Micro-Inverter Market

Micro-Inverter Market worth $5.9 billion by 2023

According to the new market research report "Micro-Inverter Market by Component (Hardware, Software, and Services), Type (Single Phase and Three Phase), Communication Technology, Sales Channel, Application (Residential, Commercial, and PV Power Plant), and Geography - Global Forecast to 2023", The global micro-inverter market was valued at USD 2.4 billion in 2018 and is projected to reach USD 5.9 billion by 2023, at a CAGR of 19.3% from 2018 to 2023.

Browse 62 market data Tables and 57 Figures spread through 171 Pages and in-depth TOC on "Micro-Inverter Market - Global Forecast to 2023"
https://www.marketsandmarkets.com/Market-Reports/micro-inverter-market-43340469.html

Micro-inverters have several technical advantages over other conventional string and central solar inverters. Unlike conventional inverters, which are placed at a distance from the solar array and can operate and monitor a number of solar panels at a time, micro-inverters are placed beneath every solar panel and convert direct current (DC) electricity produced by a single solar panel. It enables them to operate individually. Micro-inverter delivers a maximum potential output of the photovoltaic (PV) system. The main advantage of micro-inverters is their ability to maintain a robust and consistent flow of power despite shading of its one or more panels; this has increased the popularity of micro-inverters among end users. In addition, micro-inverters are widely adopted as they provide various benefits such as design flexibility, and its capability of producing maximize power from solar panels through maximum power point tracking (MPPT) technology. These factors have helped the micro-inverter market gain traction in lieu of other inverters in residential and commercial applications. For instance, in December 2017, Enphase Energy installed micro-inverters in a 1-megawatt solar plant through its installation partner—RenXSol Ecotech (India).

“Based on type, Single phase micro-inverters are expected to grow at the highest CAGR in the micro-inverter market from 2018 to 2023”

Single phase micro-inverters are witnessing high adoption rates. Most micro-inverters available in the market, at present, are single phased. New homes and small businesses are now equipped with single-phase micro-inverters, wherein single-phase electricity is transmitted via 2 wires—active and neutral. Electricity from the solar PV system flows through one active wire, while the neutral wire is connected to the earth at the switchboard. In single phase, at the event of fault, the neutral wire creates a path back to switchboard (which is the source of the electrical current), resulting in cutting the flow of electricity, or blow a fuse, thereby preventing the end user from getting electrocuted, thus it is most suitable for home or small businesses. Majority of homes in countries such as the US and Australia adopt single-phase systems.

“Based on application, residential segment expected to hold the largest market share in the micro-inverter market from 2018 to 2023”

Micro-inverters are mainly used in residential applications. Owing to its features such as great scalability and flexibility, as well as are easy to install as compared to conventional string or central inverter technology, these micro-inverters are well suited in residential solar rooftop PV installations. These factors together propel the growth of rooftop solar panel installations across the world. About 60% of the total residential solar panel installations in the US utilize micro-inverter systems. Australia is almost completely dominated by residential rooftop systems, with rooftop solar installations in over 1.6 million homes; whereas in India, which is a rapidly growing solar market, the residential solar rooftop solar industry has surpassed the 1 GW mark, with 513 MW of capacity addition in 2016. This further drives the demand for micro-inverter systems in the residential sector. These factors are expected to create a huge demand for micro-inverters.

Micro-Inverter Market

“APAC expected to be the fastest-growing market for micro-inverter during the forecast period”

APAC is expected to be the fastest-growing market for micro-inverter from 2018 to 2023. Currently, many countries—such as China, Japan, India, and Australia—are striving to boost their solar PV installation capacity through advanced solar PV systems that could, in turn, enhance electric stability. In countries such as India, China, and Japan, respective governments have laid regulations and reforms, as well as initiatives, for modernizing the power sector. APAC has several operational micro-inverter installations for residential, commercial, and PV power plant applications. Japan and Australia have been the major adopters of micro-inverter technology. Also, the growth in residential rooftop solar PV installations in India and Japan encourages manufacturers to cater to the needs of potential customers in this region.

Major players involved in the micro-inverter market include Enphase Energy (US), Altenergy Power System (US), Chilicon Power (US), SunPower (China), Siemens (Germany), Envertech (China), ReneSola (US), Darfon Electronics (China), and AEconversion (Germany), among others.

Study Coverage

This research report categorizes the micro-inverter market on the basis of component, type, communication technology, sales channel, application, and region. This report describes the drivers, restraints, opportunities, and challenges for the growth of the micro-inverter market. The value chain analysis and competitive landscape for the market leaders has been included in the report.

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Report Code
SE 6610
PR Published ON
7/3/2019
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