Global micro-inverter market forecast report 2024-2029, with case studies of vine fresh produce ltd, enphase energy, hoymiles, haleakala solar and pivot energy

Dublin, june 03, 2024 (globe newswire) -- the "global micro-inverter market by offering, communication technology (wired, wireless), type (single phase, three phase), power rating (below 250 w, between 250 & 500 w, above 500 w), connection type, sales channel, application - forecast to 2029" report has been added to researchandmarkets.com's offering. the global micro-inverter market was valued at usd 4.9 billion in 2024 and is estimated to reach usd 14.5 billion by 2029, registering a cagr of 24.1% during the forecast period. reduced costs of solar energy systems, technical advantages over conventional inverter, and increasing energy prices. these trends are leading to the growth of the micro-inverter market. single phase is expected to grow at the highest cagr during the forecast period single phase segment is growing at the highest cagr in the micro-inverter market. compact and well-suited for residential and commercial applications, single-phase micro-inverters are particularly effective in electricity transmission within the residential segment. notably, countries like the united states, australia, and the european union are increasingly embracing the adoption of single-phase micro-inverters. additionally, key industry players such as enphase energy and altenergy power systems provide a range of single-phase micro-inverter options to cater to the growing demand in the market. power rating between 250 and 500 w segment is dominating the micro-inverter market the power rating between 250 and 500 w segment is dominating the micro-inverter market. this power range proves particularly well-suited for residential installations and small to medium-sized commercial setups. given that many solar panels intended for residential use fall within this power rating category, micro-inverters in this segment are considered ideal for home solar systems. moreover, they efficiently support the power outputs of moderately sized commercial installations. the diverse applications within this power rating range contribute significantly to micro-inverters' growth between 250w and 500w. the us is projected to dominate the north american region for the micro-inverter market the us has experienced significant growth in solar installations, driven by a combination of government incentives, falling solar panel prices, and increasing environmental awareness. as solar installations expand, the demand for microinverters, especially in residential and small commercial applications, has risen. moreover, the residential solar market in the us has seen substantial growth. microinverters are particularly well-suited for residential installations because they offer individual panel optimization, scalability, and ease of installation benefits. these factors collectively serve as pivotal drivers for the expansion of the micro-inverter market within the country. the report provides insights on the following:
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