The "Solar Microinverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The global solar microinverter market reached a value of US$ 230 Million in 2018. Looking forward, the market is anticipated to reach a value of US$ 2.37 Billion by 2024, registering a CAGR of around 25% during 2019-2024.
The market is driven by the increasing deployment of solar microgrids, along with the rising energy demand across both the commercial and industrial sectors. The increase in residential solar rooftop installations is also acting as another major growth-inducing factor.
Additionally, the increasing utilization of Building-Integrated Photovoltaics (BIPV) is also augmenting the growth of the market. The BIPV is the integration of PV power generators into the building envelope materials that act as an ancillary or principal source of electrical power. Microinverters assist in maintaining the ambient temperatures while protecting the building against various fire hazards.
Moreover, factors including growing product demand owing to its remote monitoring capabilities, increasing research and development (R&D) activities and the implementation of government initiatives to promote the use of renewable energy is further driving the growth of the market.
The report has also analysed the competitive landscape of the market with some of the key players being ABB, Chilicon Power, Enphase Energy, APsystems, SunPower, Darfon Electronics Corporation, Delta Energy Systems, Siemens, Alencon Systems, Renesola, Omnik New Energy, Enluxsolar, Sungrow, Sensata Technologies, etc.