Micro Inverter Market

Micro Inverter Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Micro Inverter Market grew at a CAGR of 12.3% between 2017-2021 and is estimated to be US$ 2,341.6Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 13.7% and is expected to reach a valuation of US$ 8,455.1Mn by 2032 end.

A micro inverter is an inverter that has been scaled down and is intended for use with single solar panels rather than strings of solar modules. Typically employed in photovoltaics, this plug-and-play component transforms direct current (DC) produced by a basic solar module into alternate current (AC).

It provides several advantages, such as an easy installation process, better optimization, design flexibility, and increased safety. Additionally, carrying out maximum power point tracking (MPPT) for the connected module aids in generating optimal power.

Market Dynamic

TECHNICAL ADVANTAGES OF MICRO-INVERTERS OVER CONVENTIONAL SOLAR INVERTERS

Technically, micro-inverters have several advantages over traditional central and string solar inverters. The micro-inverter delivers the photovoltaic (PV) system’s maximum potential output. The key benefit is their capacity to maintain a strong and steady power flow even when one or more of their panels are shaded, raising end users’ interest in micro-inverters.

HIGHER INSTALLATION AND MAINTENANCE COSTS OF MICRO-INVERTERS

Even though micro-inverters have several advantages over traditional central and string inverter systems, the cost associated with installation and maintenance is one of the key factors limiting the market. Premium products with a high price tag are micro-inverters. A communication gateway, pricey AC trunk lines, one micro-inverter per module, and specialized equipment make up a micro-inverter system.

The number of inverters that can be connected to a single cable trunk of an AC trunk is constrained by its limited current capacity. A micro-inverter system further costs USD 100 Mn. It requires more micro-inverter installations and costs more money than a string inverter on a typical solar system because these inverters are well-known for running single panels and are installed on one board each.

TECHNOLOGICAL INNOVATIONS IN INVERTERS TO IMPROVE THEIR CAPABILITIES

The need for efficient solar inverter technology has arisen due to rising electricity costs and demand. To meet the unmet needs of customers, new inverter technologies are being created and introduced. Many architectural designs have been used over time to increase the performance of micro-inverters.

Numerous micro-inverter manufacturers have also chosen partnership and collaboration tactics to grow their company operations, broaden their product offerings, improve overall performance, and increase their technological portfolios. A select group of significant players in the micro-inverter market work with different businesses to improve the range of products they offer by incorporating new technologies.

Market Segments Covered in Report

By Phase:

• Single Phase
• Three Phase

By Connectivity:

• Standalone
• On-grid

By Application:

• Residential
• Commercial

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Which is the most commonly used micro inverter?

With a 90% revenue share, the single-phase micro inverter category will continue to rule the worldwide micro inverter market.

Due to their compliance with various standards, single-phase micro inverters have become the most often used power electronic device in commercial and residential structures. By using one unit rather than two or more, these tiny inverters allow consumers to save money.

Which segment contributed most to the global micro inverter market growth?

Due to their small size and ability to be put in remote locations without grid access, emerging micro inverter market trends predict that the standalone micro inverter segment will grow at a significantly higher CAGR over the forecast period. They are becoming incredibly sought-after products for homes.

On the other hand, sales of on-grid micro inverters are also anticipated to increase significantly due to their better flexibility and higher energy conversion ratios. Around 2021, the segment brought in US$ 1.1 billion.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• With a market share of 39.8%, promising markets like China and India dominate the Asia Pacific market. With the increasing usage of commercial solar PV systems for industrial, residential, and other applications, the micro-inverter market in the Asia Pacific region is expanding quickly.
• Due to rising green technology adoption, increasing investments in renewable energy infrastructure, rising demand for solar inverters, escalating power outages, supportive governments, and a booming solar panel micro-inverter market, the U.S. will continue to be the most profitable market for micro inverters in Europe.

Competition Analysis

To obtain a competitive edge in the worldwide micro inverter market, top producers of micro inverters are constantly using various strategies, including new product releases, partnerships, acquisitions, collaborations, mergers, and price reductions. Additionally, they are making numerous efforts to inform people about the benefits of utilizing clean energy technologies for the environment.

The key developments in the Global Micro Inverter Market:

• In October 2021, the industry’s first microgrid-forming microinverter, Enphase IQ8+, was introduced by Enphase Energy, a U.S.-based micro inverter producer. It can create a microgrid during a power outage using only sunlight, providing backup power without a battery.
• In June 2021, Yotta Energy, a leading supplier of energy storage technologies, teamed up with APsystems.

A list of some of the key suppliers present in the market are:

• Darfon Electronics Corp.
• Siemens
• Solar Edge Technologies, Inc.
• Alternative Power System, Inc.
• Enphase Energy
• Sensata Technologies, Inc.
• TMEIC, Fimer Group
• Chilicon Power
• LLC
• AEconversion GmbH & Co. KG
• Sparq Systems
• Yotta Energy

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.