Increasing Residential Solar Installations of Solar Micro Inverter Market
The global solar micro inverter market is estimated to be valued at US$ 323.28 Million in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Solar micro inverters are more efficient than traditional string inverters. They optimize power generation from each panel individually instead of the entire string. This increases the overall efficiency and power output of a solar installation by up to 30%. Solar micro inverters are also more energy efficient and easier to maintain than conventional string inverters.
Weakness: Solar micro inverters have higher upfront equipment and installation costs compared to traditional string inverters. They require individual units for each solar panel, whereas string inverters only need one or a few centralized units. Micro inverters also add to the complexity of the system compared to string inverters.
Opportunity: Rapid technological advancements are helping to reduce the costs of micro inverters. Their increased efficiency also helps maximize renewable energy production, promoting the adoption of solar PV systems. Rising environmental awareness and supportive government policies and incentives in many countries are driving demand for clean energy technologies like solar micro inverters.
Threats: Fluctuations in raw material prices can increase component costs for micro inverters. Trade barriers and tariffs imposed by governments also affect the solar industry. Power outages or technical faults in individual micro inverters may compromise the output of the entire PV array.
Key Takeaways
The Global Solar Micro Inverter Market Growth is expected to witness high over the forecast period of 2023 to 2030. The global solar micro inverter market is estimated to be valued at US$ 323.28 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the solar micro inverter market due to supportive government policies promoting solar power generation in countries like the US and Canada. However, Asia Pacific is emerging as the fastest growing regional market, led by China, India, Japan and other Southeast Asian nations. This is attributed to favorable climatic conditions for solar energy production as well as massive investments toward increasing renewable energy capacities in the region.
Key players: Key players operating in the solar micro inverter market are Ethicon (Johnson & Johnson), Medtronic, Intuitive Surgical, Olympus Corporation, Karl Storz, Teleflex Incorporated, Accuray Incorporated, AngioDynamics, CONMED Corporation, Trovagene, Varian Medical Systems, Medrobotics Corporation, Siemens Healthineers, Atricure, Inc., Novadaq Technologies Inc. Enphase Energy and SolarEdge Technologies are the global leaders in micro inverter manufacturing.
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