APAC expected to be the fastest-growing market for micro-inverter during the forecast period

The global micro-inverter market was valued at USD 2.18 billion in 2017 and is projected to reach USD 5.88 billion by 2023, at a CAGR of 19.3% during the forecast period. The base year used for this study is 2017, and the forecast period considered is from 2018 to 2023.

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The report covers the micro-inverter market segmented by components, types, communication technologies, sales channels, applications, and geographic regions. The “single phase” segment is expected to hold the largest size of the market, based on type, by 2023. Single-phase technology enables the system to have a compact size, which is well suited for residential and commercial applications. In countries such as the US, Australia, and European countries, the residential segment operates on single-phase transmissions of electricity, which is also one of the major markets for micro-inverters.

“APAC expected to be the fastest-growing market for micro-inverter during the forecast period”

APAC is expected to be the fastest-growing market for micro-inverter from 2018 to 2023. Currently, many countries—such as China, Japan, India, and Australia—are striving to boost their solar PV installation capacity through advanced solar PV systems that could, in turn, enhance electric stability. In countries such as India, China, and Japan, respective governments have laid regulations and reforms, as well as initiatives, for modernizing the power sector. APAC has several operational micro-inverter installations for residential, commercial, and PV power plant applications. Japan and Australia have been the major adopters of micro-inverter technology. Also, the growth in residential rooftop solar PV installations in India and Japan encourages manufacturers to cater to the needs of potential customers in this region.

Major players involved in the micro-inverter market include Enphase Energy (US), Altenergy Power System (US), Chilicon Power (US), SunPower (China), Siemens (Germany), Envertech (China), ReneSola (US), Darfon Electronics (China), and AEconversion (Germany), among others.

Study Coverage

This research report categorizes the micro-inverter market on the basis of component, type, communication technology, sales channel, application, and region. This report describes the drivers, restraints, opportunities, and challenges for the growth of the micro-inverter market. The value chain analysis and competitive landscape for the market leaders has been included in the report.

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