Global Solar Microinverter Market was valued at US$ 977.5 Million in 2018 and is anticipated to reach US$ 5,604.6 Million by 2025 displaying explosive CAGR of 28.4% over the forecast period 2019-2025
As per the research report, Global Solar Microinverter Market was valued at US$ 977.5 Million in 2018 and is anticipated to reach US$ 5,604.6 Million by 2025 displaying explosive CAGR of 28.4% over the forecast period 2019-2025. Renewable energy sources are an important part of energy delivery, particularly when it comes to issues of environmental sustainability. Microinverters are extremely useful in this respect. Traditional solar systems use a single inverter, and there is no energy distribution buffer in the event that the inverter fails. As a result, microinverters are a renewable energy source. In photovoltaics, a solar micro-inverter, or simply microinverter, is a plug-and-play system that converts direct current provided by a single solar module to alternating current. Unlike traditional string/central inverters, a microinverter uses Module Level Control Electronics, which means power is converted at the module level. This reduces the negative effects of module mismatch and boosts the system’s overall performance. Microinverters also allow for module-level control, faster installation, increased configuration flexibility, and improved protection compared to traditional inverters. Constant R&D activities and substantial cost reductions in microinverters are driving the solar microinverter market. Due to its small size and flexibility, the solar micro inverter market is also gaining traction. In addition, the customer demands for modularity, protection, and full energy harvest will propel the market forward at a rapid pace in the coming years.
The solar micro-inverter market is seeing a lot of creativity as a result of rising demand. Tesla, for example, has introduced a solar roof. The power wall battery on this solar roof converts energy into electricity. Tempered glass tiles, which are thicker than non-solar tiles and normal plate glass, make up the solar roof. Many of the drawbacks of central inverters are addressed by the micro inverter. Microinverters eliminate the problem of a single shaded module impacting the entire array. Micro inverters are a good option for homeowners whose roof receives some shade during the day. Because the use of micro inverters varies around the world, global players are focusing on regions where renewable energy resources are more widely used. Demand for solar micro inverters in North America will continue to be fueled by the widespread adoption of PV storage systems in the United States.
“Single Phase solar micro inverter is expected to dominate the market during the forecast period.”
The solar microinverter market is divided into single-phase and three-phase micro inverters based on the inverter form. Since single-phase power is needed to operate household appliances such as lighting and heating systems, as well as a few electric motors, single-phase micro inverters have seen a surge in demand among residential households. In 2018, the segment accounted for 68.1 percent of the market.
“Integrated solar microinverter would be the most preferred microinverter in major markets”
The solar microinverter market is divided into two categories based on connectivity: standalone and integrated. Because of their cost-effectiveness and ease of installation, Integrated has taken the lead in the solar micro inverter market.
“Direct sales channel occupied the major market in the solar microinverter market”
The market is divided into direct and indirect sales channels based on the distribution channel. Direct sales channels dominated the market in 2018, with a share of 82.2 percent, and are expected to continue to do so throughout the forecast period, owing to an increase in the number of organized retailers such as supermarkets, hypermarkets, convenience stores, and discount stores in various countries, which have proven to be extremely beneficial to vendors.
“Residential End Users were the major adopter of solar microinverter technology”
The global solar micro inverters market has been divided into two types of end-users: residential and commercial. In 2018, the residential sector accounted for the bulk of the market and is projected to expand at a healthy pace over the forecast period. The residential sector’s projected market domination can be due in large part to the increased implementation of energy saving policies to manage the increased energy expenditure in residential applications. The commercial sector is expected to account for a large portion of the global solar inverter demand in the coming years.
“North America accounts for the major market share in terms of revenue in the solar microinverter market”
A quantitative study was performed for each region/country, including North America (US, Canada), Europe (Germany, Italy, UK, Belgium, Netherlands, France, and Rest of Europe), Asia Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of the World, to better understand and analyse the overall acceptance of solar microinverters. North America is the most developed of any of these countries. Europe and Asia Pacific are projected to rise significantly over the forecast period, owing to rising demand for energy conservation and increased household awareness, as well as increased government involvement in renewable energy generation.
The Solar Microinverter market report can be customized to the country level or any other market segment. Besides this, UMI understands that you may have your own business need, hence we also provide fully customized solutions to our clients.
Table of Contents
1 Market Introduction
2 Research Methodology or Assumption
3 Industry Performance
4 Executive Summary
5 Market Overview
6 Demand and Supply Side Analysis
7 Legal & Regulatory Framework
8 Value Chain Analysis
9 Industry Analysis Solar Microinverter
10 Solar Projects & Case Studies Undertaken In Solar Industry
11 Market Insights by Microinverter Type
12 Market Insights by Connectivity
13 Market Insights by Distribution Channel
14 Market Insights by End-Users
15 Market Insights by Region
16 Competitive Scenario
17 Top Company Profiles – SMA, Darfon Electronics, ABB, APSytems, Chilicon Power, iEnergy, Enphase, NEP, SunPower