Upsurge in renewable energy investments to drive global solar microinverter market during the forecast period
According to TechSci Research report, “Global Solar Microinverter Market, By Type (Single Phase and Three Phase), By Connectivity (Integrated, Standalone), By Application (Residential, Commercial, PV Power Plant), By Sales Channel (Direct and Indirect), By Region, Competition, Forecast & Opportunities, 2025”, global solar microinverter market is expected to witness a robust CAGR during the forecast period. Micro inverters are known to generate more energy when compared to other solar inverters, which is one of the major factors accounting for the growth of global solar microinverter market. Moreover, rise in residential solar rooftop installations is expected to bode well for the growth of global solar microinverter market through the forecast period. In addition to this, growing demand for solar micro-inverters owing to its remote monitoring capabilities, is positively influencing the growth of global solar microinverter market. Also, continuous technological innovations to enhance power generation & storage capabilities is further making headway for the growth of global solar microinverter market. Along with this, solar microinverter offers certain benefits over conventional solar inverter technologies, which is forecast to positively contribute to the market growth in the next 5 years. However, there are some factors that can act as major impediments to the growth of global solar microinverter market through 2025 including higher initial and maintenance cost of solar micro-inverters.
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Global solar microinverter market can be segmented based on type, connectivity, application, sales channel, company, and region. Considering the application, the market is fragmented into residential, commercial and PV power plant. Here, the micro-inverter market for residential applications dominated the market until 2019 and is expected to grow at the highest CAGR during the forecast period. This dominance can be attributed to the rising energy cost, along with growing government support across the world. These factors are resulting in increased adoption of energy conservation measures in order to control the surging energy expenditure in residential applications. Moreover, developed economies such as Australia, US, and Netherlands, are among the leading markets for residential rooftop PV installations, have widely adopted micro-inverters over conventional inverters, which further contributes to the growing trend.
SMA, Darfon Electronics, ABB, APSytems, Chilicon Power, iEnergy, Enphase, NEP, SunPower, Enphase Energy, are among others are the leading players operating in global solar microinverter market. The leading players are adopting several growth strategies to enhance the market scenario of solar microinverter. Other competitive strategies include new technological developments; mergers & acquisitions; agreements, partnerships, and collaborations; and expansions to diverse their product portfolio in order to strengthen their market position.
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“North America is forecast to dominate the global solar microinverter market during next 5 years on account of large-scale acceptance of micro-inverter technology, especially for residential applications. However, APAC is estimated to grow at the highest CAGR during the forecast period. This high growth is accredited to the high boost for solar PV installation capacity through advanced solar PV systems in countries such as China, Japan, India, and Australia for enhancing electric stability. In addition to this, APAC has numerous operational micro-inverter installations for commercial, residential, and PV power plant applications. This in turn is anticipated to boost the growth of solar microinverter market across the region in the years to come.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Solar Microinverter Market, By Type (Single Phase and Three Phase), By Connectivity (Integrated, Standalone), By Application (Residential, Commercial, PV Power Plant), By Sales Channel (Direct and Indirect), By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global solar microinverter market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global solar microinverter market.
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