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North America Commercial Micro Inverter Market Size

Report ID: GMI9855
Published Date: Jun 2024
Report Format: PDF

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North America Commercial Micro Inverter Market Size

North America Commercial Micro Inverter Market was valued USD 89.9 million in 2023 and is anticipated to grow at a CAGR of 10.1% from 2024 to 2032. It is a device used to convert DC electricity generated by solar panels into AC electricity suitable for commercial applications. These devices are typically designed to handle the output of a single solar panel or a small group of panels. This individualized approach allows for greater flexibility in system design, improved energy harvest, and enhanced performance monitoring at the panel level.

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Rising regional shift towards solar energy as a cost-effective and sustainable solution to meet its electricity needs and reduce carbon emissions is set to augment the industry growth. Growing prioritization of performance monitoring and optimization by commercial solar system owners and operators to ensure maximum energy production and system uptime is propelling the product demand.

North America Commercial Micro Inverter Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Commercial Micro Inverter Market Size in 2023:	USD 89.9 Million
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	10.1%
2032 Value Projection:	USD 223.1 Million
Historical Data for:	2021 - 2023
No. of Pages:	60
Tables, Charts & Figures:	20
Segments covered:	Connectivity, Phase and Country
Growth Drivers:	Rising demand for solar energy in commercial sector Growing technological advancements and innovation
Pitfalls & Challenges:	High initial cost

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Rising demand for devices offering easy customization to accommodate complex roof layouts, shading conditions, and panel orientations coupled with scalability, allowing businesses to scale their solar installations according to their energy needs and budgetary constraints will boost the product growth. Increasing government policies, incentives, and regulatory frameworks at the federal, state, and local levels to invest in solar PV systems, spurring product demand.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market size of North America commercial micro inverter was reached USD 89.9 million in 2023 and is anticipated to grow at 10.1% CAGR from 2024 to 2032, due to their rising usage to convert DC electricity generated by solar panels into AC electricity suitable for commercial applications.

North America commercial micro inverter market from the three phase segment is anticipated to exceed USD 207 million by 2032, on account of their ability to handle higher power loads efficiently in line with seamless alignment with existing electrical infrastructures.

The standalone connectivity segment in the North America commercial micro inverter market is set to record over 12.7% CAGR through 2032, led by the rising demand for systems offering businesses the ability to generate and manage their own power.

U.S. commercial micro inverter industry is projected to surpass USD 922 million by 2032, driven by rising adoption of modern micro inverters for offering superior performance by optimizing power output at the individual panel levels.