stable and continuous power flow despite shading of one or more of the solar panels has enhanced their popularity among end users, thereby furthering the growth of the market. As a result, the rising use of micro inverters in solar panels is driving the growth of the market.
A micro inverter is referred to as a device that converts direct current energy produced by solar panels into usable electricity. Each micro inverter is connected to a single solar panel for maximum control and dependability.
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The market can be broadly categorised on the basis of technology into:
Based on type, the market can be segmented into:
The market, based on connection, can be classified into:
On the basis of end use, the market can be divided into:
The EMR report looks into the regional markets of micro inverter like North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.
The growth in the market is projected to be driven by the hardware components of micro-inverter, which includes capacitors, sensors, and microcontroller units (MCUs), among other electric components. As these components help in converting DC power from a panel to AC power, they are considered as the key components of the micro inverter system. This is providing impetus to the market growth. In addition to this, AC power is delivered through wires and cables for home and commercial applications. Thus, the hardware components of micro inverters are enhancing the growth of the market. Moreover, as solar panels with micro inverters can be directly integrated, and each panel can be monitored, the market is further growing.
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The report presents a detailed analysis of the following key players in the global micro inverter market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Technology |
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Breakup by Type |
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Breakup by Connection |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The global micro inverter market attained a value of nearly USD 2,559.1 million in 2023.
The market is projected to grow at a CAGR of 14.42% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 5,454.7 million by 2032.
The ability of micro-inverters to operate individually without being affected by other panels to produce maximum output is invigorating the growth of the market.
The market is being determined by the technological innovations in the market.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major technologies of micro inverters are wired and wireless.
The different types of micro inverters in the market are single phase and three phase.
Based on connection, the different types of micro-inverters are stand -alone and grid-connected.
The major end uses of micro inverters include residential and commercial.
The major players in the market are Enphase Energy, Inc., Siemens AG, Chilicon Power, LLC, Sparq Systems Inc., Darfon Electronics Corporation, Altenergy Power System Inc., among others.
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