Micro inverter market is anticipated to grow at a considerable CAGR of 19.5% during the forecast period. A solar micro inverter, or simply micro inverter, is a plug-and-play device used in photovoltaics, that converts direct current (DC) generated by a single solar module to alternating current (AC). The growing demand for clean energy and increased energy prices has propelled the adoption of solar energy. The growing demand for micro inverter in solar panels owing to its increased sales is a key factor driving the growth of the global micro-inverter market. Ongoing R&D activities to make advancement in micro inverters and considerable reductions in the costs of micro inverters are aiding to the market development. The market has received a considerable boost owing to its compact size and versatility. Additionally, the increasing requirement of consumers, based on modularity, safety, and maximum energy harvest are likely to promote the market growth during the forecast period.
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The global micro inverter market is segmented based on type, communication technology, sales channel, and application. Based on type, the market is sub-segmented into single phase and three phase. Based on the communication technology, the market is sub-segmented into wired and wireless. Based on sales channel, the market is sub-segmented into direct and indirect. Based on the application, the market is sub-segmented into residential, commercial, and industrial (PV Power Plant). Residential segment is anticipated to considerable growth in the global market based on application during the forecast period. The growing adoption of residential solar panels owing to favorable government policies is a major factor driving the growth of this market segment.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Micro Inverter Market Report Segment
By Type
- Single Phase
- Three-Phase
By Communication Technology
- Wired
- Wireless
By Sales Channel
- Direct
- Indirect
By Application
- Residential
- Commercial
- Industrial (PV Power Plant)
Global Micro Inverter Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global micro inverter market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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