As per the latest report by IMARC Group, titled â€śSolar Microinverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,â€ť the global solar microinverter market size reached US$ 789 Million in 2019. Solar microinverters are electronic devices that are utilized in photovoltaic (PV) cells for altering the waveform of the current. They are safe, reliable, cost-effective and assist in reducing the risk of fire, producing more electricity, dissipating significantly less heat, operating without noise and offering immense design flexibility. Besides this, they can also maintain a consistent flow of energy and maximize the power from solar panels by using the Maximum Power Point Tracking (MPPT) technology. Solar microinverters provide several technical advantages as compared to their conventional counterparts, such as string and solar inverters.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globallyâ€“our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
Global Solar Microinverter Market Trends:
On account of rapid urbanization, rising population, growing environmental concerns and the increasing consumption of power, government authorities of numerous countries are undertaking initiatives to encourage the use of renewable energy. This represents one of the major factors that is impelling the solar microinverter market growth. Moreover, these authorities are incorporating solar power into their electrical grids to provide an alternative to conventional energy sources and minimize their dependence on imported fuels. Furthermore, the substantial reduction in the prices of microinverters, in confluence with the rising utilization of Building-Integrated Photovoltaics (BIPV), is also propelling the market growth. BIPV is the integration of PV power generators into the building envelope materials that act as an ancillary or principal source of electrical power. Apart from this, some of the leading vendors in the industry are increasing their budget to introduce product innovations. For instance, Tesla, Inc. launched the Solar Roof V3 that comprises the power wall battery, which turns sunlight into electricity. It is made using tempered glass tiles and stands stronger than non-solar tiles and regular plate glass. Looking forward, the market value is projected to reach US$ 2,868 Million by 2025, expanding at a CAGR of 23.6% during the forecast period (2020-2025).
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Key Market Segmentation:
The competitive landscape of the market has been examined, with some of the key players being ABB Asea Brown Boveri Ltd., Chilicon Power, LLC, Enphase Energy Inc., Altenergy Power System Inc., SunPower Corporation, Darfon Electronics Corporation, Siemens AG, Delta Energy Systems (Germany) GmbH, Alencon Systems LLC, ReneSola Ltd., Omnik New Energy Co. Ltd., EnluxSolar Co. Ltd., Sungrow Deutschland GmbH, Sensata Technologies, Inc.
Market Breakup by Connectivity:
Based on the connectivity, the market has been bifurcated into standalone and on-grid solar microinverters.
Market Breakup by Component:
On the basis of the component, the market has been segmented into hardware and software.
Market Breakup by Communication Channel:
The market has been analyzed on the basis of the communication channel into wired and wireless.
Market Breakup by Type:
1. Single Phase
2. Three Phase
Based on the type, the market has been segregated into the single and three phase microinverters.
Market Breakup by Application:
On the basis of the application, the market has been divided into the residential, commercial and other sectors.
Market Breakup by Region:
1. North America
3. Asia Pacific
4. Middle East and Africa
5. Latin America
Region-wise, the market has been classified into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and Middle East and Africa.
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