With CAGR of 15%, Solar Microinverter Market Aiming For US$ 632.8 Million During 2023-2028 | IMARC Group

The latest report by IMARC Group, titled "Solar Microinverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on the global solar microinverter market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global solar microinverter market size reached US$ 270.7 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 632.8 Million by 2028, exhibiting a growth rate (CAGR) of 15% during 2023-2028.

A solar microinverter is a small device that is widely utilized to convert the direct current (DC) output from individual solar panels into alternating current (AC) that can be utilized to power homes or businesses. It is connected to a single solar panel, allowing for individual optimization and maximum energy production. Additionally, it offers real-time monitoring features, enabling customers to track the efficiency of each panel and see any potential problems. Due to its minimal wiring requirements and ease of replacement, it is easy to install and maintain when necessary. Moreover, it can increase the efficiency and dependability of solar energy systems, making them a popular option for domestic and industrial applications.

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Global Solar Microinverter Market Trends:

The escalating deployment of solar microgrids majorly drives the global market. This can be supported by the rising energy demand in the commercial and industrial sectors and increasing numbers of residential solar rooftop installations. Along with this, the widespread adoption of building-integrated photovoltaics (BIPV), which involves the integration of PV power generators into the building envelope materials to provide electrical power, is significantly supporting the market. Additionally, the increasing adoption of microinverters in maintaining ambient temperatures and protecting buildings against fire hazards, is driving the demand.

In addition, the rising demand for products with remote monitoring capabilities, as well as increased research and development activities, is positively influencing the market. Apart from this, government initiatives aimed at promoting the use of renewable energy are contributing to the market further. Furthermore, continuous advancements in energy storage technology are creating a positive market outlook.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.

Some of these key players include:

• ABB Asea Brown Boveri Ltd
• Chilicon Power, LLC
• Enphase Energy Inc.
• Altenergy Power System Inc.
• SunPower Corporation
• Darfon Electronics Corporation
• Siemens AG
• Delta Energy Systems (Germany) GmbH
• Alencon Systems LLC
• ReneSola Ltd.
• Omnik New Energy Co. Ltd.
• EnluxSolar Co. Ltd.
• Sensata Technologies, Inc.

Key Market Segmentation:

Breakup by Communication Channel:

• Wired
• Wireless

Breakup by Type:

• Single Phase
• Three Phase

Breakup by Connectivity:

• Standalone
• On-Grid

Breakup by Component:

• Hardware
• Software

Breakup by Application:

• Residential
• Commercial
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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