Dublin, Jan. 13, 2021 (GLOBE NEWSWIRE) -- The “Global Solar Microinverter Market, By Type (Single Phase and Three Phase), By Connectivity (Integrated, Standalone), By Application (Residential, Commercial, PV Power Plant), By Sales Channel (Direct and Indirect), By Region, Forecast & Opportunities, 2026“ report has been added to ResearchAndMarkets.com's offering.
The Global Solar Microinverter Market was valued USD 1166.24 Million in 2019 and is projected to grow at double-digit CAGR of 24.32% to reach USD 2934.86 Million by 2025. The Global Solar Microinverter Market is driven by ongoing advancements in research and development of solar micro inverters. In addition to this, rapid increase in renewable energy investment is positively impacting the growth of the market during the forecast period. Furthermore, growing requirement for renewable and clean sources of energy to decrease dependency on fossil fuels is expected to bolster the growth of the market over the next few years.
The Global Solar Microinverter Market is segmented based on type, connectivity, application, sales channel, company, and region. Based on type, the market can be categorized into single phase and three phase. Out of these, the single phase segment dominated the market in 2019 with share of 79.87% and is expected to hold the largest share in the market, during the forecast period. This can be attributed to the fact that single-phase technology allows the system to have a compact size that is well suitable for residential and commercial applications.
Regionally, North America dominated the market until 2019 on account of high number of solar micro-inverter installations in the region, predominantly in US and Canada, which is contributing to dominating position of the region in the market.
Major players operating in the Global Solar Microinverter Market include SMA Solar Technology AG, Darfon Electronics Corp., ABB Ltd., Altenergy Power System Inc., Enphase Energy Inc, SolarEdge Technologies, Inc., SunPower ...
Full story available on Benzinga.com