NEWARK, Del, Sept. 12, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the global PV micro inverters market value is estimated to increase from US$ 1132.6 Million in 2023 to US$ 4630.0 Million by 2033. Overall sales of PV micro inverters are likely to surge at 15.1% CAGR during the assessment period.
Standalone systems are expected to witness a higher demand in the market through 2033. This is attributable to their attractive benefits, including design flexibility. The target segment is projected to exhibit a CAGR of 14.8% during the assessment period.
Several factors are expected to drive the global PV micro inverters industry forward during the assessment period. These include the rising solar energy sector, increasing rooftop solar PV installation, and favorable government policies & incentives.
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The ultimate search for cleaner and eco-friendly energy sources puts solutions such as solar PV systems into the spotlight. People are increasingly installing these systems in their houses, commercial buildings, and farms as a source of electricity. This is expected to uplift global PV micro inverter demand through 2033.
PV micro inverters are devices used in PV solar energy systems for converting DC electricity into AC electricity. They are gaining wider popularity due to their benefits, including easy installation, high performance, and monitoring capabilities.
Several governments worldwide are offering incentives and subsidies to encourage the adoption of solar energy. This is believed to create lucrative opportunities for PV micro inverter manufacturers.
Another prominent factor expected to fuel PV micro inverter demand is the declining cost of solar panels and microinverters. Companies continuously strive to reduce the cost of their products to make them appealing to customers.
Key Takeaways from the PV Micro Inverters Market Report:
- The global PV micro inverters industry is forecast to total US$ 4630.0 Million by 2033.
- Based on system, standalone system segment is set to expand at 14.8% CAGR through 2033.
- By end user, residential segment is expected to progress at 14.6% CAGR during the assessment period.
- The United States market value is estimated to reach US$ 844.6 Million by 2033.
- Demand in South Korea is predicted to rise at 17.1% CAGR over the forecast period.
- Sales revenue in China is projected to total US$ 747.3 Million by 2033.
- Japan market size is expected to reach US$ 502.2 Million by 2033.
- The United Kingdom is poised to exhibit a CAGR of 15.4% through 2033.
“Transition towards eco-friendly and cleaner energy sources such as solar power is projected to create ample growth opportunities for the global PV micro inverters market. To capitalize on this, key companies are focusing on introducing new products with enhanced features.” - says a lead Future Market Insights (FMI) analyst.
Competitive Landscape:
ABB Ltd, Darfon Electronics Corporation, Enphase Energy, Inc, Shenzhen KSTAR Science and Technology Co., Ltd, and Sungrow Power Supply Co., Ltd are few of the top PV micro inverter manufacturers listed in the report.
Leading companies leverage several strategies to boost revenues and expand their global footprint. These include new product launches, partnerships, collaborations, contracts, distribution agreements, mergers, and acquisitions.
Recent PV Micro Inverters Market Developments:
- In March 2023, SG125CX-P2, a new-generation commercial & industrial PV inverter solution was launched by Sungrow for South African market.
- In June 2023, SOFAR PowerNano, a groundbreaking microinverter system to meet home energy demand was unveiled by Sofar.
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More Insights Available:
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the global PV micro inverters market presenting historical data (2018 to 2022) and forecast statistics for 2023 to 2033.
The study reveals market projections based on system (standalone systems and integrated systems), end use (residential, commercial, and utility), and region (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa).
PV Micro Inverter Market Segmentation Analysis:
By System:
- Standalone Systems
- Integrated Systems
By End Use:
- Residential
- Commercial
- Utility
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
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The Industrial Automation division of Future Market Insights (FMI) Research offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry.
We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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