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.
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“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.
“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
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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.
Customization Options:
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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