Global Solar Microinverter Market Research Provides an In-Depth Analysis on The Future Growth Prospects & Trends Adopted by The Competitors
Global solar micro inverter 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. Energy supply from renewable sources forms an essential part of energy distribution, particularly when there are issues pertaining to sustainable environment. In this regard, microinverters are of great help. Traditional solar systems comprise a single inverter and in case of any failure of inverter, there remains no backup of energy transfer. Therefore, microinverters are an alternative energy source. A solar micro-inverter, or simply microinverter, is a plug-and-play device used in photovoltaics, that converts direct current generated by a single solar module to alternating current. Unlike conventional string/central inverters, a microinverter works on Module Level Power Electronics i.e. power conversion takes place at individual module level. This mitigates the negative effect of module mismatch and improves the overall efficiency of the system. Microinverters also enable module-level monitoring, easier installation, enhanced design flexibility and better safety than conventional inverters. The solar microinverter market is driven by constant R&D activities and significant reduction in the costs of microinverters. The solar micro inverter market also receives a great boost due to its compact size and versatility. Further, increasing requirement of consumers, based on modularity, safety, and maximum energy harvest will continue to drive the market at a considerable pace in coming years.
Owing to increasing demand, a lot of innovation is taking place in the solar micro-inverter industry. For example, Tesla has launched a solar roof. This solar roof consists of the power wall battery, turning sunlight into electricity. The solar roof is made of tempered glass tiles and these tiles are stronger than non-solar tiles and regular plate glass. The micro inverter addresses many of the shortcomings of central inverters. Microinverters minimize the issue of one module in shade affecting the entire array. A homeowner whose roof may get some shade throughout the day has a good reason to consider micro inverters. Due to the varying use of micro inverters across the world, global players are concentrating on regions where awareness about using renewable energy resources is higher. Robust adoption of PV storage systems in the U.S. will continue to fuel demand for solar micro inverters in North America.
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“Single Phase solar micro inverter is expected to dominate the market during the forecast period.”
Based on the inverter type, the solar microinverter market is segmented into single-phase and three-phase micro inverters. Single-phase micro inverters have showcased surging demand among residential households as they require single-phase power supply to run household appliances such as lighting & heating devices and few electric motors. The segment accounted for 68.1% share in 2018.
“Integrated solar microinverter would be the most preferred microinverter in major markets”
Based on connectivity, the solar microinverter market is divided into standalone and integrated. Integrated occupied the lead share in solar micro inverter market specifically due to their cost-effectiveness and ease of installation
“Direct sales channel occupied the major market in the solar microinverter market”
Based on the distribution channel, the market is bifurcated into a direct and indirect sales channel. Direct sales channels dominated the market in 2018, with 82.2% share and are expected to maintain its dominance throughout the forecast period, on account of surging number of organized retailers such as supermarkets, hypermarkets, convenience stores, and discount stores in different countries proving to be extremely beneficial for the vendors.
“Residential End Users were the major adopter of solar microinverter technology”
In terms of end-users, global solar micro inverters market has been categorized into residential and commercial end-users. The residential sector accounted for majority share in 2018 and is expected to witness a healthy growth rate during the forecast period. The 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.
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“North America accounts for the major market share in terms of revenue in the solar microinverter market”
For better understanding and analysis of the overall adoption of the solar microinverters, detailed analysis was conducted for different 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. Among all these regions, North America constitutes to be the most matured region. Europe and Asia Pacific are expected to witness considerable growth over the analysed period owing to increasing demand for energy efficiency and growing awareness among the households, paired with growing government participation in generating renewable energy source
Competitive Landscape – Top 10 Market Players
Some of the dominant players operating in the solar micro inverter industry have adopted a number of competitive strategies such as merger and acquisition, partnership and business expansion among others to expand their reach and market share. The key players contributing to the growth of the global solar micro inverters market include SMA, Darfon Electronics, ABB, APSytems, Chilicon Power, iEnergy, Enphase, NEP, SunPower, Enphase and Sparq Systems among others.
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The study includes market sizing and forecasting analysis validated until 2025. The analysis presented in the report is a combination of deep-dive secondary research and input from Key Opinion Leader of the industry
The report presents a quick review of overall industry performance at one glance
The report covers in-depth analysis of prominent industry peers with primary focus on key business financials, product portfolio, expansion strategies and recent developments
Detailed examination on drivers, restraints, key trends and opportunities prevailing in the industry
Examination of industry attractiveness with the help of Porter’s Five Forces analysis
The study comprehensively covers the market across different segments and sub-segments
The study also covers the comprehensive country wise analysis in the specific region
Region/Country Covered: 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
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