Micro Inverter Market By Type (Single phase, Three phase), By Connection (Stand Alone, Grid Connected), By End User (Residential, Commercial): Global Opportunity Analysis and Industry Forecast, 2020-2030
The global micro inverter market was valued at $2.43 billion in 2020, and is projected to reach $13.51 billion by 2030, registering a CAGR of 19.7% from 2021 to 2030. Micro inverter is basically a solar inverter that converts DC electrical energy generated from solar photovoltaic systems into AC electrical energy. In addition, it boosts the energy output of the system, increases the safety measures, and reduces future costs. Increase in demand for renewable energy and growth in the residential segment photovoltaic (PV) systems allows the users to switch to microinverters from traditional central and string inverters.
Growth of the global micro inverter market is driven by factors, such as technical advantages over other conventional solar inverter, design flexibility, and capabilities like producing maximum power from solar panels. In addition, surge in need for sustainable & clean energy on account of growing concerns regarding damaging greenhouse gases emissions boosts the market growth. However, increase in installation and maintenance costs restraints the market growth. On the contrary, rise in the number of solar PV installations for various applications across the globe fuels the market growth during the forecast period.
The micro inverter market is segmented on the basis of type, connection, end user, and region. By type, it is classified into fan in single phase and three phase. Depending on connection, it is categorized into stand alone and grid connected. On the basis of end user, it is divided into residential and commercial.
Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific dominated the micro inverter market in 2020, and is projected to register significant growth rate during the forecast period, owing to growth in the grid connected segment. In addition, Asia-Pacific is expected to witnesses significant growth by the end of the forecast period, followed by North America. The key players operating in the market include ABB Group, Delta Energy Systems GmbH, Enphase Energy Inc., Involar, P & P Energy Technology Co Limited, ReneSola, Siemens AG, SMA Solar Technology AG, SolarEdge Technologies Inc., and SunPower Corporation.
KEY BENEFITS FOR STAKEHOLDERS
This study comprises analytical depiction of the global micro inverter market size along with current trends and future estimations to depict imminent investment pockets.
The overall micro inverter market analysis is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current micro inverter market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
Porter’s five forces analysis illustrates the potency of the buyers and the micro inverter market share of key vendors.
The report includes the market trends and the market share of key vendors.
Key Market Segments
By End User
Rest of Europe
Rest Of Asia Pacific
Key Market Players
P and P Energy Technology Co Limited
Enphase Energy, Inc
SMA Solar Technology AG
Delta Energy Systems GmbH
SolarEdge Technologies Inc.
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