Micro Inverter Market was valued at $635 million in 2016 and is projected to reach $4.33 billion by 2024, having a CAGR of 27.3% during the forecast period of 2017 to 2024.In 2016, the single phase micro inverter segment generated the highest revenue share in the global micro inverter market. Micro Inverter Market report offers in-depth insights, revenue details, and other vital information regarding the global Micro Inverter market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2025.
A microinverter, also called as solar micro inverter is a device used in photovoltaic that is capable enough of converting direct current DC generated by a single solar module to alternating current AC. The output from several micro inverters is combined and often fed to the electrical grid. Inverters also enable us to switch off all electrical current in the case of a blackout or if repair is needed. This is of course also useful for maintenance, troubleshooting and system upgrade as well. Microinverters optimizes for each solar panel alone, not for your entire solar system, as central inverters do. This enables every solar panel to perform at their maximum potential.
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Market Dynamics
Factors such as growing awareness regarding the use of renewable energy sources, improved efficiency and optimal performance are driving the growth of the micro inverter market. Micro inverters comparatively generate more power output in comparison to conventional systems. Moreover, continuous R&D efforts taken up by manufacturers in refining the micro inverter technology and growing residential market and government subsidies are also pushing the industry growth. Rising affordability of energy storage devices creates ample opportunities for the market. However, high installation and tough maintenance techniques could limit the market growth. Government spending on renewable energy projects are expected to provide huge opportunities for the growth of market.
Market Segmentation
The Global Micro Inverter Market is segmented on the basis of type, connection, end user, and geography. By type, the micro inverter market is categorized as single phase and three phase. On the basis of connection, the market is segmented as standalone and gridconnected micro inverters. On the basis of enduser the market is segmented as residential and commercial. Geographically, the market is segmented as NorthAmerica, Europe, AsiaPacific and Rest of World. Out of major geographical regions, North American micro inverter market generated the highest revenue in 2016 and is expected to lead the market throughout the forecast period.
Some major companies of the market are Enphase Energy, Inc., ABB Group, SunPower Corporation, SMA Solar Technology AG, Delta Energy Systems GmbH, SolarEdge Technologies Inc., ReneSola, Siemens AG, P&P Energy Technology Co., Limited, Involar
MICRO INVERTER MARKET SEGMENTATION
By type
• Single Phase
• Three Phase
By Connection
• StandAlone
• GridConnected
By End User
• Residential
• Commercial
By Geography
• North America
• Europe
• AsiaPacific
• Rest of World
KEY MARKET PLAYERS
• Enphase Energy,Inc.
• ABB Group
• SunPower Corporation
• SMA Solar Technology AG
• Delta Energy Systems GmbH
• SolarEdge Technologies Inc.
• ReneSola
• Siemens AG
• P&P Energy Technology Co.Limited
• Involar
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Table of content
CHAPTER 1. INTRODUCTION
1.1. RESEARCH METHODOLOGY
1.1.1. ERC desk research
1.1.2. ERC data synthesis
1.1.3. Data validation and market feedback
1.1.4. ERC data sources
1.2. RESEARCH SCOPE
CHAPTER 2. MARKET OVERVIEW
2.1. RESEARCH SUMMARY
2.2. VALUE CHAIN ANALYSIS
2.3. FIVE FORCES ANALYSIS
2.4. MARKET PLAYER POSITIONING
2.5. DEMAND FORECAST
2.6. BUSINESS INTELLIGENCE & STRATEGIC ANALYSIS
2.7. MARKET DETERMINANTS
2.7.1. Drivers
2.7.1.1. Rising installation of residential solar system
2.7.1.2. Growing reliability and safety
2.7.1.3. Higher output and costefficiency
2.7.2. Restraints
2.7.2.1. High maintenance cost
2.7.3. Opportunities
2.7.3.1. Increasing government initiatives
CHAPTER 3. GLOBAL MICRO INVERTER MARKET BY TYPE
3.1. SEGMENT OUTLINE
3.2. GLOBAL MICRO INVERTER MARKET REVENUE BY TYPE, 20162024
3.3. SINGLE PHASE
3.3.1. Current trends
3.3.2. Market growth indicators
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