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The microinverter market is projected to grow at a CAGR of 22.37% to reach US$8.027 billion by 2023, from $2.391 billion in 2017.
Microinverter is a device which converts direct current (DC) generated by solar cells to alternating current (AC). The demand for these inverters is increasing amongst the commercial sector on account of increasing electricity cost and longer installation duration of string inverters.
Increasing research and development expenditure coupled with improvement in collaboration activities to introduce state-of-the-art products in the market will further boost the demand for these inverters.
Geographically, North America and Europe held a significant market share owing to the early adoption of technology, rising installation of rooftop solar panels and long-term cost-effectiveness.
The Asia Pacific region will witness substantial growth throughout the forecast period on account of favourable government policies promoting the installation of solar panels across industry verticals.
Major industry players profiled as part of the report are Enphase Energy, Inc., Omnik New Energy Co., Ltd., Texas Instruments Incorporated, Microchip Technology, Inc., Altenergy Power System, Inc., STMicroelectronics, and Darfon Electronics Corporation among others.
