USD 14.5 Billion Projection: Micro Inverter Market Expected to Soar by 2029

The Micro Inverter Market Size is projected to increase from its anticipated USD 4.9 billion in 2024 to USD 14.5 billion by 2029, at a compound annual growth rate (CAGR) of 24.1%.

Pune, 10/06/2024 (informazione.it - comunicati stampa - scienza e tecnologia)

The global Micro Inverter Market is on an upward trajectory, set to witness substantial growth in the coming years. With a projected value of USD 4.9 billion in 2024 and an estimated rise to USD 14.5 billion by 2029, the market is expected to grow at an impressive Compound Annual Growth Rate (CAGR) of 24.1% from 2023 to 2028. This surge is propelled by the increasing adoption of micro inverters in renewable energy systems, particularly in photovoltaic (PV) installations. As the world shifts towards sustainable energy solutions and governments incentivize renewable energy adoption, micro inverters are poised to play a pivotal role in revolutionizing the power generation landscape, offering enhanced efficiency, flexibility, and performance.

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The micro-inverter market is experiencing significant growth, driven by several factors, including escalating energy prices and growing energy demand worldwide. As energy costs continue to rise, more consumers are turning to solar panels as a cost-effective alternative. Additionally, the increasing demand for energy, fueled by population growth and industrialization, is driving the adoption of solar energy solutions. However, despite these growth drivers, the market faces challenges such as limited power handling capacity and high installation and maintenance costs. Micro-inverters, while efficient, often have lower power handling capacities compared to traditional inverters, limiting their application in larger-scale projects. Moreover, the initial investment and ongoing maintenance expenses associated with micro-inverter systems can deter some consumers from adopting this technology. Nonetheless, ongoing technological advancements and economies of scale are expected to address these challenges, paving the way for continued growth and innovation in the micro-inverter market.

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The wireless segment is expected to have the highest CAGR during the forecast period.

The wireless segment in the micro-inverter market is poised for rapid growth, driven by the advantages offered by wireless communication technologies such as Wi-Fi and Zigbee. These technologies simplify installation processes, offer enhanced flexibility, and enable greater scalability in solar installations. Moreover, wireless communication facilitates the development of intelligent and interconnected energy systems, allowing for real-time monitoring, remote management, and optimization strategies. As the demand for distributed energy resources and smart energy solutions continues to rise, the wireless segment is expected to play a crucial role in driving innovation and meeting the evolving needs of consumers in the micro-inverter market.

The grid-tied segment in micro-inverter is anticipated to dominate during the forecast period.

The grid-tied segment is positioned to maintain dominance in the micro-inverter market throughout the forecast period. Presently, the majority of micro-inverters utilized in residential, commercial, and photovoltaic (PV) power plant applications are integrated with or connected to the electrical grid. This integration is particularly prevalent in urban and suburban settings, where residences and businesses maintain continuous connectivity to the grid. Grid-tied micro-inverters offer significant advantages in terms of energy sustainability, as they enable surplus energy generated during periods of abundant sunlight to be seamlessly fed back into the grid. This surplus energy serves as a distributed power source for the community, contributing to overall energy efficiency and resilience. Importantly, grid-tied micro-inverters facilitate energy sustainability without requiring the use of energy storage solutions, making them an attractive option for a wide range of applications in the renewable energy sector.

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North America to dominate the micro-inverter market during the forecast period.

North America is poised to assert its dominance in the micro-inverter industry throughout the forecast period, driven by extensive installations across countries such as the United States and Canada. Among these nations, the United States stands out as a frontrunner in the widespread adoption of micro-inverters, reflecting a strong commitment to renewable energy integration. This leadership is further supported by the region's robust market ecosystem, which includes several major companies specializing in micro-inverter technology. Notable players such as Enphase Energy, Altenergy Power System, and Chilicon Power contribute to the region's prominence by offering innovative solutions and driving market growth. With a combination of favorable market conditions and a proactive approach to renewable energy deployment, North America is poised to maintain its leading position in the global micro-inverter industry.

Micro-inverter Companies:

• Enphase Energy (US),
• Altenergy Power Systems (US),
• Hoymiles (China),
• Ningbo Deye Inverter Technology Co Ltd (China),
• Chilicon Power LLC (US),
• AEconversion GmbH & CO. KG (Germany),
• Envertech (China),
• ZJBENY (China),
• Bluesun Solar Co., Ltd. (China),
• Solar Panels Plus (US),
• Northern Electric Power Technology Inc. (US),
• Sparq Systems Inc. (Canada),
• U R Energy (US),
• Leadsolar (US),
• Grace Renewable Energy (India),
• Zhejiang Sandi Electric Co., Ltd. (China),
• Sunrover Power Co Ltd. (China),
• Yotta Energy (US),
• Crystal Solar Energy (India),
• Huayu (Ningbo)
• New Energy Technologies Co., Ltd. (China),
• Chisageess (China),
• Tsuness Co Ltd. (China),
• Shenzhen WoCor Poweray Technology Co., Ltd. (China),
• Ningbo Austa Solar Tech Co., Ltd. (China),
• Sunsights Solar (India).

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