Solar Microinverter Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030
Page: 215 | Report Code: SE240730 | Research Suite: Report (PDF) & Market Data (Excel)
The global market value of the solar microinverter market was valued at USD 311.8 million in 2022, and a CAGR of 13.3% is expected during the forecast period. Increasing demand to remove the need for DC Switching points, easier installation, and enhanced design flexibility are driving growth in the market significantly. Increasing demand for inverters that provide better safety than conventional inverters is driving significant growth in the market.
Constant research and development activities and a significant reduction in the costs of microinverters are the main reasons behind the growth of the market. The increasing popularity of it due to its compact size and flexibility in the solar microinverter market is driving growth in the market. Increasing demand for solar devices in the market is driving growth in the market significantly.
Growth Drivers
Increasing demand for solar photovoltaics in the residential sector is the main reason behind the significant growth in the market. Considerable demand for single-phased power transmission is driving the demand for the solar microinverter market significantly. Continuous technological growth in the market is a significant factor during the forecast period. The increasing requirements of consumers based on modularity, safety, and maximum energy harvest will continue to drive the market at a considerable pace.
The design
flexibility of solar micro-inverters is driving growth in the market. High
solar PV module efficiencies drive cost reduction. The industrialization of
these highly modular technologies is driving growth in the market. Rising
disposable income in most parts of the world and increasing government
initiatives to switch towards eco-friendly devices are the factors driving growth
in the market. Government incentives and policies for the adoption of solar
energy are driving growth in the market significantly. The presence of
established manufacturers in the Asia-Pacific region is driving significant
growth in the market.
Segmentation
Offerings
·
Hardware
·
Software and Services
Based on Communication Technology
·
Wired
·
Wireless
Based on Type
·
Single Phase
·
Three Phase
Based on Application
·
Residential
·
Commercial
·
PV Power Plant
Based on Sales Channel
·
Direct
·
Indirect
Based on Connection Type
·
Stand Alone
·
Grid-Tied
Based on Power Rating
·
Below 250 W
·
250 W- 500 W
·
Above 500 W
Regional Outlook
·
Asia Pacific
·
North America
·
Latin America
·
Europe
·
Middle East and Africa
Solar Microinverter Market Offerings
Segmentation
On the basis of the offering, the solar microinverter market is segmented into hardware, software, and services. Hardware is the leading segment because microinverters are essential hardware components that convert DC into AC. Due to improved efficiency, reliability, and power output, the dominance of hardware components is inevitable.
Solar Microinverter Market
Communication Technology Segmentation
On the basis of communication technology, the solar
microinverter is segmented into wired and wireless. Wired is the leading
segment due to the higher data transfer speed provided by it in comparison to
wireless. This is advantageous in microinverters, especially in scenarios where
a large amount of data needs to be transferred quickly. Wired communication
technology is also a leading segment due to its reliability because it ensures
consistent and stable communication between microinverters, monitoring systems,
and central management units. Wired communication is generally considered more
secure, as it is less susceptible to hacking compared to wireless technologies.
Increasing demand for better data integrity is required by large and small
organizations. Rising awareness of environmental sustainability is driving
significant growth in the market.
Solar Microinverter Market Application Segmentation
Based on applications, the solar microinverter market is
segmented into residential, commercial, and PV power plants. Residential is the
leading segment and is expected to grow significantly during the forecast
period. The surge in residential solar installations naturally contributes to
the prominence of microinverters. Microinverters are generally easier to
install and maintain than centralized string inverters, making them more
appealing for residential solar installations. Rising awareness of environmental
sustainability and increasing demand for eco-friendly devices in the market are
significantly driving the growth of the market. The commercial segment is also
not far behind and is expected to grow significantly due to increasing demand
for solar micro inverters in big and small organizations as well.
Regional Outlook
On the basis of the regions, the solar microinverter market is segmented into 5 parts: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America is the leading segment in the market and is expected to dominate the market during the forecast period due to increasing technological advancements in the region. Increasing awareness among people to switch towards eco-friendly solutions. Asia-Pacific is another growing region in the presence of emerging economies like China, Japan, India, and South Korea.
Rising disposable income, increasing urbanization, and industrialization are driving growth in the region significantly. Increasing energy prices across the globe are driving growth in the market. The increasing requirements of customers based on safety and maximum energy harvest are driving growth in the market. Europe is another big region in the presence of countries like England, France, Germany, Turkey, Spain, and Denmark. The presence of key players in North America and Europe is driving growth in the market.
The Middle East, Africa, and Latin America are witnessing moderate growth in the market due to less awareness regarding the environmental issues and benefits of solar devices in comparison to conventional ones, but still, some countries like Israel, South Africa, Saudi Arabia, and the United Arab Emirates are driving the demand in the market.
Due to robust residential and commercial installations, the United States of America is the leading market. Demand is fueled by incentives, net metering policies, and a strong awareness of the benefits of the benefits of renewable energy. Rapid urbanization, increasing energy demand, and government initiatives to promote renewable energy contribute to significant growth in the Asia-Pacific region, and due to the early adoption of renewable energy technologies, Europe remains a mature market for solar micro-inverters. The market is driven by stringent renewable energy targets, favorable feed-in tariffs, and increasing investment in solar PV installations.
Key Players
·
Emphase Energy Inc.
·
Siemens AG
·
ABB Group
·
Altenerge Power System Inc.
·
DARFON
·
Chilicon Power LLC
·
Ninjbo Deye Inverter Technology Company
Ltd.
·
Hoymiles
·
ABB Ltd.
·
SMA Solar Technology AG
·
Solis Energy Solutions Inc.
·
Delta Electronics Inc
·
Yaskawa Solectria Solar
· Other Players