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(IT-NEWSWIRE.COM, August 14, 2019 ) According to the new market research report "Micro-Inverter Market by Component (Hardware, Software, and Services), Type (Single Phase and Three Phase), Communication Technology, Sales Channel, Application (Residential, Commercial, and PV Power Plant), and Geography - Global Forecast to 2023", The global micro-inverter market was valued at USD 2.4 billion in 2018 and is projected to reach USD 5.9 billion by 2023, at a CAGR of 19.3% from 2018 to 2023.
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The residential segment is among the major applications and early adopters of micro-inverters. The micro-inverter market witnesses the highest demand from this sector. Residential solar rooftop installation has witnessed significant growth over the years across the world. Rising energy cost, coupled with supportive government policies, has led to the adoption of energy conservation measures to control the increased energy expenditure. Residential systems with solar and energy storage help end users during grid power outages and achieve energy independence, as well as avoid rising energy costs. Also, the construction industry addresses the increasing power consumption in a building by constructing zero energy buildings, wherein the building consumes only the equal amount of energy that it generates over a period. For countries such as Australia, which is the only fully developed solar market, is almost completely dominated by residential rooftop systems, with rooftop solar installations over 1.6 million homes; whereas in India, which is a rapidly growing solar market, the residential solar rooftop solar industry has surpassed the 1 GW mark, with 513 MW of capacity addition in 2016. This further drives the demand for micro-inverter systems in the residential sector.
North America held the largest size of the micro-inverter market in 2017. The high number of micro-inverter installations in the region, mainly in the US and Canada, attributes to the dominating position of the region in the market. The US was the first country in terms of wide-scale adoption of micro-inverter technology, especially for residential applications. APAC is expected to grow at the highest CAGR during the forecast period. Currently, many countries such as China, Japan, India, and Australia are striving to boost their solar PV installation capacity through advanced solar PV systems that could, in turn, enhance electric stability. APAC has several operational micro-inverter installations for residential, commercial, and PV power plant applications.
Browse and in-depth TOC on "Micro-Inverter Market"
62 - Tables
57 - Figures
171 - Pages
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Recently, though the micro-inverter has emerged as a potential technology that provides reliable and safe transmission of electricity from solar panels to end applications, it also encompasses a few drawbacks that hamper its market growth. Though micro-inverters have several advantages over conventional central and string inverter systems, one of the major factors restraining the market is the cost incurred during installation and maintenance. Micro-inverters are a premium product and are available at a premium price. A micro-inverter system basically includes one micro-inverter per module, communication gateway, costly AC trunk cables, and custom tools. Also, in the event of a problem, a technician needs to get on the roof and remove the entire solar panel to access the unit. These are among the factors restraining end users from adopting the technology.
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Enphase Energy (US), Altenergy Power System (US), Chilicon Power (US), SunPower (China), Siemens (Germany), Envertech (China) ReneSola (US), Darfon Electronics (China), and AEconversion (Germany) are the major players operating in this market.
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