Solar Micro Inverters Market Projection, Technological Innovation And Emerging Trends 2030
While harnessing the power of the sun is something that has been in practice since a long time, the utilization of solar energy today has become the need of the hour. This is due to the excessive consumption of conventional resources for generating energy and their adverse effects on the environment. For example, in the U.S., solar energy is responsible for about 1.6% of the total energy generation. Furthermore, there are more than 1.47 million solar panels that are in use around 48 states in the country, as per satellite machine learning from Stanford researchers.
Because of this high adoption of solar energy all across the globe, the demand for solar micro inverters is growing as well. Much like string inverters, solar micro inverters convert the direct current (DC) electricity produced by solar panels to alternating current (AC) energy that is utilized by electronics. However, unlike string inverters, which convert electricity from big groups of panels at once, micro inverters convert electricity from one or two panels at a time. Since these inverters are concentrated on one or two panels rather than 100, the output is enhanced, and these inverters are known to increase the efficiency by 5–25%.
Get More Insights: Solar Micro Inverters Market Revenue Estimation and Growth Forecast Report
Solar micro inverters are utilized in utilities, residential, and commercial sectors. These inverters were deployed the most in the residential sector, which is due to the increasing photovoltaic (PV) installations and surging energy demand in India, China, Japan, the U.S., and several other countries. In the coming years, the adoption of solar micro inverters is also expected to rise in the commercial sector, owing to the decreasing prices of these devices. Geographically, North America has been the major consumer of solar micro inverters, which is due to the high PV installations in both residential and commercial sectors and favorable government initiatives regarding solar PV systems.
Other than this, Asia-Pacific (APAC) is expected to emerge as the fastest-growing solar micro inverters market in the years to come. The major reasons for this are the high requirement for power supply, increasing PV installations in China, enhanced device features, improved efficiency, and considerable reduction in the prices of micro inverters. China is predicted to lead the regional domain, which is ascribed to the government support for the promotion of solar and wind energy.
In conclusion, the demand for solar micro inverters is growing because of the increasing adoption of solar energy around the globe.
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