According to a Future Market Insights (FMI) report, the global PV micro inverters market value is estimated to increase from USD 1132.6 Million in 2023 to USD 4630.0 Million by 2033. Overall sales of PV micro inverters are likely to surge at 15.1% CAGR during the assessment period.
Standalone systems are expected to witness a higher demand in the market through 2033. This is attributable to their attractive benefits, including design flexibility. The target segment is projected to exhibit a CAGR of 14.8% during the assessment period.
Several factors are expected to drive the global PV micro inverters industry forward during the assessment period. These include the rising solar energy sector, increasing rooftop solar PV installation, and favorable government policies & incentives.
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Several governments worldwide are offering incentives and subsidies to encourage the adoption of solar energy. This is believed to create lucrative opportunities for PV micro inverter manufacturers.
The ultimate search for cleaner and eco-friendly energy sources puts solutions such as solar PV systems into the spotlight. People are increasingly installing these systems in their houses, commercial buildings, and farms as a source of electricity. This is expected to uplift global PV micro inverter demand through 2033.
PV micro inverters are devices used in PV solar energy systems for converting DC electricity into AC electricity. They are gaining wider popularity due to their benefits, including easy installation, high performance, and monitoring capabilities.
Another prominent factor expected to fuel PV micro inverter demand is the declining cost of solar panels and microinverters. Companies continuously strive to reduce the cost of their products to make them appealing to customers.
Key Takeaways from the PV Micro Inverters Market Report:
- The global PV micro inverters industry is forecast to total US$ 4630.0 Million by 2033.
- Based on system, standalone system segment is set to expand at 8% CAGR through 2033.
- By end user, residential segment is expected to progress at 6% CAGR during the assessment period.
- The United States market value is estimated to reach US$ 844.6 Million by 2033.
- Demand in South Korea is predicted to rise at 1% CAGR over the forecast period.
- Sales revenue in China is projected to total US$ 747.3 Million by 2033.
- Japan market size is expected to reach US$ 502.2 Million by
- The United Kingdom is poised to exhibit a CAGR of 4% through 2033.
Competitive Landscape:
ABB Ltd, Darfon Electronics Corporation, Enphase Energy, Inc, Shenzhen KSTAR Science and Technology Co., Ltd, and Sungrow Power Supply Co., Ltd are few of the top PV micro inverter manufacturers listed in the report.
Leading companies leverage several strategies to boost revenues and expand their global footprint. These include new product launches, partnerships, collaborations, contracts, distribution agreements, mergers, and acquisitions.
Recent PV Micro Inverters Market Developments:
- In March 2023, SG125CX-P2, a new-generation commercial & industrial PV inverter solution was launched by Sungrow for South African market.
- In June 2023, SOFAR PowerNano, a groundbreaking microinverter system to meet home energy demand was unveiled by Sofar.
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PV Micro Inverter Market Segmentation Analysis:
By System:
- Standalone Systems
- Integrated Systems
By End Use:
- Residential
- Commercial
- Utility
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa