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Standalone Micro Inverter Market Size
- Report ID: GMI8032
- Published Date: Feb 2024
- Report Format: PDF
Standalone Micro Inverter Market Size
Standalone Micro Inverter Market was valued at more than USD 700 million in 2023 and is anticipated to grow over 15.2% CAGR between 2024 and 2032. A micro inverter is a device used in solar photovoltaic (PV) systems to convert the direct current (DC) generated by individual solar panels into alternating current (AC) for immediate use or feeding into the electrical grid. These are typically installed on a per-panel basis. Each micro inverter works independently, optimizing the performance of each solar panel and providing flexibility in system design.
Growing requirement for energy independence and self-sufficiency among consumers and businesses coupled with expanding solar industry across the residential sector will drive the market growth. The homeowners seeking optimal energy production from the limited rooftop space and those who are dealing with shading challenges will increase the product penetration.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Standalone Micro Inverter Market Size in 2023: | USD 700 Million |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 15.2% |
| 2032 Value Projection: | USD 2.7 Billion |
| Historical Data for: | 2019 - 2022 |
| No. of Pages: | 150 |
| Tables, Charts & Figures: | 500 |
| Segments covered: | Phase, Application and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Frequently Asked Questions (FAQ) :
Standalone Micro Inverter Market Scope
