According to the new market research report "Micro-Inverter Market by Component (Hardware, Software, and Services), Type (Single Phase and Three Phase), Communication Technology, Sales Channel, Application (Residential, Commercial, and PV Power Plant), and Geography - Global Forecast to 2023", The global micro-inverter market was valued at USD 2.4 billion in 2018 and is projected to reach USD 5.9 billion by 2023, at a CAGR of 19.3% from 2018 to 2023.
Micro-inverters are mainly used in residential applications. Owing to its features such as great scalability and flexibility, as well as are easy to install as compared to conventional string or central inverter technology, these micro-inverters are well suited in residential solar rooftop PV installations. These factors together propel the growth of rooftop solar panel installations across the world. About 60% of the total residential solar panel installations in the US utilize micro-inverter systems. Australia is almost completely dominated by residential rooftop systems, with rooftop solar installations in over 1.6 million homes; whereas in India, which is a rapidly growing solar market, the residential solar rooftop solar industry has surpassed the 1 GW mark, with 513 MW of capacity addition in 2016. This further drives the demand for micro-inverter systems in the residential sector. These factors are expected to create a huge demand 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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