The Micro Inverter Market Size was estimated to be worth USD 2.5 billion in 2020 and is anticipated to rise to USD 6.5 billion by 2025, at a CAGR of 20.8%. The main drivers of this market's expansion are the rising demand for micro-inverter solutions in residential applications, increased awareness of their inherent advantages, such as remote monitoring capabilities, rise in renewable energy investment, and government programmes that promote the use of renewable energy.

The micro-inverter market in 2020 was dominated by single-phase inverters.

Compact and ideal for both home and commercial uses are single-phase micro-inverters. The residential market uses single-phase systems for power transmission. The US, Australia, and Europe all use single-phase micro-inverters for residential purposes. Additionally, the majority of micro-inverter producers worldwide offer single-phase micro-inverters. Due to all of these characteristics, single-phase micro-inverters currently dominate the market, and this trend is expected to continue in the years to come.

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The micro-inverter market is anticipated to have the highest size in residential applications by 2020.

The majority of uses for micro-inverters are in residential settings. Over the past few years, residential solar rooftop PV installations have grown significantly. Rising energy prices and pro-consumption government policies around the world have prompted an increase in the use of energy-saving techniques to reduce energy use in residential applications. Micro-inverters have been largely embraced over conventional inverters in nations including the US, Australia, and the Netherlands, which are among the major markets for residential rooftop PV installations. Additionally, the home solar business is currently expanding significantly in nations like India, Mexico, the UK, and Brazil. These elements are anticipated to significantly increase the demand for micro-inverters.

From 2020 to 2025, North America is anticipated to have the largest micro-inverter market.

The expansion of the micro-inverter market in the area can be linked to the high number of micro-inverter installations in the area, mostly in the US and Canada. The US was the first nation to widely embrace micro-inverter technology, particularly for domestic uses. The fact that many businesses in this region, including Enphase Energy, Altenergy Power System, Chilicon Power, and Sensata Technologies, offer products based on micro-inverter technology also contributes to the expansion of the micro-inverter market in North America. Additionally, a number of domestic and foreign manufacturers are being encouraged to expand their micro-inverter product lines by favourable economic conditions, the expanding solar PV market, as well as favourable regulatory policies supporting solar electricity generation in the residential sector in the US and other countries in the region.

Enphase Energy (US), Altenergy Power System (US), Darfon Electronics (Taiwan), ReneSola (China), AEconversion (Germany), and Chilicon Power (US) are a few of the major companies active in the micro-inverter business.

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