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Microinverter Market worth over $3bn by 2028
- Published Date: February 21, 2022
Microinverter Market is set to exceed USD 3 billion by 2028, according to a new research report by Global Market Insights Inc.
A microinverter is a compact device that changes a direct current output to an alternating current, which is supplied by photovoltaic panels. Frequent power outages combined with new product innovations across countries will boost the industry landscape.
Increasing applicability across residential-scale solar operations will fuel the deployment of single-phase microinverters
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The single phase microinverters will observe substantial demand in the coming years, due to compliant product specifications coupled with applications in the small-scale commercial or residential sectors. Rising technological progress to improve solar systems along with the rising population across emerging countries will augment the market revenue. For instance, in September 2021, APsystems launched its new single-phase inverter DS3 series, consisting of a dual-module type with a potential output voltage of 960V. This product is applicable for residential and commercial solar applications, offering a 97% efficiency rating, faster communication & remote upgradability.
Browse key industry insights spread across 300 pages with 447 market data tables & 26 figures & charts from the report, “Microinverter Market Size By Phase (Single Phase, Three Phase), By Connectivity (Standalone, On Grid), By Application (Residential, Commercial), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2028” in detail along with the table of contents:
Increasing renewable energy concerns in commercial applications along with emerging federal investments will cater to product penetration
Growing energy security and environmental regulations on solar installation combined with the mounting operations of renewable energy production will drive the potential of the microinverters in the commercial landscape. Surging investments to adequately accomplish power distribution, followed by the growing operations of clean energy sources will sway the market growth. For instance, in June 2021, Yotta Energy, a storage system manufacturer in the U.S., launched a new microinverter, which is ideal for commercial rooftop systems with an efficiency of 96.5% along with MPPT efficiency of 99.5%. Moreover, it can be used with or without a battery, thus making it multipurpose.
Environmental compatibility coupled with better voltage output across North America
The North America microinverter industry size is anticipated to reach USD 660 Million by 2028, as producers operating across the solar industry are continuously concentrating on attaining environmental compatibility. Enhanced power output combined with product optimization, which in turn, will further stimulate the market outlook. For instance, in September 2021, U.S. manufacturer, Generac Power Systems launched its new product line, PWRmicros, which offers a simple installation process for the residential, commercial & industrial sectors. The series provides both single & dual modules and will be available globally by early 2022.
Key microinverter manufacturers across the world include Enphase Energy, Renesola, Siemens, Canadian Solar, SolarEdge Technologies, Inc., Northern Electric Power Technology Inc., Sensata Technologies, Inc., Chilicon Power, LLC, AEconversion GmbH & Co., KG, Sparq Systems, Zhejiang Envertech Corporation Limited, and Fimer Group.