Energy & Green Renewable Technology Market News

Report explores the micro inverter market revenue that will reach $4.3 billion by 2024

Energy Market Research

Micro-inverters are usually installed on every individual panel in a solar energy system. They convert DC electricity from the solar panels into AC electricity, without any requirement of the separate central inverter. Micro inverters are renowned to produce more energy as compared to other solar inverters such as central inverters and string inverters and tend to have longer lives because they are not exposed to high power and heat loads. Micro inverters typically come with a warranty of 20-25 years, which might act as a driving agent for the market growth.

As per the report "Micro Inverter Market Make an Inquiry about this news by Type (Single Phase, Three Phase and Others), By Connection (Stand-Alone,Grid-Connected), Industry trends, estimation & forecast, 2016 - 2024",the global micro inverter market was valued at $635 million in 2016, and is projected to reach $4.3 billion by 2024, growing at a CAGR of 27.3% from 2017 to 2024. In 2016, the single phase micro inverter segment generated the highest revenue share in the global micro inverter market.

Among major regions, North American micro inverter market was the highest revenue generating market valued at $282 million in 2016.

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Single phase micro inverter segment lead the global micro inverter market in 2016 growing at a CAGR of 26.2% during the forecast period

The single phase micro inverter segment is dominated by single-phase micro inverters due to its wider application in residential end-user segment as compared to three-phase micro inverters.