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Micro Inverter Market Size

Report ID: GMI5202
Published Date: Aug 2023
Report Format: PDF

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Micro Inverter Market Size

Micro Inverter Market Size in 2023 was valued at USD 2.51 million and is estimated to surpass USD 6.48 million by 2032. A microinverter is a device used in solar power systems to convert the direct current (DC) generated by individual solar panels into alternating current (AC). IT is suitable for use in homes and commercial businesses. Unlike traditional solar inverters, a microinverter is designed to be installed on each solar panel separately.

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Microinverters offer better monitoring capabilities, as they can provide real-time data on the performance of individual solar panels, allowing easier maintenance and troubleshooting. Further, shading or issues with one solar panel do not affect the output of the entire solar array, thereby augmenting the product adoption. Changing consumer preferences in line with advancements in product and technology development.

Micro Inverter Market Report Attributes
Report Attribute	Details
Base Year:	2023
Micro Inverter Market Size in 2023:	USD 2.51 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	11.3%
2032 Value Projection:	USD 6.48 Million
Historical Data for:	2019 to 2023
No. of Pages:	250
Tables, Charts & Figures:	740
Segments covered:	Phase, Connectivity, Application and Region
Growth Drivers:	Higher output and cost-efficiency Favorable regulatory inclination toward sustainable energy Positive outlook toward clean energy Large-scale renewable integration
Pitfalls & Challenges:	Availability of auxiliary technologies

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Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

Global market size for micro inverter in 2023 was valued at USD 2.51 million and is estimated to surpass USD 6.48 million by 2032.

On Grid micro inverters market is set to grow over 9% CAGR through 2032 on account of various advantages comprising higher energy yield, simplified design & installations, and enhanced safety of the solar systems during installation, maintenance, and emergencies.

Europe market is set to grow on account of surge in solar installations, both in residential and commercial sectors.

Darfon Electronics Corp., Enphase Energy, SMA Solar Technology AG, Altenergy Power System, Inc., Fimer Group, Chilicon Power, LLC, AEconversion GmbH & Co. KG, Envertech (Zhejiang Envertech Corporation Limited), Sensata Technologies, Inc., Northern Electric Power Technology Inc., among others.