Solar micro inverters are inverters used to convert the direct current (DC) output of a photovoltaic solar panel into alternating current (AC). They are fitted to individual solar panels to maximise energy yields through module level monitoring. As energy demand rises globally and concerns grow over carbon emissions and environmental sustainability, solar power adoption is accelerating. This has seen increased installations of solar panels around the world in the past few years, especially for residential rooftop solar systems, where micro inverters are commonly used. 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 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increased installations of solar panels have been a major driver of the solar micro inverter market in recent years. As more homeowners and commercial buildings opt to install solar panels on their rooftops to meet their energy needs through renewable sources and reduce their electricity bills, the demand for micro inverters that are used in conjunction with solar panels has risen significantly. Advanced features of micro inverters such as module level monitoring, anti-island protection and optimal energy harvesting even in shaded conditions have made them an attractive proposition compared to traditional central or string inverters for residential and small commercial rooftop solar installations. More countries and regions adopting supportive solar policies and incentives are further expected to accelerate the growth of the solar micro inverter market over the forecast period.

Segment Analysis

The global solar micro inverter market is dominated by commercial and residential segments. The residential segment currently holds the major market share owing to factors such as declining prices of solar micro inverters, increasing installation of PV systems in residential buildings across the world, and governmental and non-governmental incentives provided for the adoption of renewable energy sources.

Key Takeaways

The Global Solar Micro Inverter Market Share is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis shows that Asia Pacific region is expected to grow at the fastest pace during the forecast period. Rapid economic development and government initiatives to increase the share of renewable energy are driving the growth of the solar micro inverter market in the region. Countries like China, Japan, and India are emerging as highly lucrative markets.

Key players operating in the solar micro inverter market are Gevo, Inc., Red Rock Biofuels LLC, Honeywell International Inc., Virent Inc., Fulcrum BioEnergy, Inc., Neste Oil Corporation, AltAir Paramount LLC.

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