Global solar micro inverters market is projected to grow at a CAGR of over 10% to reach $ 886 million by 2024, owing to persistent advances in R&D of solar micro inverters and substantial reduction in costs of micro inverters. A solar micro inverter, or simply microinverter, is a plug-and-play device used in photovoltaics that converts direct current (DC) generated by a single solar module to alternating current (AC).
With declining solar micro inverter prices and rising awareness towards the advantages of module-level power electronics (MLPE) technology, solar micro inverters are gaining traction across different end user segments. Moreover, high modularity and compact size of solar micro inverters make them ideal for residential applications, a major factor boosting the popularity of solar micro inverters at the global level. Additionally, government initiatives driving the adoption of PV installations are expected to further push the demand for solar micro inverters in coming years.
In terms of application, global solar micro inverters market has been categorized into utility, residential and commercial. The residential sector accounted for majority of the global market in 2018 and is expected to witness a healthy growth rate during the forecast period. Expected market dominance of the residential sector can be majorly attributed to increasing adoption of energy conservation measures for controlling the increased energy expenditure in residential applications. Over the coming years, commercial sector is also anticipated to account for a significant portion of the global solar inverters market.
North America emerged as the largest consumer of solar micro inverters across the globe in 2018, owing to growing demand for power and increasing installation of solar energy systems in the region. Among the North American countries, the largest market for solar micro inverters is the US. Furthermore, solar micro inverters market is expected to gain traction in the Asia-Pacific region, especially in countries like India and Australia. Growth of the solar micro inverters market in the region is anticipated to be majority driven by burgeoning demand for power supply, favorable government policies and soaring fuel prices. Among the countries in the Asia-Pacific region, the Indian market for solar invertors is expected to capture a prominent position. Rising awareness about the advantages of micro inverters and widespread adoption of sustainable sources of energy for agriculture are anticipated to fuel solar micro inverters demand across the country.
Global solar micro inverters market, which is dominated by major players, also boasts the presence of small-scale manufacturers. Few of the major companies operating in global solar micro inverters market are Renesola, Enphase Energy Inc., APsystems, Darfon Electronics, Siemens, Chilicon Power LLC among others.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the Study:
- To analyze and forecast global solar micro inverters market size in terms of value and volume.
- To forecast global solar micro inverters market, based on connectivity, application and regional distribution.
- To identify drivers and challenges for global solar micro inverters market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc. in global solar micro inverters market.
- To conduct the pricing analysis for global solar micro inverters market.
- To identify and analyze the profile of leading players operating in global solar micro inverters market.
Some of the leading players in global solar micro inverters market are Renesola, Enphase Energy Inc., APsystems, Darfon Electronics, Siemens, AE Conversion Gmbh & Company, Alencon Systems LLC, ABB, SunPower Corporation, Chilicon Power LLC etc.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the product offerings, distribution channels and presence of all major manufacturers across the globe.
TechSci Research calculated global solar micro inverters market size using a top down approach, where data for various applications across various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Solar micro inverter manufacturers
- Solar micro inverters end-user industries
- Government bodies such as regulating authorities and policymakers
- Organizations, forums and alliances related to solar micro inverters market
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as manufacturers, partners and end users. The report also provides useful insights about which market segments should be targeted over the coming years in order to strategize investments and capitalize on growth opportunities.
In this report, global solar micro inverters market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Market, by Connectivity:
- Market, by Application:
- Market, by Region:
? South Korea
? United Kingdom
o North America
? United States
o South America
o Middle East & Africa
? South Africa
? Saudi Arabia
Company Profiles: Detailed analysis of the major companies present in global solar micro inverters market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
- Profit margin analysis in case of direct and indirect sales channel.