Micro Inverter Market

SKU: DMEP641 | Last Updated On: Sep 09 2022 | Available Formats

> Global Micro Inverter Market Expected to reach a high CAGR By 19.4% 2029: DataM Intelligence

Global Micro Inverter Market is segmented by Type (Single Phase, Three Phase), by Component (Hardware, Software, Services), by Communication Technology (Wired, Wireless), by Sales Channel (Direct, Indirect), by Application (Residential, Commercial, Solar Power Plant), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis,  2022-2029

 

Market Overview

[195 Pages Report] The Global "Micro-Inverter Market" is expected to grow with a high CAGR of 19.4% during the forecast period from  (2022-2029).

  • A micro-inverter is a tiny electronic device used in solar cells to convert direct current (DC) to alternating current (AC). Micro-inverters convert the DC of the modules into AC just as conventionally recognizable inverters do and provide maximum power point tracking.

  • The output AC from all the solar modules in an array is collectively added to the main electrical circuit which is driven by AC.

  • A photovoltaic cell system is comprised of many single solar panels which combine to form a photovoltaic cell. Each module or board has it's micro-inverter performing the duty of converting the current.

  • A micro-inverter is different from a conventional inverter because of the size and number in which they are present in one photovoltaic system. Micro-inverters are installed on the roof under or next to a module and usually serve one single module at a time.

Metrics

Details

Market CAGR

19.4%

Segments Covered

By Type, By Component, By Communication Technology, By Application, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Market Dynamics

  • The critical advantage of micro-inverters over other alternatives such as string inverters is that each solar panel is monitored and optimized individually to generate maximum power.

  • Solar panels can generate different amounts of power due to many reasons such as shading, dirt, and mismatch which is explained in more detail below. In a standard string installation, the panels are linked together in series, and the power output of the entire string can be significantly reduced by a single poor-performing, shaded or dirty panel.

  • A significant advantage of a micro-inverter over a string inverter is the ability to locate panels on multiple sections of a complex roof layout with different orientations and tilt angles.

  • Unlike string inverters, micro-inverters are not restricted to panel placement in one or two different orientations. The use of micro-inverters yields more solar electricity.

  • Micro-inverters are crucial for panels facing multiple orientations or groups which have shading issues. Such issues mainly occur in residential settings.

  • As the penetration of solar panels for residential use increases, Micro-inverters will see a boost in demand.

  • Micro-inverters are a little more expensive to install as instead of only one central inverter — alternatives like Power optimizers perform a similar function such as improving performance for solar panels on complicated roofs, or roofs that experience marginal shad-ing during the day.

  • Cost concerns limit the expansion of the Micro-inverters market. Technological improvements are expected to lead to more competitive prices for micro-inverters.

Industry Segmentation Analysis

  • The global Micro-inverters market is segmented by Type, Component, Communication Technology, Sales Channel, and application.

  • By Type, the market is segmented into Single-phase and three-phase micro-inverter. Throughout North America, homes are powered by 120-volt single-phase electricity. Hence single-phase micro-inverters accounted for the most significant share of the market. By component, the market is divided into Hardware, Software, and Services.

  • The hardware segment accounted for the largest market share. By Communication Technology, the market is divided into Wired & Wireless. The majority of the micro-inverters in the market are based on Power Line Communication (PLC) Technology hence wired segment accounted for a significant share of the market. By Sales channel, the market is segmented into direct & indirect.

  • The direct segment accounted for a significant share of sales since major companies have well-established sales networks and provide their products worldwide.

  • By application, the Micro-inverters market is divided into Residential, Commercial, and Solar Power Plant. Micro-inverters have been most successful in the residential market, where limited space for panels constrains array size, and shading from nearby trees or other objects is often an issue.

  • The residential segment accounted for most of the market share. Micro-inverters are not an economically viable option for solar power plants hence solar power plant segment has the smallest market share. The residential sector is also expected to grow at the fastest rate due to the rising number of residential solar panels.

Geographical Analysis

  • By region, the Global Micro-Inverter market is segmented into North America, South America, Asia-pacific, Europe, and the Rest of the world. North America accounted for the most significant share of the market due to the massive use of solar panels for residential use.

  • The US is the second-largest producer of solar energy. The US & Canada also have a large number of solar technology companies which have contributed to the greater adoption of micro-inverter in the region.

  • Although China and India are among the largest solar energy-producing countries in the world. But, the significant share of that energy comes from massive solar power plants in the region which do not use micro-inverters hence Asia-pacific accounted for a relatively smaller percentage of the Micro-inverter market.

  • Asia-pacific was the second-largest market for micro-inverter. Asia-pacific is expected to be the fastest-growing region due to the rising adoption of solar panels for residential purposes.

Market key players

  • Some of the crucial players in the Global Micro-Inverter Market are Enphase Energy, ABB, Siemens, Infineon Technologies, Canadian Solar, Chilicon Power, SolarEdge Technologies, Altenergy Power System, Darfon Electronics, Renesola, SMA Solar Technology, and Intertech.

  • The major players in the Micro-Inverter Market are forming partnerships to improve the technology of micro-inverters. In Oct 2018, Enphase Energy and LONGi Solar announced a strategic partnership to develop Enphase Energized™ LONGi Solar AC Modules (ACMs) based on seventh-generation Enphase IQ™ microinverters. In Feb 2018, Panasonic Corporation of North America announced a strategic partnership with Enphase Energy, the world’s leading supplier of solar micro-inverters, for the development of high-efficiency AC modules.

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