Standalone Micro Inverter Market Analysis

Standalone Micro Inverter Market Analysis

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The single phase standalone micro inverter industry is projected to witness over 14.5% growth rate from 2024 to 2032, owing to ease of installation and simplicity associated with the systems in conjunction with homeowners seeking to generate their own clean energy with compact and efficient solutions. Growing awareness and emphasis on energy efficiency in line with inclusion of smart inverter capabilities including advanced communication, monitoring, and control functionalities will foster the business potential. The series offers single-phase microinverter, specifically designed for DIY PV systems and balcony.
 

Based on application, the sector will account for over USD 1.9 billion by 2032. Rising demand for clean and more aesthetically pleasing installations in line with manufacturers focusing on optimizing production processes to make these solutions more affordable for residential customers will complement the business scenario. Surge in residential solar installations coupled with rapid technological advancements will further accelerate the industry landscape. The product is applicable for balcony PV installations and features advanced safety, power system performance and flexibility in the system. 
 

Europe standalone micro inverter market is set to exhibit around 17.5% CAGR up to 2032. Supportive government incentives, subsidies, and investments promoting the adoption of solar energy storage systems along with integration of hybrid solar and storage systems, offering homeowners greater control over their energy consumption which will sway the market trends. For instance, in November 2023, the U.S. Treasury Department and IRS released new rules and guidance for the investment tax credit for standalone energy storage system (ESS) projects.