The Micro Inverter Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Micro Inverter Global Market Report 2024, The micro inverter market size has grown exponentially in recent years. It will grow from $2.87 billion in 2023 to $3.5 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. The growth in the historic period can be attributed to government incentives, solar energy expansion, efficiency improvements, module-level monitoring, grid stability.
The micro inverter market size is expected to see exponential growth in the next few years. It will grow to $7.27 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. The growth in the forecast period can be attributed to reduced installation costs, agricultural applications, floating solar, hybrid microgrids, energy transition. Major trends in the forecast period include smart grid integration, micro inverter innovation, rural electrification, electrification of transportation, energy storage integration.
The increase in residential solar rooftop installations is expected to propel the growth of the micro inverter market. Microinverters are installed behind each solar panel, to convert the direct current into an alternating current. These microinverters operate independently and perform at their fullest potential compared to conventional or string inverters. For instance, according to the study published by Solar Energy Industries Association, residential solar installations in the United States increased from 19,190.5 megawatts of direct current (MWdc) in 2020 to 23,315.3 MWdc in 2021. Thus, the rise in residential solar rooftop installation and shift in interest towards highly effective power conversion technologies is expected to boost the growth of the microinverters market during the forecast period.
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The micro inverter market covered in this report is segmented –
1) By Type: Single Phase, Three Phase
2) By Offering: Hardware, Software And Services
3) By Power Rating: Below 250 W, Between 250 W and 500 W, Above 500 W
4) By Application: Residential, Commercial, PV Power Plant
Major companies operating in microinverters are focusing on innovating new products, such as the IQ8 microinverters, to provide reliable services to customers. IQ8 microinverters are used as powerful microinverters for residential solar solutions for customers. For instance, in October 2023, Enphase Energy Inc., a US-based energy technology company, launched IQ8 microinverters. IQ8 microinverters are microinverters designed to maximize energy production and can manage a continuous direct current (DC) of 14 amperes, supporting higher-powered solar modules through increased energy harvesting. IQ8 microinverters are available in IQ8HC and IQ8P models with output power of 384 Watt (W) and 480 Watt (W).
The micro inverter market report table of contents includes:
1. Executive Summary
2. Micro Inverter Market Characteristics
3. Micro Inverter Market Trends And Strategies
4. Micro Inverter Market – Macro Economic Scenario
5. Global Micro Inverter Market Size and Growth
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26. South America Micro Inverter Market
27. Brazil Micro Inverter Market
28. Middle East Micro Inverter Market
29. Africa Micro Inverter Market
30. Micro Inverter Market Competitive Landscape And Company Profiles
Top Major Players:
- ExxonMobil Corporation
- TotalEnergies SE
- Houghton International Inc.
- Henkel AG & Co. KGaA
- Fuchs Petrolub SE
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