New Report Reveals Micro-Inverter Market to Exceed $14.5 Billion by 2029

A recent market research report highlights the tremendous rise that the worldwide Micro-Inverter Market is expected to see. Estimated to be worth USD 4.9 billion in 2024, the market is expected to rise at a fast compound annual growth rate (CAGR) of 24.1% from 2023 to 2029, reaching USD 14.5 billion by 2029.

The rising use and demand for micro-inverters across a range of industries is reflected in this value increase. Factors including growing applications, technological developments, and the growing demand for sustainable and efficient energy solutions are driving the market's growth. The study also examines a number of other micro-inverter market factors, such as offers, communication technology, power rating, connection type, sales channels, and applications, all of which offer insightful information to industry participants and stakeholders.

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The Micro-Inverter Market is growing due to a number of causes, one of which is the rising trend in energy prices, which encourages the installation of solar panels as an affordable alternative energy source. The rising worldwide need for energy is another factor driving this growth in the use of solar energy. But even with the market's encouraging development trajectory, there are still certain obstacles to overcome. The market's expansion is hampered by limitations in power handling capacity as well as comparatively high installation and maintenance expenses. In order to realise the micro-inverter market's full potential and guarantee its continued growth in the future, it will be imperative to address these issues.

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

Over the course of the forecast period, the micro-inverter market's wireless category is expected to develop at the fastest compound annual growth rate (CAGR). This increase can be ascribed to the benefits provided by wireless communication technologies such as Wi-Fi and Zigbee, which provide increased flexibility and expedited installation procedures in contrast to conventional wired systems. More scalability in solar installations is also made possible by wireless communication, which is consistent with the growing acceptance of distributed energy resources. Furthermore, the growing inclination towards intelligent and integrated energy systems enabled by wireless communication enhances the potential opportunities in this market.

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

During the projection period, the grid-tied segment is expected to maintain its leadership position. Most micro-inverters used in photovoltaic (PV) power plant settings, whether residential, commercial, or otherwise, are currently integrated into or linked to the electrical grid. Houses and businesses in suburban and metropolitan regions usually keep their connections to the electrical grid. Energy sustainability is facilitated by grid-tied micro-inverters; no energy storage devices are required. When there is an abundance of sunlight, excess energy produced can be easily sent back into the grid, serving as a decentralised power source for the neighbourhood.

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

Because of its widespread installations in nations like the United States and Canada, North America is expected to maintain its leadership position in the micro-inverter market for the duration of the projected period. When it comes to the widespread use of micro-inverters, the United States stands out as a leader. In addition, the region's market leadership is bolstered by the presence of numerous major industry firms, including Chilicon Power, Altenergy Power System, and Enphase Energy.

Key Players

The Micro-Inverter Market includes significant Tier I and II players like 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), and Solar Panels Plus (US), are some of the key players in the Micro-Inverter Market.

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