According to a report published by TechSci Research on Global Solar Micro Inverters Market By Connectivity, By Application, By Region, By Company, Competition, Forecast & Opportunities, 2014-2024, the global solar micro inverters market is projected to reach $ 886 million by 2024, on the back of persistent advances in R&D of solar micro inverters and substantial reduction in costs of solar micro inverters. Increasing installation of photovoltaic systems is another major factor driving the growth of global solar micro inverters market. Moreover, growing preference for fully integrated PV modules or AC modules is anticipated to fuel the demand for solar micro inverters, globally, during the forecast period.
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By application, residential sector accounted for the largest market share in 2018, capturing more than two-third of the global solar micro inverters market in the reported year. Growing share of solar micro inverters in residential sector can be majorly attributed to rising adoption of energy conservation measures for controlling the increased energy expenditure in residential applications. The commercial sector is also expected to witness a double-digit CAGR in the global solar micro inverters market during the forecast period, on account of declining prices of PV systems and rising commercial-scale photovoltaic installations.
In 2018, North America dominated global solar micro inverters market, accounting for more than half of the global market, backed by increasing demand for power and growing installation of solar energy systems in the region. Among the North American countries, United States accounted for the largest share in solar micro inverters market in 2018 and is anticipated to maintain its dominance in the region’s solar micro inverters market during the forecast period as well.
“Global solar micro inverters market is anticipated to witness growth in the coming years, on account of increasing number of photovoltaic (PV) installations and growing need to improve overall system efficiency and safety. Rising demand for solar micro inverters would continue to be supported by increasing awareness about module-level power electronics and declining prices of solar micro inverters.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Global Solar Micro Inverters Market Research By Connectivity, By Application, By Region, By Company, Competition, Forecast & Opportunities, 2014-2024” has evaluated the future growth potential of global solar micro inverters market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global solar micro inverters market.