According to the report, the PV Micro Inverters Market expected to reach US$990.3 mn by the end of 2022.
Albany, NY -- (SBWIRE) -- 10/11/2017 -- With the rising demand for off-grid electricity, the global market for PV microinverters is witnessing a tremendous rise. Analysts have studied that the rise in micro inverters market share, especially in the overall photovoltaic (PV) inverter market can be attributed to improved efficiency and higher power output. Over the coming years, the rising installations of PVs, growing preference for integrated products, and the escalating number of AC Modules are projected to fuel the demand for PV micro inverters across the world, finds a new study added to the mega-repository of Market Research Hub (MRH). The research study is titled as "PV Micro Inverters Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022", which presents a detailed analysis and forecast of the global PV micro inverters market, highlighting especially on its regional performance. Regionally, the market is divided into Europe, North America, Asia Pacific excluding Japan (APEJ), the Middle East and Africa (MEA), and Japan.
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As the world's energy needs increase, the search for alternative ways of powering in homes and vehicles becomes more critical. In this scenario, solar electricity is identified as a great alternative. Presently, micro inverter is an emerging solar inverter technology used to convert direct current (DC) electricity generated by solar panels into alternating current (AC). A Photovoltaic (PV) system that uses micro inverters is the newest method to produce solar electricity.
In the first part, the research comprises an executive summary along with market snapshot providing information about various major segments. Moreover, the geographical segregation of the report presents current market scenario along with dynamics of PV micro inverters market in above-mentioned regions have been taken into consideration for the estimation of the future growth of this market. As per the analyst's finding, by 2017 end, the worldwide market for PV micro inverters is expected to attain a value of US$489.1 mn. Further, the opportunity in this market is anticipated to rise at a noteworthy CAGR of 15.20% between 2017 and 2022 and reach US$990.3 mn by the end of 2022. In terms of geography, the research identifies that North America has been leading this market over the last few years and is predicted to continue it further at a CAGR of 15% between 2017 and 2022.
Moving further, the report broadly classifies the PV micro inverter market on the basis of type, end-user and power class. Additionally, a detailed qualitative analysis of drivers and restraints of the market and opportunities has also been provided. PV micro inverters find a widespread application in the residential, commercial, and the utility sectors. Of these, the rising preference for highly efficient systems for constant power in residential setups has encouraged consumers to shift from conventional inverters to PV micro inverters, which consequently boosting this segment growth. On the other hand, key types of PV micro inverters available across the world include standalone systems and integrated systems.
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Later, key market players have been profiled in terms of attributes such as company overview, financial overview, business strategies and recent developments. At present, Schenzhen Kstar Science & Technology Co. Ltd., General Electric, Sungrow Power Supply Co. Ltd., SMA Solar Technology AG, TMEIC, ABB Ltd., TBEA SunOasis Co. Ltd., Enphase Energy Inc., SunPower Corp. and Darfon Electronics Corp. are some of the key companies in the global PV micro inverters market.
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