Dublin, June 3, 2024 (GLOBE NEWSWIRE) — “Global microinverter market by product, communication technology (wired, wireless), type (single-phase, three-phase), power rating (up to 250 W, 250 to 500) segmentation. The “Connection Type, Sales Channels, Applications – Forecast to 2029″ report has been added to ResearchAndMarkets.com’s offering. The global microinverter market is valued at US$4.9 billion in 2024 and is expected to reach US$14.5 billion by 2024. During the forecast period, it is expected to grow at a CAGR of 24.1% in 2029. Declining solar system costs and rising electricity prices due to technological advantages over conventional inverters are driving the growth of the single-phase inverter market. Forecast Period The single-phase segment is expected to grow at the highest CAGR in the microinverter market. Single-phase microinverters are compact and ideal for residential and commercial applications, and are especially effective in residential power transmission. introduction of single-phase microinverters in countries such as the USA, Australia and the European Union. In addition, major industry players such as Enphase Energy and Altenergy Power Systems offer a range of single-phase microinverter options to meet growing needs. The microinverter market is dominated by the 250 to 500 W power rating segment. This wattage range has proven to be particularly suitable for residential installations and small to medium sized commercial installations, given that many residential solar panels fall into this wattage range. Inverters are considered ideal for home solar systems. In addition, they can effectively support the power output of mid-sized commercial installations, greatly facilitating the use of microinverters ranging from 250W to 500W. Growth is expected. dominate the microinverter market in North America. Significant growth in solar installations in the United States, driven by several factors: government incentives, falling solar panel prices, and increased environmental awareness. As solar installations expand, demand for microinverters is growing, especially in residential applications. and small commercial applications, there has also been significant growth in the use of microinverters in residential applications due to the benefits of custom panel optimization, scalability and ease of installation. These factors together serve as key drivers for increasing the use of residential microinverters. The report provides information on:
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Post time: Jun-12-2024