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The global solar micro inverters market generated the revenue of $431.6 million in 2015, and is projected to reach $1,968.7 million by 2026, registering a CAGR of 15.3% during the forecast period (2016–2026).
APAC is expected to witness the fastest growth among all regions in the industry during the forecast period. This can be mainly attributed to the presence of key players in the region and extensive support from the government in terms of funding and grants for promoting solar and wind energy. Additionally, the governments are offering sops to residential consumers for installing solar PV systems, which in turn, has, increased the demand for micro inverters.
Fundamentals Governing Solar Micro Inverters Market
Growing focus toward integrated module is witnessed as a key trend in the solar micro inverters market. These integrated modules are designed to reduce the labour costs and installation time and streamline the overall operation and maintenance in the field. These modules offer up to 25% more power than conventional systems.
The prices drop of micro inverters and government initiatives have resulted in higher adoption of photovoltaic (PV) installations across the globe. This is due their optimal performance, cost-effectiveness, and safety features. Further, growing PV installations increases the demand for the micro inverters.
Energy storage systems decentralize reserves of energy that can be used whenever required, thereby enabling users to operate the grid more efficiently. Increased production has led to drop in prices of energy storage devices. The rising affordability of energy storage devices for solar power systems is expected to benefit the vendors of micro inverters to a significant level during the forecast period.
Segmentation Analysis of Solar Micro Inverters Market
The integrated category is expected to exhibit faster revenue growth during the forecast period in the solar micro inverters market. This can be attributed to the decline in micro inverter prices, growing focus of key players toward integrated module systems, increasing product launches, and continuous rise in the number of strategic partnerships.
The residential category held the largest revenue category by end use in 2017 in the solar micro inverters market. This is due to the increase in demand for micro inverters in residential PV installations and growing electricity needs in U.S., Japan, China, India, and other countries.
Geographical Analysis of Solar Micro Inverters Market
North America was the largest region for the global solar micro inverters market during the historical period and is expected to maintain the trend during the forecast period as well. This can be mainly attributed to the large number of residential PV installations and government initiatives for solar PV systems. Considering the future industry scenario, the U.S. is expected to lead the North American market, generating revenue worth $827.8 million in 2026.
The APAC region is expected to witness the fastest revenue growth during the forecast period, mainly on account of growing PV installations in China, high demand for power supply, substantial reduction in the costs of micro inverters, improved device features, and enhanced efficiency. China is expected to lead the APAC solar micro inverters market over the forecast period, on account of extensive government support in terms of funding and grants for promoting solar and wind energy.
Competitive Landscape of Solar Micro Inverters Market
Some of the major players of the solar micro inverters market include Enphase Energy Inc., SolarEdge Technologies Inc., ABB Ltd., SMA Solar Technology AG, SunPower Corporation, Altenergy Power System Inc., Darfon Electronics Corp., and Northern Electric and Power Co. Ltd.
Recent Strategic Developments of Major Solar Micro Inverters Market Players
In recent years, major players in the solar micro inverters market have taken several strategic measures, such as product launches and geographical expansions, to gain competitive edge in the industry. For instance, in July 2016, Enphase Energy Inc. entered into strategic partnership with four key distribution partners to strengthen its operations in Benelux. These four distribution partners include Alma Solar, Gutami Solar, Mijn Energiefabriek, and Natec.
Moreover, in December 2016, Enphase Energy Inc. was selected as the Residential Solar Technology Partner by leading Swiss utility, Romande Energie, to power the residential PV offerings. This is expected to broaden the market presence of Enphase Energy Inc. in Switzerland.
Market Size Breakdown by Segment
The Solar Micro Inverters Market report offers comprehensive market segmentation analysis along with market estimation for the period 2012–2026.
Based on System Type
Based on End-Use
Key Questions Addressed in the Report