Global Microinverters Market

Microinverters Market Size, Share, Growth Analysis, By Type(Hardware and Software), By End-User(Residential and Commercial), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45I2084 | Region: Global | Published Date: April, 2024
Pages: 197 | Tables: 59 | Figures: 75

Microinverters Market Regional Insights

For the Microinverters market, North America currently dominates the market. There are several major players in the region who are pushing the market upward in coming years, key players such as Enphase Energy and SolarEdge Technologies, and has a well-established renewable energy infrastructure. In North America, the United States is the largest market for microinverters, with a high level of solar energy adoption and government policies supporting the growth of the market.

The Asia-Pacific region is expected to be the fastest growing in the global microinverters market in the coming years. By growing in population and increasing energy demand, many countries in the region are focusing on expanding their renewable energy infrastructure. China, Japan, and India are the major markets for microinverters in the APAC region, with several government initiatives and incentives supporting the growth of the market.

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Microinverters Market size was valued at USD 4.3 Billion in 2022 and is poised to grow from USD 4.65 Billion in 2023 to USD 8.74 Billion by 2031, growing at a CAGR of 8.20% in the forecast period (2024-2031).

Microinverters Market Top Player’s Company Profiles 'Enphase Energy', 'SolarEdge Technologies', 'SMA Solar Technology', 'ABB ', 'Huawei Technologies Co., Ltd. ', 'SunPower Corporation ', 'Tigo Energy ', 'Chilicon Power ', 'Delta Electronics ', 'Fronius International GmbH ', 'Ginlong Technologies ', 'KACO new energy GmbH ', 'Omron Corporation ', 'Schneider Electric ', 'Siemens AG ', 'SolarBridge Technologies ', 'Solaredge', 'Sparq Systems, Inc. ', 'TMEIC Corporation ', 'Yaskawa Electric Corporation '

The main restraints for the micro-inverters market is the high cost of these micro-inverter systems. The high cost can hamper the growth of the market. However, these systems offer better efficiency and safety features. It is usual that the cost of manufacturing and installing will be high. While the regions where the electricity cost is low, the market will be downgraded in these regions because of its high cost.

The increasing adoption of advanced monitoring and control features is the key trend in the microinverter market. The rise of Internet of Things (IoT) and the availability of cloud-based platforms are enhancing the demand of microinverters by equipping them with them. By equipping them, it increases the performance of the microinverter by providing real time data on energy output. Additionally, the integration of artificial intelligence (AI) and machine learning (ML) type technologies is also enhancing the market growth in coming years.

For the Microinverters market, North America currently dominates the market. There are several major players in the region who are pushing the market upward in coming years, key players such as Enphase Energy and SolarEdge Technologies, and has a well-established renewable energy infrastructure. In North America, the United States is the largest market for microinverters, with a high level of solar energy adoption and government policies supporting the growth of the market.

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Global Microinverters Market

Report ID: SQMIG45I2084

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