Global Micro-Inverter Market, By Type (Single Phase, Three Phase), Component (Hardware, Software, Services), Communication Technology (Wired, Wireless), Connection (Stand-Alone, Grid-Connected), Sales Channel (Direct, Indirect), Application (Residential, Commercial, PV Power Plant), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights : Global Micro-Inverter Market
Micro-inverter market will grow at a rate of 18.70% for the forecast period of 2021 to 2028. Rising technical advantages of micro-inverters over conventional solar inverters is a vital factor driving the growth of micro-inverter market
Micro inverters are the type of an innovative technology that acts just like a basic conventional inverter which is used to convert direct current (DC) into alternate current (AC) from the energy stored inside the solar panels. These inverters regulate and alternate the current for the usage of energy in small electronic devices. The rise in usage of photovoltaic power (PV) systems has raised the demand for these inverters significantly.
Rising significant capital inflows in renewable energy sector is the vital factor escalating the market growth, also increased demand for micro-inverters due to their remote monitoring capabilities, rising number of residential solar rooftop installations, increase in the benefits and awareness about the renewable energy sources along with increased adoption, rising cost-effectiveness and increased developments of these products increasing their technological capabilities, thus increasing the demand for micro inverters, increasing residential solar system installation, rising reliability and safety and increased output and cost-efficiency are the major factors among others driving the micro-inverter market. Moreover, rise in number of solar PV installations owing to incentive schemes by governments of different countries and rising technological innovations in inverters to improve their capabilities which will further create new opportunities for the micro-inverter market in the forecast period of 2021- 2028.
However, decreased demand for micro-inverters with reduced electricity requirement from commercial and industrial end users due to COVID-19 outbreak and increased installation and maintenance costs of micro-inverters are the major factors among others acting as restraints, while rising pricing pressure on manufacturers of micro-inverters and increasing safety risks associated with high DC voltages will further challenge the growth of micro-inverter market in the forecast period mentioned above.
This micro-inverter market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on micro-inverter market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Micro-Inverter Market Scope and Market Size
Micro-inverter market is segmented on the basis of type, component, communication technology, connection, sales channel and application. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- Based on type, the micro-inverter market is segmented into single phase and three phase.
- On the basis of component, the micro-inverter market is segmented into hardware, software and services.
- Based on communication technology, the micro-inverter market is segmented into wired and wireless.
- Based on connection, the micro-inverter market is segmented into stand-alone and grid-connected.
- Based on sales channel, the micro-inverter market is segmented into direct and indirect.
- The micro-inverter market is also segmented on the basis of application into residential, commercial and PV power plant.
Global Micro-Inverter Market Country Level Analysis
Micro-inverter market is analysed and market size, volume information is provided by country, type, component, communication technology, connection, sales channel and application as referenced above.
The countries covered in the micro-inverter market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the micro-inverter market due to rising favorable economic conditions and the growing solar PV market along with supportive regulatory policies aiding residential solar electricity generation in the US and other countries in the region. Europe and Asia-Pacific are the expected regions in terms of growth in micro-inverter market due to rising number of residential solar rooftop installations, increase in the benefits and awareness about the renewable energy sources along with increased adoption in this region.
The country section of the micro-inverter market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Micro-Inverter Market Share Analysis
Micro-inverter market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to micro-inverter market.
The major players covered in the micro-inverter market report are Enphase Energy, Altenergy Power System Inc., SunPower Corporation, Siemens AG, Zhejiang Envertech Corporation Limited, Renesola, Darfon Electronics Corp., AEconversion GmbH & Co. KG., SMA Solar Technology AG, Sparq Systems, Omnik New Energy, Sensata Technologies Inc., EnluxSolar Co. Ltd., U R Energy, Samil Power Co. Ltd., ABB, Delta Energy Systems, and SolarEdge Technologies Inc among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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