Micro Inverter Market to Reach $2.7 Billion by 2022, Globally-Allied Market Research

PORTLAND, Oregon, October 19, 2016 /PRNewswire/ --

A new report published by Allied Market Research, titled, "Micro Inverter Market by Type, Connection and End User-Global Opportunity Analysis and Industry Forecast, 2014-2022," projects that the world micro inverter market would reach $2.7 billion by 2022. In 2014, North America dominated the market and contributed about 45% share of the overall market revenue, followed by Europe. The presence of key market players in the U.S. and rising micro inverter installation activities, primarily in residential sector, have fueled the market growth.

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Summary of the Micro Inverter Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/micro-inverter-market

Swift rise in demand for greater efficiency of solar energy systems and increased application of micro inverters in residential sector, as it is more cost-effective and space efficient, as compared to central and string inverters drives the market growth. However, high initial investment and tough maintenance could restrict the market growth. Moreover, it is anticipated that the rise in electricity demand coupled with increase in government spending & tariffs on photovoltaic technology would spur the global market growth.

The residential segment accounted for about 77% of the overall micro inverter market in 2014. Highest installation of micro inverters in residential photovoltaic systems led this segment to dominate the overall micro inverter market. However, commercial end user segment would grow significantly and is expected to register a CAGR of 30.3% during the forecast period. This is due to the increase in installation of micro inverters in commercial PV systems worldwide as many renowned companies are launching advanced technology products. Moreover, North America has contributed significantly in the residential sector.

Among various geographical regions, North America has contributed the maximum revenue share in 2014 and is expected to maintain its leading position throughout the forecast period. This could be attributed to varied factors including increase in the electricity demand due to rising population, and increased government initiatives. Moreover, improvement in renewable energy expenditure has boosted the installation of residential micro inverters in Asian countries, particularly in China, Japan, and India.