The solar microinverter market is set to grow at a 14% CAGR from 2021-2026, driven by increased efficiency, government support, and rising solar installations.
As per the latest report by IMARC Group, titled “Solar Microinverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global solar microinverter market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the global solar microinverter market to grow at a CAGR of around 14% during 2021-2026. A solar microinverter is an electronic device that converts direct current (DC) into alternating current (AC). It is primarily used in photovoltaic (PV) cells for altering the current waveform. It can maximize the power from solar panels and maintain a consistent flow of energy by utilizing the maximum power point tracking (MPPT) technology. In recent years, the demand for solar microinverter has increased as it is highly efficient compared to its conventional counterparts.
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Global Solar Microinverter Market Trends:
The rising deployment of solar microgrids, and the escalating energy demand from commercial and industrial sectors represent the primary factors driving the global solar microinverter market. Additionally, a significant rise in residential rooftop solar installations and the increasing popularity of building-integrated photovoltaics (BIPV) are other growth-inducing factors. Furthermore, several initiatives undertaken by regional governments encouraging the use of renewable energy, along with a substantial reduction in product prices, have propelled the market growth. Other factors, including the growing environmental concerns, extensive research and development (R&D) activities, numerous product innovations and rapid urbanization, are also anticipated to provide a positive market outlook.
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Key Market Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
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Key highlights of the Report:
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The article discusses the growth and trends in the solar microinverter market from 2021 to 2026.
Efficiency over conventional inverters, government initiatives, and reduced product prices are key drivers.
The market is expected to grow at a CAGR of around 14% during 2021-2026.
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