Solar Microinverter Market to Reach US$ 5,716.0 Mn by 2032 Attributing to Widespread Awareness About Sustainable Energy Options - Future Market Insights, Inc.
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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Key Takeaways
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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Competitive Landscape
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 to increase the availability of their solar microinverters on the market through the introduction of new products and increased collaboration activities.
Key Segments Covered in Solar Microinverter Industry Analysis
By System Type:
- Standalone
- Integrated
By End Use:
- Residential
- Commercial
- Utility
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
More Insights into the Solar Microinverter Market
The surging use of solar photovoltaics in residential spaces in the U.S. has been primarily elevated due to the electricity cost savings, surging demand for an alternative electricity source, and urgent need to reduce the risk of climate change.
The optimal reason for driving the demand for solar energy in abundance is the rising need for solar energy that the traditional power sources in the U.S., which is anticipated to boost sales of solar microinverters. It is estimated that the U.S. will generate roughly 34.8% of the global solar microinverter market share during the projected timeframe.
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The German solar microinverter market is predicted to acquire a larger share of the market with nearly 7.5% throughout the assessment period. The market for solar microinverters in the country is anticipated to be valued at about US$ 463.0 Mn in 2032.
Widespread awareness about sustainable energy options and surging electrification across end-use sectors all over the world are likely to propel growth in the market. In addition to that, increasing demand for solar microinverters from the residential and commercial sectors is anticipated to accelerate the solar microinverter market in the country.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
5. Global Solar Microinverter Demand Analysis 2017-2021 and Forecast, 2022–2032
5.1. Historical Market Volume (MW) Analysis, 2017-2021
5.2. Current and Future Market Volume (MW) Projections, 2022–2032
5.3. Y-o-Y Growth Trend Analysis
Explore FMI's Extensive Ongoing Coverage on Industrial Automation Domain
Solar Shading Systems Market Trends: Global solar shading system market is projected to record a steady 3% CAGR through 2027. The solar shading system market was valued at US$ 3,672.6 Mn in 2017 and is expected to reach US$ 3,931.3 Mn by 2027-end.
Solar Panels Market Overview: Solar panel refers to a panel designed to absorb the sun's rays as a source of energy to generating electricity and heating. It reduces the amount of electricity coming from fossil fuels by supplying your operations with clean, renewable energy from the sun.
Solar Inverter Market Volume: The global solar inverter market is forecast to grow year-on-year by 5.0% in 2022, reaching a valuation of about US$ 11 Bn in 2022. Increasing adoption of renewable energy sources for residential and commercial spaces is expected to fuel solar inverter sales at a 6% CAGR over the forecast period.
Solar Panel Mounting Structures Market: Solar panel mounting structures are used to mount solar panels on the surfaces safely and protect the solar panel from the damage. Solar panel mounting structures are placed in such a way that, solar panel may get maximum inclination angle on the solar panel surface to absorb maximum amount of energy from the sun.
Microturbines Market Analysis: During the projected period, the global microturbines market is expected to rise at a healthy CAGR of 10.8%. Waste heat recovery can be accomplished with over 80% of the efficiency level, with microturbines. With increasing energy consumption across the globe.
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SOURCE Future Markets Insights
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