According to the new market research report "Micro-inverter Market with COVID-19 Impact by Offering, Communication Technology, Type, Power Rating, Connection Type, Sales Channel, Application (Residential, Commercial, and PV Power Plant), and Geography - Global Forecast to 2025", the global micro-inverter market size was valued at USD 2.5 billion in 2020 and is projected to reach USD 6.5 billion by 2025; it is expected to grow at a CAGR of 20.8% from 2020 to 2025. The key factors fueling the growth of this market include increasing demand for micro-inverter solutions in residential applications, growing visibility regarding the inherent benefits offered by them, such as remote monitoring capabilities, upsurge in renewable energy investment, and government initiatives encouraging the adoption of renewable energy.
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Opportunity: Increase in number of solar PV installations owing to incentive schemes by governments of different countries
Rapid developments in the solar energy sector in terms of power generation and utilization are contributing to the increase in the number of solar PV installations for various applications across the world. According to the Global Market Outlook for Solar Power/2020–2024—a report published by SolarPower Europe—a total of 16 countries installed over 1 GW of solar panels in 2019—i.e., 5 more than the 11-GW-scale solar panel installations in 2018. Countries such as China, the US, Germany, and Japan are major markets to have witnessed an increased number of new solar installations in 2019. Inverters have a higher penetration potential in new solar installations than the existing ones or the installations underway. Therefore, flourishing solar energy markets that include India, Brazil, and France create significant growth opportunities for solar inverter systems. Moreover, an increased number of global PV power plant installations also act as potential growth opportunities for solar micro-inverter systems.
Challenge: Pricing pressure on manufacturers of micro-inverters
Solar PV systems are witnessing increased global demand as they are used to generate green power to reduce dependence on grid power. With decreasing prices of solar modules, micro-inverters account for a large share of the overall installation costs of these modules. This results in downward price pressure on manufacturers of micro-inverters. As the overall costs of residential, commercial, industrial, and utility-based solar systems are reducing, inverter companies are bound to reduce the prices of their products. Manufacturers of solar modules are enduring more pressure than the manufacturers of micro-inverters in terms of reduction in the costs of their products. Manufacturers of micro-inverters are finding it difficult to accommodate this change and allow price drops in their inverters. These price drops can be primarily attributed to the development of low-cost equipment and compressed profit margins, which are indicators of the overall price decline in micro-inverters in the near future.
Between 250 W and 500 W segment expected to contribute the largest share to the micro-inverter market during the forecast period
Micro-inverters with a power output rating between 250 and 500 watts are suitable for residential and commercial applications. Residential solar PV systems are installed mostly on the rooftop; they offer the benefits of feed-in tariffs and net metering. Solar PV systems are increasingly being installed globally for residential applications, and a similar trend is likely to be observed during the forecast period as well. Governments of different countries, such as China, the US, and Germany, are encouraging rooftop PV installations for residential end users. However, the outbreak of the COVID-19 pandemic has caused a decline of around 15–20% in the annual solar panel installations, globally, for residential applications, which, in turn, had an adverse impact on the demand for 250–500-watt micro-inverters.
North America projected to be the largest market for a micro-inverters from 2020 to 2025.
The high number of micro-inverter installations in the region, mainly in the US and Canada, can be attributed to the growth of the micro-inverter market in the region. The US was the first country to adopt micro-inverter technology at a large scale, especially for residential applications. Moreover, several companies, such as Enphase Energy, Altenergy Power System, Chilicon Power, and Sensata Technologies, based in this region offer micro-inverter technology-based products, which further adds to the growth of the micro-inverter market in North America. In addition, favorable economic conditions, the growing solar PV market, as well as supportive regulatory policies aiding solar electricity generation in the residential sector in the US and other countries of the region, encourage several domestic and international manufacturers to enhance their micro-inverter offerings.
The key players operating in the micro-inverter market include Enphase Energy (US), Altenergy Power System (US), Darfon Electronics (Taiwan), ReneSola (China), AEconversion (Germany), and Chilicon Power (US) among others.
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