GCC Solar Microinverter Market

Market Overview:

The GCC solar microinverter market size reached US$ 7.4 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.7 Million by 2028, exhibiting a growth rate (CAGR) of 16.3% during 2023-2028.

A solar microinverter is a device used in photovoltaics to convert the direct current (DC) generated by a single solar panel to alternating current (AC). It is attached to each solar panel and helps in changing the current separately. Unlike string and central inverters, which are primarily used with commercial and utility-sized solar power stations, the solar microinverter offers various benefits such as harvesting optimum power by using Maximum Power Point Tracking (MPPT) technology and simplifying stock management.

The GCC solar microinverter market is primarily driven by the increasing adoption of renewable energy resources like solar power for residential, commercial, and industrial use. The presence of high-capacity solar power plants in countries like the UAE and Saudi Arabia has also increased the demand for efficient solar microinverters in the region. Along with this, there have been rising investments in the development of cleaner and sustainable energy infrastructure, which is contributing to the market growth. Additionally, governments of various GCC countries are providing immense support in the form of initiatives, such as tax rebates and subsidies, thereby increasing the sales of the product. Furthermore, the ever-increasing penetration of international players and the growing mergers and acquisitions amongst companies have led to the introduction of advanced products in the region.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the GCC solar microinverter market report, along with forecasts at the regional and country levels from 2023-2028. Our report has categorized the market based on connectivity, component, communication channel, type and application.

Breakup by Connectivity:

• Standalone
• On-Grid
   

Breakup by Component:

• Hardware
• Software
   

Breakup by Communication Channel:

• Wired
• Wireless
   

Breakup by Type:

• Single Phase
• Three Phase
   

Breakup by Application:

• Residential
• Commercial
• Others
   

Breakup by Country:

• Saudi Arabia
• UAE
• Qatar
• Oman
• Kuwait
• Bahrain
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage:

Key Questions Answered in This Report:

• How has the GCC solar microinverter market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the GCC solar microinverter market?
• What are the key regional markets?
• What is the breakup of the market based on the connectivity?
• What is the breakup of the market based on the component?
• What is the breakup of the market based on the communication channel?
• What is the breakup of the market based on the type?
• What is the breakup of the market based on the application?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the GCC solar microinverter market and who are the key players?
• What is the degree of competition in the industry?