Micro-Inverter Market by Component (Hardware, Software, and Services), Type (Single Phase and Three Phase), Communication Technology, Sales Channel, Application (Residential, Commercial, and PV Power Plant), and Geography - Global Forecast to 2023
“Growing awareness due to their inherent benefits over conventional solar inverter technologies, propelling growth of micro-inverter market”
The global micro-inverter market expected to grow at a CAGR of 19.3% from 2018 to 2023 to reach USD 5.88 billion by 2023 from USD 2.44 billion in 2018. Micro-inverter is gaining popularity particularly due to several advantages they offer over conventional inverters. The main advantage of micro-inverters is that its power output is unaffected despite shading of one or more solar panels, deposition of debris or snow on any solar module, or even at an event of complete module failure. Micro-inverter is able to harvest optimum power from each module by performing maximum power point tracking (MPPT). Micro-inverters are mainly used in applications such as residential, commercial, and PV power plant. Micro-inverters are highly in demand for residential applications. However, the major factor restraining the micro-inverter market growth is the high competition from conventional inverter technologies.
“Micro-inverter market to be driven by residential application during forecast period”
The residential application is expected to hold a significant share of the micro-inverter market during the forecast period. The rising energy cost, coupled with supportive government policies worldwide, has led to increasing adoption of energy conservation measures for controlling the increased energy expenditure in residential applications. Countries such as the US, Australia, and the Netherlands, which are among the prominent markets for residential rooftop PV installations, have widely adopted micro-inverters over conventional inverters.
“Micro-inverter market in APAC to grow at highest CAGR during forecast period”
The market in APAC for micro-inverters is expected to grow at the highest CAGR from 2018 to 2023. APAC has several operational micro-inverter installations for residential, commercial, and PV power plant applications. Japan and Australia have been the major adopters of micro-inverter technology. Also, the growth in residential rooftop solar PV installations in India and Japan encourages manufacturers to cater to the needs of potential customers in this region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the micro-inverter market. Following is the breakup of the primary participants for the report:
By Company Type: Tier 1 = 50 %, Tier 2 = 30%, and Tier 3 = 20%
By Designation: C-Level Executives = 60%, Directors = 25%, and Others = 15%
By Region: North America = 35%, Europe = 30%, APAC = 25%, and RoW = 10%
Moreover, the report profiles the key players in the micro-inverter market and analyzes their market ranking. The prominent players profiled in this report are Enphase Energy (US), Altenergy Power System (US), Chilicon Power (US), SunPower (China), Siemens (Germany), Envertech (China) ReneSola (US), Darfon Electronics (China), and AEconversion (Germany).
This research report categorizes the micro-inverter market based on component, type, communication technology, sales channel, application, and region. Moreover, the report provides a description of the major drivers, restraints, challenges, and opportunities pertaining to this market as well as the value chain analysis and market ranking analysis.
Reasons to Buy the Report:
The report would help the leaders/new entrants in the micro-inverter market in the following ways:
1. The report segments the micro-inverter market comprehensively and provides the market size estimation for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with the information on key drivers, restraints, challenges, and opportunities for the micro-inverter market.
3. The report would help stakeholders understand their competitors better and gain insights to improve their position in the micro-inverter market. The competitive landscape section describes the competitor ecosystem.
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