Solar Micro Inverters Market to Cross $ 880 Million by 2024
Increasing
power demand and favorable government initiatives to drive global solar micro
inverters market growth through 2024
According to a report
published by TechSci Research on Global Solar Micro Inverters Market By Connectivity, By Application, By Region, By Company, Competition,
Forecast & Opportunities, 2014-2024, the global solar micro inverters
market is projected to reach $ 886 million by 2024, on the back of persistent
advances in R&D of solar micro inverters and substantial reduction in costs
of solar micro inverters. Increasing installation of photovoltaic systems is another
major factor driving the growth of global solar micro inverters market.
Moreover, growing preference for fully integrated PV modules or AC modules is
anticipated to fuel the demand for solar micro inverters, globally, during the
forecast period.
By application, residential
sector accounted for the largest market share in 2018, capturing more than two-third
of the global solar micro inverters market in the reported year. Growing share
of solar micro inverters in residential sector can be majorly attributed to rising
adoption of energy conservation measures for controlling the increased energy
expenditure in residential applications. The commercial sector is also expected
to witness a double-digit CAGR in the global solar micro inverters market during
the forecast period, on account of declining prices of PV systems and rising
commercial-scale photovoltaic installations.
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In 2018, North
America dominated global solar micro inverters market, accounting for more than
half of the global market, backed by increasing demand for power and growing installation
of solar energy systems in the region. Among the North American countries, United
States accounted for the largest share in solar micro inverters market in 2018
and is anticipated to maintain its dominance in the region’s solar micro
inverters market during the forecast period as well.
“Global solar micro inverters
market is anticipated to witness growth in the coming years, on account of increasing
number of photovoltaic (PV) installations and growing need to improve overall
system efficiency and safety. Rising demand for solar micro inverters would
continue to be supported by increasing awareness about module-level power
electronics and declining prices of solar micro inverters.” said, Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Solar Micro Inverters Market By Connectivity, By Application, By
Region, By Company, Competition, Forecast & Opportunities, 2014-2024”
has evaluated the future growth potential of global solar micro inverters
market and provides statistics and information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global solar micro inverters
market.
About
TechSci Research
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700 global clients with more than 600 premium market research studies, TechSci
Research is serving clients across 11 different industrial verticals. TechSci
Research specializes in research-based consulting assignments in high growth
and emerging markets, leading technologies and niche applications. Our
workforce of more than 100 fulltime Analysts and Consultants employing
innovative research solutions and tracking global and country specific high
growth markets helps TechSci clients to lead rather than follow market trends.
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