North America Micro-inverter Market (2024-2029)

RESEARCH METHODOLOGY

To estimate the size of the micro-inverter market, the study utilized four major activities. Exhaustive secondary research was conducted to gather information on the market, as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. Finally, market breakdown and data triangulation methods were utilized to estimate the market size for different segments and subsegments.

Secondary Research

In the secondary research process, various sources have been referred to for identifying and collecting information for this study on the micro-inverter market. Secondary sources for this research study include corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations, white papers, certified publications, articles by recognized authors, directories, and databases. The secondary data was collected and analyzed to determine the overall market size, further validated through primary research.

List of key secondary sources

Primary Research

To gather insights on market statistics, revenue data, market breakdowns, size estimations, and forecasting, primary interviews were conducted. Additionally, primary research was used to comprehend the various technology, application, vertical, and regional trends. Interviews with stakeholders from the demand side, including CIOs, CTOs, CSOs, and customer/end-user installation teams using micro-inverter, were also conducted to understand their perspective on suppliers, products, component providers, and their current and future use of micro-inverter, which will impact the overall market. Several primary interviews were conducted across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

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Market Size Estimation

To estimate and validate the size of the micro-inverter market and its submarkets, both top-down and bottom-up approaches were utilized. Secondary research was conducted to identify the key players in the market, and primary and secondary research was used to determine their market share in specific regions. The entire process involved studying the annual and financial reports of top players and conducting extensive interviews with industry leaders such as CEOs, VPs, directors, and marketing executives. Secondary sources were used to determine all percentage shares and breakdowns, which were then verified through primary sources. All parameters that could impact the markets covered in this research study were accounted for, analyzed in detail, verified through primary research, and consolidated to obtain the final quantitative and qualitative data.

Global Micro-Inverter Market Size: Botton Up Approach

• First, companies offering Micro-Inverter products have been identified, and their product mapping with respect to different parameters, such as offering, communication technology, type, power rating, connection type, sales channel, and application has been carried out.
• The market size has been estimated based on the demand for different types of micro-inverters for different applications. The anticipated change in demand for micro-inverters offered by these companies in the recession and company revenues have been analyzed and estimated.
• Primary research has been conducted with a few major players operating in the micro-inverters market to validate the global market size. Discussions included the recession impact on the micro-inverters ecosystem.
• Then, the size of the micro-inverters market has been validated through secondary sources, which include the International Trade Centre (ITC), world trade organization, and world economic forum.
• The CAGR of the micro-inverters market has been calculated considering the historical and future market trends and the impact of recession by understanding the adoption rate of micro-inverters for different applications.
• The estimates at every level have been verified and cross-checked through discussions with key opinion leaders, such as corporate executives (CXOs), directors, and sales heads, as well as with the domain experts in MarketsandMarkets.
• Various paid and unpaid information sources, such as company websites, annual reports, press releases, research journals, magazines, white papers, and databases, have also been studied.

Global Micro-Inverter Market Size: Top Down Approach

The top-down approach has been used to estimate and validate the total size of the micro-inverter market market.

• Focusing initially on the R&D investments and expenditures being made in the ecosystem of the micro-inverter market, further splitting the market on the basis of offerings, communication technology, type, power rating, connection type, sales channel, and region and listing the key developments.
• Identifying leading players in the micro-inverter market through secondary research and verifying them through brief discussions with industry experts
• Analyzing revenue, product mix, geographic presence, and key applications for which products are served by all identified players to estimate and arrive at percentage splits for all key segments.
• Discussing splits with industry experts to validate the information and identify key growth pockets across all key segments.
• Breaking down the total market based on verified splits and key growth pockets across all segments.

Data Triangulation

Once the overall size of the micro-inverter market was determined using the methods described above, it was divided into multiple segments and subsegments. Market engineering was performed for each segment and subsegment using market breakdown and data triangulation methods, as applicable, to obtain accurate statistics. To triangulate the data, various factors and trends from the demand and supply sides were studied. The market was validated using both top-down and bottom-up approaches.

Market Definition

A micro-inverter is a device used in solar photovoltaic (PV) systems to convert direct current (DC) electricity generated by individual solar panels into alternating current (AC) electricity. Unlike traditional string inverters, which are designed to handle the output of multiple solar panels in a series, micro-inverters operate on a per-panel basis. Micro-inverters are often more flexible in terms of system design and installation. They can be used in complex roof layouts or situations where shading is a concern, offering greater design flexibility. The micro-inverters are used for applications such as residential, commercial, and PV power plants.

Key Stakeholders

• Associations and industrial bodies
• End-user industries
• Government bodies such as regulating authorities and policymakers
• Market research and consulting firms
• Raw material suppliers and distributors
• Research institutes and organizations
• Original equipment manufacturers (OEMs)
• Micro-inverter system manufacturers
• Micro-inverter system traders and suppliers

Report Objectives

• To define, describe, and forecast the micro-inverter market based on offerings, communication technology, type, power rating, connection type, sales channel, application, and region.
• To forecast the market size, in terms of value, for the concerned segments with regard to four main regions, namely, Americas, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
• To strategically analyze the micromarkets with regard to the individual growth trends, prospects, and contribution to the micro-inverter market
• To provide detailed information regarding the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the micro-inverter market
• To analyze opportunities in the market for stakeholders and the details of the competitive landscape for the market leaders
• To provide a detailed overview of the micro-inverter value chain
• To benchmark players within the market using a proprietary “Competitive Leadership Mapping” framework, which analyzes market players on various parameters within the broad categories of business and product strategy
• To analyze competitive developments such as partnerships, acquisitions, expansions, agreements, collaborations, contracts, and product launches, along with research and development (R&D) in the micro-inverter market
• To strategically profile key players of the micro-inverter market and comprehensively analyze their market shares and core competencies

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:

• Detailed analysis and profiling of additional market players (up to 5)
• Additional country-level analysis of the micro-inverter market

Product Analysis

• Product matrix, which provides a detailed comparison of the product portfolio of each company in the micro-inverter market.