With the emergence and long-term Impact of COVID-19, Global Solar Micro Inverter Market to reach USD XXX Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Solar Micro Inverter Market is poised to raise up to USD XXX Billion by 2030. A solar microinverter is a device used in solar photovoltaic (PV) systems to convert the direct current (DC) electricity generated by individual solar panels into alternating current (AC) electricity that can be used in homes or fed into the electrical grid. The Solar Micro Inverter Market is expanding because of factors such as increasing deployment of solar panels, growing focus on sustainable environment development and growth in adoption of energy storage systems.
Moreover, favorable government initiatives for the adoption of solar technology and the growing number of investments in technologies are creating new opportunities for market growth. However, the high cost of the solar micro inverter and the rising adoption of DC optimizers stifles market growth throughout the forecast period of 2023-2030.
Geographically, the global Solar Micro Inverter market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to increasing demand for Solar inverters in emerging economies such as the United States, and Canada. Moreover, increasing installations of solar products such as solar panels is one of the major factors that is expected to increase the growth of the market over the forecast period.
Asia Pacific is expected to grow significantly over the forecast period, owing to factors such as an increasing focus on renewable energy and sustainability has led to a surge in solar panel installations, driven by government incentives, regulations, and environmental awareness. The growing population and rising energy demand in countries such as China and India are propelling the adoption of solar energy solutions, and microinverters play a pivotal role in optimizing energy production.
The global Solar Micro Inverter market is highly competitive owing to the presence of several key manufacturers such as ABB (Asea Brown Boveri) Ltd., Chilicon Power, LLC, Enphase Energy Inc., Altenergy Power System Inc., SunPower Corporation, Darfon Electronics Corporation, and others.
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Key findings of the study suggest:
- Global Solar Micro Inverter Market is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030.
- In the System Type segment, Integrated emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth Owing to increasing demand for Solar inverters in emerging economies such as the United States, and Canada. Moreover, increasing installations of solar products such as solar panels is one of the major factors that is expected to increase the growth of the market over the forecast period.
- Asia-Pacific is expected to grow at higher rate followed by North America during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
Stand Alone:
- Stand Alone
- Integrated (AC Module)
End Use:
- Residential
- Commercial
- Utility
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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