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North America Three Phase Micro Inverter Market Analysis
- Report ID: GMI9595
- Published Date: May 2024
- Report Format: PDF
North America Three Phase Micro Inverter Market Analysis
Based on connectivity, the on grid segment is anticipated to cross more than USD 134 million by 2032 on account of its reliability and consistency ensuring uninterrupted access to electricity without reliance solely on solar energy production. Rising net metering policies and feed-in tariff programs to boost adoption of solar systems, allowing consumers to offset their electricity bills or receive compensation for excess energy exported to the grid, will lead to the connectivity adoption. Furthermore, grid tied inverters also optimize operations and mitigate the impacts of variability in renewable energy, thereby stimulating the market growth.
Based on application the North America three phase micro inverter market is segmented into residential and commercial & industrial. Among these the residential segment is set to grow at a CAGR of more than 15.4% through 2032. Rising demand for solutions offering advanced monitoring and diagnostic capabilities, allowing homeowners to track the performance of each solar panel in real-time and identify potential issues quickly is set to propel the product adoption. Furthermore, the product design allows homeowners to achieve a cleaner and more aesthetically pleasing installation compared to traditional string inverter systems, thereby augmenting the market scenario.
The U.S. three phase micro inverter market is projected to surpass USD 195 million by 2032. Rising homeowners and businesses focus on reducing their carbon footprint and energy costs is boosting the demand for efficient and reliable solar energy solutions thereby creating opportunities for product adoption. Furthermore, rising state level incentives, rebates, and net metering policies to reduce financial barriers to solar technologies adoption, make the energy financially viable for a broad range of consumers which will enhance the business scenario.
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North America Three Phase Micro Inverter Market Scope
