Solar Micro Inverter Market To Witness High Growth Owing To Increasing Adoption Of Off-Grid Solar Power Systems
The Solar Micro Inverter market is estimated to be valued at US$ 323.28 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The solar micro inverter market is witnessing significant growth owing to growing adoption of off-grid solar power systems across remote areas and developing economies. Micro inverters maximize the solar panel output by preventing loss of production from shaded or underperforming solar panels. This significantly enhances the overall efficiency and energy production of a solar PV system.
Market Overview:
The solar micro inverter market consists of power electronic devices used to convert direct current (DC) power from a single solar module to alternating current (AC) power. Micro inverters are mounted on individual solar panels which allow independent operation of each panel even under varying levels of sunlight hitting different parts of the panel. This enables maximum power harvest from each solar panel and optimizes overall solar system output. The micro inverters are primarily used in residential and commercial rooftop solar systems.
Market Dynamics:
The key drivers fueling growth of the solar micro inverter market are increasing adoption of off-grid solar systems and higher solar panel efficiencies delivered by micro inverter technology. Off-grid solar power systems based on micro inverters are gaining popularity for use in remote and rural areas without access to main electricity grids. They offer a reliable and cost-effective source of electricity for households, telecom towers, and other small power applications. Additionally, micro inverters maximize the solar panel output by preventing loss of production from partial shading or module-level power fluctuations. This enhances the overall energy yield and performance of the solar PV system.
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