Emphasis on Inverter Type (Single Phase, Three Phase), Connectivity (Integrated, Standalone), Distribution Channel (Direct and Indirect Sale Channel), End-Users (Residential, Commercial) and Region/Country
Global Solar Microinverter Market is anticipated to reach the market valuation of US$ 5,604.6 million by 2025 expanding at an astonishing CAGR of 28.4% in the course of the forecasted period (2019-2025) from US$ 977.5 million in 2018. Today, people are living in a world that is getting developed economically and socially, people’s lifestyles have changed completely.
With the evolving modern lifestyles, the urban population of the world has grown rapidly from 751 million in 1950 to 4.2 billion in 2018. Henceforth, it has significantly impacted the consumption patterns of the people across the globe.
Extensive infrastructural development, real estate development, increasing preference for cost efficiency and energy efficiency, paired with falling prices of solar inverters has tremendously accelerated the demand for solar micro inverters across the globe. However, the high cost of installation and repairing has remained a huge challenge for the solar microinverter customer.
For Regional/country-wise analysis of the overall adoption and penetration of solar microinverters browse throughÂ – Solar Microinverter Market
Given the unstable market conditions generated on account of changing solar policies and various trade disputes, dynamic changes in prices and other uncertainties, the demand for solar PV has continued to increase and further around 100 GW of annual installations achieved in 2018. While in 2007, annual installations were just marked at 2 GW.Â
Solar and other renewable sources continue to play a key role in decentralization as well as the digitalization of the power system. Energy transition has become a prime agenda for nearly all the solar-based companies, government, and institutions.
Attracted by the growing opportunity and attractive returns, paired with pressure to increase the total energy generation from renewable sources, have influenced the companies to invest in the renewables industry. Solar energy is increasingly becoming competitive in contrast to other conventional sources of power generation.
For instance, the industrial plan of the main Italian energy provider envisages investments in plants and machinery for the production of renewable energy is over Euro 8.3 billion in the three-year period 2018-2020. To add on, developing countries and large electric operators have also made significant investment plans for the next 15 years.
It has been anticipated that world energy demand would grow by 58% by 2040 or 2% annually, and renewable sources are expected to represent approximately 72% of global total investments in the period, amounting to US$ 7.2 trillion, while 50% of which are expected to be used to install photovoltaic systems.
Against a roughly 80% reduction in costs of solar panels in 2018 in contrast to 2008 and simultaneous greater efficiency, photovoltaic is ranked as the cheapest energy source. Furthermore, the expectation of more than 60% reduction in the cost of solar energy by 2040, would further increase the overall demand for solar panels for energy generation.
This would in-turn increase the demand for solar microinverter at global scale. Only 25% of the energy received from the sun is converted into energy to be fed into the grid leading to greater inverter efficiency.
In addition to this, under different end users of solar micro inverter market, residential end-users occupied maximum share of 78% in 2018. Increasing demand for safety and reliability as well as rapid urbanization along with changing lifestyles, rising awareness about energy efficiency among the consumers has catalyzed the demand for solar microinverter among homeowners.
The segment is anticipated to bring in earnings of US$ Â 4,161.26 million by 2025. Furthermore, under different distribution channels direct sales channels was the most preferred purchasing channel among the consumers.
Based on inverter types single-phase microinverter is projected to enjoy the swiftest expansion among the resident throughout the forecast period 2019-2025, accredited to its superior benefits in terms of no single point failure, increased efficiency, reliability and higher output. In terms of connectivity, On-grid or integrated solar systems captured maximum share in 2018.
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Additionally, for better investigation and penetration of global solar microinverter, detailed analysis is conducted for the major market including North America (US, Canada), Europe (United Kingdom, France, Netherlands, Germany, Italy, Belgium), Asia-Pacific (India, China, Australia, Japan) and Rest of world. In 2018, North America was the largest revenue-generating region in terms of value.
The region generated revenue of US$ 485.4 million in 2018. Continued R&D, investments as well as increasing number of residential installations have lured most of the Americans to spur the adoption of solar microinverters in contrast to other central inverters and string inverters.
However, changes in the federal and state politics would help Europe and the Asia-Pacific region to post positive growth opportunities for the global solar microinverter market during the forecast period. Some of the major companies profiled in the global solar microinverter market include SMA Solar Technology AG, AltEnergy Power Systems Inc, Northern Electric & Power Inc, Darfon Electronics Corp, Chilicon Power, Sparq Systems, Solar Edge Technologies, Fimer SPA, Enphase Energy and GreenRays Enersol Pvt Ltd.
These players consistently aim to focus on various product launches, innovations, energy-efficient products as well as mergers and acquisitions to enhance the installations of solar microinverter across the world thereby strengthening their market position which further offers them growth opportunities for geographic expansion in solar inverter landscape.
Global Solar Microinverter Market Segmentation
Market Insights, by Type
Market Insights, by Connectivity
Market Insights, by Distribution Channel
Direct Distribution Channel
Indirect Distribution Channel
Market Insight, by End Users
Residential End Users
Commercial End Users
Market Insight, by Region
North America Solar Microinverter Market
Rest of North America
Europe Solar Micro Inverter Market
Rest of Europe
Asia Pacific Solar Microinverter Market
Rest of Asia-Pacific
Rest of World Solar Microinverter Market
Top Company Profiles
SMA Solar Technology AG
Altenergy Power System Inc
Northern Electric & Power Inc
Darfon Electronics Corp
Solar Edge Technologies
Green Rays Enersol Pvt Ltd
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.
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