Solar Microinverter Market: Current Scenario and Forecast (2019-2025)

SAN DIEGO - Feb. 27, 2020 - PRLog -- Global Solar Microinverter market is anticipated to reach the market valuation of US$ 5,604.6 million by 2025 expanding at an astonishing CAGR of 28.4% in the course of the forecasted period (2019-2025) from US$ 977.5 million in 2018. Today, people are living in a world that is getting developed economically and socially, people's lifestyles have changed completely. With the evolving modern lifestyles, the urban population of the world has grown rapidly from 751 million in 1950 to 4.2 billion in 2018. Henceforth, it has significantly impacted the consumption patterns of the people across the globe. Extensive infrastructural development, real estate development, increasing preference for cost efficiency and energy efficiency, paired with falling prices of solar inverters has tremendously accelerated the demand for solar micro inverters across the globe. However, the high cost of installation and repairing has remained a huge challenge for the solar microinverter customer.

For Regional/country-wise analysis of the overall adoption and penetration of solar microinverters browse through - https://univdatos.com/report/solar-microinverter-market-current-scenario-and-forecast-2019-2025

Given the unstable market conditions generated on account of changing solar policies and various trade disputes, dynamic changes in prices and other uncertainties, the demand for solar PV has continued to increase and further around 100 GW of annual installations achieved in 2018. While in 2007, annual installations were just marked at 2 GW. Solar and other renewable sources continue to play a key role in decentralization as well as digitalization of the power system. Energy transition has become a prime agenda for nearly all the solar-based companies, government and institutions. Attracted by the growing opportunity and attractive returns, paired with pressure to increase the total energy generation from renewable sources, have influenced the companies to invest in the renewables industry. Solar energy is increasingly becoming competitive in contrast to other conventional sources of power generation. For instance, the industrial plan of the main Italian energy provider envisages investments in plants and machinery for the production of renewable energy is over Euro 8.3 billion in the three-year period 2018-2020. To add on, developing countries and large electric operators have also made significant investment plans for the next 15 years. It has been anticipated that world energy demand would grow by 58% by 2040 or 2% annually, and renewable sources are expected to represent approximately 72% of global total investments in the period, amounting to US$ 7.2 trillion, while 50% of which are expected to be used to install photovoltaic systems.