Global solar microinverter market was valued USD 1166.24 Million in 2019 and is projected to grow at double-digit CAGR of 24.32% to reach USD 2934.86 Million by 2025. The global solar microinverter market is driven by ongoing advancements in research and development of solar micro inverters. In addition to this, rapid increase in renewable energy investment is positively impacting the growth of market during the forecast period. Furthermore, growing requirement for renewable and clean sources of energy to decrease dependency on fossil fuels is expected to bolster the growth of market over the next few years.
The global solar microinverter market is segmented based on type, connectivity, application, sales channel, company, and region. Based on type, the market can be categorized into single phase and three phase. Out of these, the single phase segment dominated the market in 2019 with share of 79.87% and is expected to hold the largest share in the market, during the forecast period. This can be attributed to the fact that single-phase technology allows the system to have a compact size that is well suitable for residential and commercial applications.
Regionally, North America dominated the market until 2019 on account of high number of solar micro-inverter installations in the region, predominantly in US and Canada, which is contributing to dominating position of the region in the market.
Major players operating in the global solar microinverter market include SMA Solar Technology AG, Darfon Electronics Corp., ABB Ltd., Altenergy Power System Inc., Enphase Energy Inc, SolarEdge Technologies, Inc., SunPower Corporation, Chilicon Power, LLC, I Energy Corporation Limited, NEP Microinverter Inc. and others. The key market players are adopting some competitive strategies such as mergers & acquisitions, partnership, agreements in order to expand their geographic reach and to increase their customer bases.
Years considered for this report:
- Historical Years: 2015-2018
- Base Year: 2019
- Estimated Year: 2020
- Forecast Period: 2021–2025
Objective of the Study:
- To analyze and estimate the market size of global solar microinverter market from 2015 to 2018.
- To estimate and forecast the market size of global solar microinverter market from 2019 to 2025 and growth rate until 2025.
- To classify and forecast global solar microinverter market based on type, connectivity, application, sales channel, company and regional distribution.
- To identify dominant region or segment in the global solar microinverter market.
- To identify drivers and challenges for global solar microinverter market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global solar microinverter market.
- To conduct pricing analysis for global solar microinverter market.
- To identify and analyze the profile of leading players operating in global solar microinverter market.
- To identify key sustainable strategies adopted by market players in global solar microinverter market.
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 manufacturers and presence of all major players across the globe.
TechSci Research calculated the market size of global solar microinverter market using a bottom-up approach, wherein data for 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 microinverter manufacturers, suppliers and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to solar microinverter
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers, partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global solar microinverter market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Global Solar Microinverter Market, By Type:
o Single Phase
o Three Phase
- Global Solar Microinverter Market, By Connectivity:
- Global Solar Microinverter Market, By Application:
o PV Power Plant
- Global Solar Microinverter Market, By Sales Channel:
- Global Solar Microinverter Market, By Region:
o North America
? United States
? United Kingdom
? South Korea
o Middle East & Africa
? South Africa
? Saudi Arabia
o South America
Company Profiles: Detailed analysis of the major companies present in global solar microinverter 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).