The global microinverter market is expected to grow at a rate of 9.6% over the next ten years, reaching nearly $4.36 billion by 2032, as investments in power generation technologies renewable energy are increasing and awareness of these increasingly technological benefits is also increasing.
NEWARK, Del, June 16, 2022 (GLOBE NEWSWIRE) — Future Market Insights has released a report titled “Microinverter market By Phase, Connectivity, Application, and Region: Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global microinverter industry generated US$1.59 billion in 2021 and is expected to generate US$4.36 billion by 2032. , witnessing a CAGR of 9.6% from 2022 to 2032.
The Phase segment to maintain its leading status during the forecast period
Based on type, the phase segment held the highest market share in 2020, contributing nearly three quarters of the global microinverter market, and is expected to maintain its leading status over the forecast period. This is due to the high penetration in the residential sector for its characteristics such as simplicity of design and flexibility. However, the three-phase segment is estimated to experience the highest CAGR of 23.8% from 2021 to 2030, due to the increase in the need for photovoltaic systems and installation in industries or commercial buildings with large load capacity. .
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The Residential segment to maintain its leading position throughout the forecast period
On an end-user basis, the residential segment contributed the highest market share in 2020, accounting for more than four-fifths of the global microinverter market, and is expected to maintain its leading position throughout the forecast period. This is attributed to the increase in adoption of microinverters in solar PV systems with an increase in energy efficiency issues and the start of government initiatives. However, the commercial segment is expected to show the fastest CAGR of 27.1% from 2021 to 2030, due to increasing adoption to reduce cost per watt of output and increase profitability.
Drivers, constraints and opportunities
Technical advantages over conventional solar inverters, design flexibility, and capabilities such as optimal power generation from solar panels are driving the growth of the global microinverter market. However, the high cost of installation and maintenance is restraining the growth of the market. On the contrary, the increase in the number of solar photovoltaic (PV) installations for different applications and the increase in the need for sustainable and clean energy to reduce greenhouse gas emissions present new opportunities in the coming years. .
Production facilities in the electronics and semiconductor sector have been completely or partially shut down due to the implementation of the lockdown, lack of available manpower and shortage of raw materials. This factor had a negative impact on microinverter production volumes.
Demand from end users such as individuals and businesses has decreased significantly due to the halt in new installation, deployment and maintenance activities during the lockdown. However, the demand increased steadily after the lockdown.
Market players have reassessed their strategies to ensure continuity and adopted rapid response strategies to stabilize the supply chain to dispose of raw materials and distribute products seamlessly.
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Asia-Pacific must maintain revenue dominance by 2030
Based on region, Asia-Pacific accounted for the highest market share by revenue in 2020, accounting for nearly half of the global microinverter market, and is expected to maintain its revenue dominance from by 2030. Moreover, this eastern region is expected to register the fastest CAGR of 21.9% during the forecast period. This is due to the increase in adoption of microinverters in solar power plants with rising crude oil prices as well as renewable energy portfolio standards (RPS) and feed-in tariffs provided by governments. . However, North America is estimated to witness steady growth over the forecast period.
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1.1. Global Market Outlook
1.2. Summary of statistics
1.3. Key Market Features and Attributes
1.4. MFI analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Assessment of risks and market trends
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