The Germany solar microinverter market is anticipated to hold a larger share of nearly 7.5% during the forecast timeframe. U.S. will generate roughly 34.8% of the global solar microinverter market share during the projected timeframe. Residential Sector to Boost Sales of Solar Systems with Micro Inverters.
NEWARK, Del., Sept. 13, 2022 /PRNewswire/ –The global solar microinverter market is anticipated to create an absolute dollar opportunity over the projection period from 2022 to 2032 with a robust CAGR of 18.1%, reaching a valuation of US$ 5,716.0 Mn by 2032. Based on system type, the integrated system category is predicted to garner about 8% of the global solar microinverter market share in 2022.
According to the World Bank projections, the global economy is estimated to increase by 3.2% in 2023, creating an adjustable window of opportunities for the construction industry in order for it to thrive in various parts of the world.
As per FMI analysis, the historical data of the global microinverters market shows phenomenal growth at a CAGR of 14.2% between 2017 and 2021. The demand for solar microinverters is predicted to reach US$ 1,177.2 Mn in the global market by the end of 2022.
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Due to the rising investments in technologies for the production of renewable energy, the market of solar microinverters is predicted to expand at a lightning fast speed owing to its advanced technical advantages over conventional products is expected to fuel the demand for solar microinverters.
Small and medium-sized enterprises (SMEs) and several other capital-funded startups in the microinverter space are rapidly being acquired by well-established and dominant players in the solar inverter market. As per the FMI estimations, solar microinverter installation companies and module firms must diversify their product portfolios in order to get a competitive advantage in the market.
The solar micro inverter market is expected to be driven by rising demand from residential and commercial sectors owing to the high energy yield, module-level monitoring abilities, and enhanced safety of microinverters based on solar power.
The ever-increasing demand for residential spaces is providing sound flexibility and higher labor efficiency. The solar microinverter market accounts for around 12-16% of the global solar inverter market, reveals FMI.
The rising environmental consciousness among the majority and the emergence of strict laws governing the use of non-renewable power generation methods in order to address power shortage issues are driving the demand for solar microinverters globally.
Residential and commercial sectors have witnessed tremendous growth in emerging countries. Microinverters are known to be one of the crucial components of solar energy systems. The rising awareness about several environmental issues is also projected to surge the number of solar panel installations worldwide, thereby pushing sales of solar microinverters in the evaluation period.
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The leading manufacturers of solar microinverters are undergone continuous pressure in order to improve their product’s reliability and efficiency in case there is a rise in the demand for environmentally friendly solar products. Various manufacturing businesses are willing …….