Global Micro Inverter Market Insights & Forecasts To 2025
Micro Inverter Market Insights
The Global Micro Inverter market is estimated to grow at a substantial rate during the forecast period. Microinverters are used to convert direct current electricity produced by solar panels to alternating current electricity. This emerging technology provides highly improved efficiency and power output as compared to string and central inverters. Factors driving the market for microinverters are various benefits of small-sized photovoltaic systems, fact growing residential market and encouragement by the government.
There has been a steady rise in government investment in renewable energy projects due to growing awareness about sustainable energy. Further, technological advancements in applications of microinverters are further expected to boost market growth. However, factors such as high capital investment, cost of installation and tough maintenance are expected to have a negative impact on the global market for microinverters.
Micro Inverter Market: Type Insights
The Micro Inverter market based on type can be classified as single-phase and three-phase. The single phase micro inverter segment is expected to hold the highest market share in terms of revenue during the forecast period. Three phase micro inverters provide additional befits especially in commercial applications but are not as cost-efficient as the single-phase inverters. However, the segment is likely to experience steady growth in the coming years as well.
Micro Inverter Market: Connection Type Insights
Based on the connection type, the micro inverter market is segmented into Stand-Alone and Grid-Connected. Grid-connected systems convert solar power directly into AC current. The benefit of grid-connected micro inverters is that it enables excess power generated to flow out, therefore optimizing cost. Grid-connected micro inverters do not require the use of expensive charge controllers and batteries. The grid-connected system segment is estimated to hold the highest market share due to cost and power benefits provided by them.
Micro Inverter Market: End-User Insights
The Micro Inverter Market based on end user is classified into residential and commercial usage. The residential usage segment is estimated to hold the major share in terms of revenue during the forecast period. This growth can be attributed to rising demand for solar power in homes, awareness about sustainable energy usage and cost-effectiveness of microinverters. The single phase grid connectors are used extensively in residential applications. Being less expensive and energy effective, the residential applications segment is expected to demonstrate a high growth rate. The commercial applications segment is expected to grow substantially as well.
Micro Inverter Market: Regional Insights
North America is expected to dominate the Global Micro Inverter market during the forecast period. This growth can be attributed to growing technological advancements and investment in renewable energy. Strong government support with respect to adoption of solar energy and investment in solar power projects is expected to further fuel market growth in North America. The Asia-Pacific market is estimated to hold the second largest market share, with growing opportunities for energy technology in the region. Growing dominance of manufacturing sector and residential projects is likely to boost market demand for microinverters in the region.
Micro Inverter Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase Micro Inverter over the coming years. Some leading consumers of this market are Glencore, Sinopec and Peugeot among others.
Micro Inverter Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Micro Inverter Market Share & Competitor Analysis
The major players operating in the micro inverter market are ABB Group, Enphase Energy Inc, ABB Group, SunPower Corporation, SMA Solar Technology, Delta Energy Systems GmbH, SPARQ, SolarEdge, Siemens AG, Involar, P & P Energy, and ReneSola among others. Companies are adopting growth strategies such as innovation, product launches and partnerships.
Please note: This is not an exhaustive list of companies profiled in the report.
In March 2018, SPARQ launched their Q1200 microinverter, the first quad micro inverter offering low-cost consumption of power and smart-grid applications.
In July 2017, Enphase Energy Inc launched its micro inverter integrated solar module.
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The global Micro Inverter Market has been studied from the year 2016 till 2025. However, the CAGR provided in the report is from the year 2017 to 2025. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Micro Inverter Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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