Global Micro Inverter Market Projected to reach USD 4.33 billion by 2024
Global Micro Inverter Market Trends, Estimation and Forecast | 2024
(EMAILWIRE.COM, February 07, 2018 ) Micro Inverter Market was valued at $635 million in 2016 and is projected to reach $4.33 billion by 2024, having a CAGR of 27.3% during the forecast period of 2017 to 2024.In 2016, the single phase micro inverter segment generated the highest revenue share in the global micro inverter market.
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A micro-inverter, also called as solar micro inverter is a device used in photovoltaic that is capable enough of converting direct current (DC) generated by a single solar module to alternating current (AC). The output from several micro inverters is combined and often fed to the electrical grid. Inverters also enable us to switch off all electrical current in the case of a blackout or if repair is needed. This is of course also useful for maintenance, troubleshooting and system upgrade as well. Micro-inverters optimizes for each solar panel alone, not for your entire solar system, as central inverters do. This enables every solar panel to perform at their maximum potential.
Market Dynamics
Factors such as growing awareness regarding the use of renewable energy sources, improved efficiency and optimal performance are driving the growth of the micro inverter market. Micro inverters comparatively generate more power output in comparison to conventional systems. Moreover, continuous R&D efforts taken up by manufacturers in refining the micro inverter technology and growing residential market and government subsidies are also pushing the industry growth. Rising affordability of energy storage devices creates ample opportunities for the market. However, high installation and tough maintenance techniques could limit the market growth. Government spending on renewable energy projects are expected to provide huge opportunities for the growth of market.
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Market Segmentation
The Global Micro Inverter Market is segmented on the basis of type, connection, end user, and geography. By type, the micro inverter market is categorized as single phase and three phase. On the basis of connection, the market is segmented as stand-alone and grid-connected micro inverters. On the basis of end-user the market is segmented as residential and commercial. Geographically, the market is segmented as North-America, Europe, Asia-Pacific and Rest of World. Out of major geographical regions, North American micro inverter market generated the highest revenue in 2016 and is expected to lead the market throughout
the forecast period.
Some major companies of the market are Enphase Energy, Inc., ABB Group, SunPower Corporation, SMA Solar Technology AG, Delta Energy Systems GmbH, SolarEdge Technologies Inc., ReneSola, Siemens AG, P&P Energy Technology Co., Limited, Involar
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MICRO INVERTER MARKET SEGMENTATION
By type
Single Phase
Three Phase
By Connection
Stand-Alone
Grid-Connected
By End User
Residential
Commercial
By Geography
North America
Europe
Asia-Pacific
Rest of World
KEY MARKET PLAYERS
Enphase Energy,Inc.
ABB Group
SunPower Corporation
SMA Solar Technology AG
Delta Energy Systems GmbH
SolarEdge Technologies Inc.
ReneSola
Siemens AG
P&P Energy Technology Co.Limited
Involar
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Research Cosmos is an aggregator of syndicated and bespoke market research, business intelligence and consulting services on gamut of sectors across the globe. Were associated with world renowned publishers who when combined, serve hundreds of fortune listed companies and publish wide range of insightful reports which cover nook and corner of every industry vertical.
Contact Us:
Kevin Stewart
Sales Manager
Research Cosmos
www.researchcosmos.com
kevin@researchcosmos.com
# +1 888 709 8757
Browse details of 125 pages research report developed on Global Micro Inverter Market @ https://www.researchcosmos.com/reports/global-micro-inverter-market-trends-estimation-and-forecast-2024/2088639329
A micro-inverter, also called as solar micro inverter is a device used in photovoltaic that is capable enough of converting direct current (DC) generated by a single solar module to alternating current (AC). The output from several micro inverters is combined and often fed to the electrical grid. Inverters also enable us to switch off all electrical current in the case of a blackout or if repair is needed. This is of course also useful for maintenance, troubleshooting and system upgrade as well. Micro-inverters optimizes for each solar panel alone, not for your entire solar system, as central inverters do. This enables every solar panel to perform at their maximum potential.
Market Dynamics
Factors such as growing awareness regarding the use of renewable energy sources, improved efficiency and optimal performance are driving the growth of the micro inverter market. Micro inverters comparatively generate more power output in comparison to conventional systems. Moreover, continuous R&D efforts taken up by manufacturers in refining the micro inverter technology and growing residential market and government subsidies are also pushing the industry growth. Rising affordability of energy storage devices creates ample opportunities for the market. However, high installation and tough maintenance techniques could limit the market growth. Government spending on renewable energy projects are expected to provide huge opportunities for the growth of market.
Avail Sample Market Brochure of the report for more information to evaluate report usefulness, Get a Copy @ https://www.researchcosmos.com/request/2088639329
Market Segmentation
The Global Micro Inverter Market is segmented on the basis of type, connection, end user, and geography. By type, the micro inverter market is categorized as single phase and three phase. On the basis of connection, the market is segmented as stand-alone and grid-connected micro inverters. On the basis of end-user the market is segmented as residential and commercial. Geographically, the market is segmented as North-America, Europe, Asia-Pacific and Rest of World. Out of major geographical regions, North American micro inverter market generated the highest revenue in 2016 and is expected to lead the market throughout
the forecast period.
Some major companies of the market are Enphase Energy, Inc., ABB Group, SunPower Corporation, SMA Solar Technology AG, Delta Energy Systems GmbH, SolarEdge Technologies Inc., ReneSola, Siemens AG, P&P Energy Technology Co., Limited, Involar
Got some questions, Inquire @ https://www.researchcosmos.com/inquire/2088639329
MICRO INVERTER MARKET SEGMENTATION
By type
Single Phase
Three Phase
By Connection
Stand-Alone
Grid-Connected
By End User
Residential
Commercial
By Geography
North America
Europe
Asia-Pacific
Rest of World
KEY MARKET PLAYERS
Enphase Energy,Inc.
ABB Group
SunPower Corporation
SMA Solar Technology AG
Delta Energy Systems GmbH
SolarEdge Technologies Inc.
ReneSola
Siemens AG
P&P Energy Technology Co.Limited
Involar
Need Customization, Discuss your requirement with our analyst @ https://www.researchcosmos.com/customization/2088639329
About Research Cosmos:
Research Cosmos is an aggregator of syndicated and bespoke market research, business intelligence and consulting services on gamut of sectors across the globe. Were associated with world renowned publishers who when combined, serve hundreds of fortune listed companies and publish wide range of insightful reports which cover nook and corner of every industry vertical.
Contact Us:
Kevin Stewart
Sales Manager
Research Cosmos
www.researchcosmos.com
kevin@researchcosmos.com
# +1 888 709 8757
Contact Information:
Research Cosmos
Kevin
Tel: +1 888 709 8757
Email us
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Research Cosmos
Kevin
Tel: +1 888 709 8757
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results