2028 global PV inverter market will reach $0.6328 billion

Research shows that the global photovoltaic micro-inverter market size of $0.2707 billion in 2022 is expected to reach $0.6328 billion by 2028, is expected to grow significantly. This expected expansion reflects a 15% compound annual growth rate (CAGR) for this market from 2023 to 2028.

Photovoltaic micro-inverter is an electronic device used by photovoltaic cells to convert current waveforms and plays an important role in parallel circuits. Its main function is to convert direct current into alternating current. The photovoltaic system consists of multiple photovoltaic modules, each of which is equipped with a micro-inverter. These devices have the ability to isolate and convert power and convert to grid voltage.

Compared with traditional series converters, photovoltaic micro-inverters have several advantages: for example, some photovoltaic modules are blocked from sunlight for some reasons but still maintain a consistent current, which can improve design flexibility, increase the power generation efficiency of photovoltaic modules through maximum power point tracking (MPPT) technology, and reduce the risk of fire.

The growth of the PV micro-inverter market is supported by various factors, including:

● Increase in PV microgrid deployment: The increase in PV microgrid deployment is an important driver of market growth.

Commercial and industrial energy demand: Growing energy demand in the commercial and industrial sectors is contributing to market expansion.

Install more residential rooftop PV systems: The growing popularity of residential rooftop PV is driving market demand.

Building Integrated Photovoltaic (BIPV): Building Integrated Photovoltaic (BIPV) technology allows photovoltaic systems to be integrated into building materials as a supplementary source of electricity.

Safety and efficiency: PV micro-inverters play a key role in maintaining safe temperatures and providing fire protection for buildings.

Remote monitoring and government initiatives: The demand for remote monitoring capabilities, ongoing research and development (R & D) activities, and government initiatives to promote renewable energy adoption further drive the market growth.

The report provides insights into various market segments:

● Connectivity: divided into independent connection and grid connection.

Components: including hardware and software.

● Communication channels: divided into wired and wireless.

● Type: divided into single-phase and three-phase.

● Application scope: including residential, commercial and other.

● Region: Mainly distributed in North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.