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Single Phase Micro Inverter Market Trends

Report ID: GMI7721
Published Date: Dec 2023
Report Format: PDF

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Single Phase Micro Inverter Market Trends

Introduction of favorable norms, tax credits, mandates, and schemes by the governing authorities will further complement the industry outlook. For instance, in 2023, the U.S. Department of Energy (DOE) introduced the Advanced Manufacturing Production Tax Credit (45X MPTC). It is a per-unit tax credit for each clean energy component domestically produced and sold by a manufacturer including inverters. Key features including individual panel optimization, ease of installation, and improved energy harvest combined with continuous efforts to reduce the overall cost of single-phase micro inverters will increase the business potential.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of single phase micro inverter was worth USD 2.3 billion in 2023 and is expected to reach over 6.2 billion by 2032, due to the growing carbon emission concerns coupled with stringent government norms to achieve climate action goals worldwide.

The on-grid single phase micro inverter industry size is expected to register over 11% CAGR from 2024 to 2032, owing to its ability to optimize the performance of each solar panel independently in line with modular nature of these systems and simplifying installation process.

North America single phase micro inverter industry is expected to register more than 9.5% CAGR from 2024 to 2032, due to the growing emphasis on establishing strong supply chain of components & materials for project development along with favorable technological advancements in the region.

TSUNESS Co., Ltd, Altenergy Power System Inc., Hoymiles, Yotta Energy, Chilicon Power, LLC, SMA Solar Technology AG, Darfon Electronics Corp, Enphase Energy, and Fimer Group are some of the major single phase micro inverter companies worldwide.