Photovoltaic Micro-Inverter Market

What is the global PV inverter market size?

The global PV inverter market size was estimated at USD 13.09 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 18.3% from 2024 to 2030.

What is the global micro inverter market value?

The global micro inverter market attained a value of USD 2,559.1 million in 2023. The market is projected to grow at a CAGR of 14.42% between 2024 and 2032 to reach USD 5,454.7 million by 2032.

Are solar micro inverters in demand?

With the rapid transition towards renewable energy resources, robust urbanization, growing popularity of PV inverters, and presence of leading micro inverter manufacturers worldwide, solar micro inverters are expected to exhibit high demand during the projection period. and save 40%! How is the USA Solar Microinverter Market Faring?

What is the global solar microinverter market?

The solar microinverter market accounts for around 12-16% of the global solar inverter market, finds FMI. Find your sweet spots for generating winning opportunities in this market. The global solar microinverters market grew at a CAGR of 14.2% between 2017 and 2021, according to historical data.

What are the emerging micro inverter market trends?

Emerging micro inverter market trends indicate that the standalone micro inverter segment will grow at a relatively higher CAGR during the forecast period, owing to their compact size and ability to be installed in remote areas without grid connectivity. In fact, they have become highly sought-after products in residential buildings.

What is a micro inverter in solar panels?

As a result, the rising use of micro inverters in solar panels is driving the growth of the market. A micro inverter is referred to as a device that converts direct current energy produced by solar panels into usable electricity. Each micro inverter is connected to a single solar panel for maximum control and dependability.