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Micro-inverters provide several technological benefits over other types of solar micro inverter, such as string and central, unlike conventional inverters, which are installed separately from the solar array. These micro-grid-tie inverters are capable of operating and monitoring multiple solar panels simultaneously. In addition, micro inverters are installed beneath each solar panel and regular power flow even when one or more of their panels are shaded; this has improved micro inverter appeal among end-users.
With an estimated CAGR of 9.6% during the projected period, the micro inverter market share is expected to reach US$ 4.36 Billion by 2032 from US$ 1.55 Bn in 2021, finds a recent report published by FMI. Furthermore, the study finds that the rising demand for solar micro inverters technology proportionately reflects the adoption of micro inverters in emerging nations.
As a result, micro inverters are frequently used in conjunction with solar panels. COVID-19 has influenced not just the business sector but also the entire economy. Economic activity is projected to continue to decline due to a growing number of nations implementing and prolonging lockdowns, which will have a negative influence on the global economy.
Additionally, COVID-19 is likely to negatively influence the micro-inverter industry because of the drop in demand for electricity from commercial applications. Power generation has been curtailed in nations affected by COVID-19 due to lockdowns. This is because business end-user demand for electricity has decreased in these nations.
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While home power demand has grown due to lockdowns, business and industrial end-users continue to consume the majority of electricity. In addition, due to the ongoing epidemic, some solar facilities in these nations have suspended energy production, which is projected to diminish the demand for micro inverters over the next several years.
“The major firms are focused on sustaining product quality to considerably grow their competitive market share. Significant players in North America, APAC, and Europe are focusing their efforts on reducing hazardous emissions through product development. Globally, major micro inverter manufacturers are increasingly pursuing strategic collaborations, joint ventures, acquisitions, and partnerships to maintain a competitive edge in the market.”—opines an FMI analyst.
Micro inverter players have strengthened their offers in the market through various organic and inorganic growth tactics, including product development, partnerships, agreements, and collaborations.
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Among the key players are Enphase Energy (the United States), Altenergy Power System (the United States), Darfon Electronics (Taiwan), ReneSola (China), AEconversion (Germany), and Silicon Power (the United States). The research offers a comprehensive competition analysis of these micro inverter market leaders, including their company profiles, recent developments, and important market strategies.
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1.3. Key Market Characteristics & Attributes
3. Market Risks and Trends Assessment
3.2. Key Trends Impacting the Market
3.3. Formulation and Product Development Trends
4. Market Background and Foundation Data Points
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