Micro PV inverter share

What is the global PV inverter market size?

The global PV inverter market size was estimated at USD 13.09 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 18.3% from 2024 to 2030.

Do micro-inverters work in PV power plants?

PV Power Plant: PV power plants are a relatively newer application segment for micro-inverters. It accounts for a smaller share than residential and commercial applications. The number of solar panels installed in a PV plant is huge, and it may not be convenient and cost-efficient to integrate micro-inverters for each panel.

What is the global micro inverter market value?

The global micro inverter market attained a value of USD 2,559.1 million in 2023. The market is projected to grow at a CAGR of 14.42% between 2024 and 2032 to reach USD 5,454.7 million by 2032.

What drives the micro inverter market?

Constant R&D activities and significant reductions in the costs of microinverters drive the micro inverter market. Furthermore, the market also receives a considerable boost due to its compact size and versatility.

What is the global solar microinverter market share in 2022?

Increasing demand from residential and commercial sectors By system type, the integrated system category is set to make up over 8% of the global solar microinverter market share in 2022. Residential and commercial sectors are witnessing significant growth in emerging countries, making microinverters a crucial component of solar energy systems.

How big is the solar microinverter market?

It is estimated that the USA will generate roughly 34.8% of the global solar microinverter market share during the projected timeframe. According to World Bank estimates, the global economy would increase by 3.2% in 2023, creating a sizable window of opportunity for the construction industry to thrive in different parts of the world.