Market Overview:
The global PV micro inverter market is expected to grow at a CAGR of 10.5% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for solar energy across the globe and technological advancements in PV micro inverters. Based on type, the standalone systems segment is expected to lead the global PV micro inverter market during the forecast period. This can be attributed to their low cost and easy installation as compared to integrated systems. However, integrated systems are expected to witness higher growth rates owing to their advantages such as improved efficiency and reliability over standalone systems. Based on application, residential segment is anticipated hold a major share of the global PV micro inverter market during 2018-2030 followed by commercial and utility segments respectively.
Product Definition:
PV micro inverters are devices used to convert direct current (DC) into alternating current (AC). They are typically used in photovoltaic arrays to convert the DC output of solar panels into AC for use in homes and businesses. PV micro inverters are important because they increase the efficiency of solar arrays by allowing each panel to operate independently. This allows for more accurate diagnosis of problems with individual panels, as well as increased overall power production from the array.
Standalone Systems:
The global standalone systems market size was valued at USD 1.5 billion in 2015 and is expected to witness significant growth over the forecast period owing to its ability to reduce maintenance cost, complexity, and power loss of solar panels. Standalone systems are independent from other electrical equipment such as batteries or inverters; they function only on the basis of light falling on them.
Integrated Systems:
Integrated systems are a set of electronic components that work together as a single unit. It can be defined as an assembly of hardware and software, which performs several related functions. The integrated system used in the PV micro inverter market consists of three main elements: Power Factor correction capacitor, DC/AC voltage convertor and AC input filter.
The power factor correction capacitor is used to correct any slight imbalance between positive.
Application Insights:
Based on application, the market has been segmented into residential, commercial and utility. The utility sector dominated the overall industry in terms of revenue share in 2017. Growing demand for micro inverters with enhanced energy efficiency coupled with rising penetration of solar PV systems is expected to drive the segment growth over the forecast period.
The residential sector accounted for a significant share in 2017 and is projected to witness steady growth over the forecast period owing to increasing government support & initiatives along with growing awareness about clean energy generation among consumers. Rising housing needs across emerging economies are also likely to have a positive impact on market growth over the next eight years or so.
Micro inverters find applications across various sectors including healthcare, education buildings, telecoms & IT offices as well as data centers which require large power grids from renewable sources such as solar panels arrayed on building roofs or fields nearby cities/towns etc.
Regional Analysis:
Asia Pacific regional market accounted for the largest share of over 45% in 2017. China is the major contributor to regional growth, which can be attributed to increasing investments in renewable energy infrastructure. The Chinese government has set a target of constructing 20 GW worth of new solar power plants by 2020 and 60 GW by 2030. This will drive demand for PV micro inverters across Asia Pacific region during the forecast period.
North America is expected to witness significant growth over the forecast period owing to growing adoption from residential sector as well as utility sector due to increasing emphasis on reducing carbon footprint, thereby driving demand for clean energy sources such as solar power generation system and leading towards increased utilization of PV micro inverters across this region.
Growth Factors:
- Increasing demand for solar energy due to global warming and rising electricity costs
- Government initiatives and subsidies for installation of PV systems
- Technological advancements in micro inverters that improve performance and reliability
- Growing awareness about the benefits of solar energy among consumers
- Reduction in prices of PV modules, making them more affordable
Scope Of The Report
Report Attributes
Report Details
Report Title
PV Micro Inverter Market Research Report
By Type
Standalone Systems, Integrated Systems
By Application
Residential, Commercial, Utility
By Companies
ABB, Chilicon Power, Enphase Energy, Renesola, SMA Solar Technology, SolarEdge Technologies, Sungrow Power Supply, Schenzhen Kstar Science & Technology, TMEIC, SunPower Corp, ABB
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
227
Number of Tables & Figures
159
Customization Available
Yes, the report can be customized as per your need.
Global PV Micro Inverter Market Report Segments:
The global PV Micro Inverter market is segmented on the basis of:
Types
Standalone Systems, Integrated Systems
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Residential, Commercial, Utility
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- ABB
- Chilicon Power
- Enphase Energy
- Renesola
- SMA Solar Technology
- SolarEdge Technologies
- Sungrow Power Supply
- Schenzhen Kstar Science & Technology
- TMEIC
- SunPower Corp
- ABB
Highlights of The PV Micro Inverter Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Standalone Systems
- Integrated Systems
- By Application:
- Residential
- Commercial
- Utility
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the PV Micro Inverter Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A PV Micro Inverter is a small, lightweight device that converts the direct current (DC) output from a solar panel into alternating current (AC). This allows you to use your solar power to power devices like lights, fans, and appliances.
Some of the key players operating in the pv micro inverter market are ABB, Chilicon Power, Enphase Energy, Renesola, SMA Solar Technology, SolarEdge Technologies, Sungrow Power Supply, Schenzhen Kstar Science & Technology, TMEIC, SunPower Corp, ABB.
The pv micro inverter market is expected to register a CAGR of 10.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 PV Micro Inverter Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 PV Micro Inverter Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 PV Micro Inverter Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the PV Micro Inverter Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global PV Micro Inverter Market Size & Forecast, 2018-2028
4.5.1 PV Micro Inverter Market Size and Y-o-Y Growth
4.5.2 PV Micro Inverter Market Absolute $ Opportunity
Chapter 5 Global PV Micro Inverter Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 PV Micro Inverter Market Size Forecast by Type
5.2.1 Standalone Systems
5.2.2 Integrated Systems
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global PV Micro Inverter Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 PV Micro Inverter Market Size Forecast by Applications
6.2.1 Residential
6.2.2 Commercial
6.2.3 Utility
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global PV Micro Inverter Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 PV Micro Inverter Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America PV Micro Inverter Analysis and Forecast
9.1 Introduction
9.2 North America PV Micro Inverter Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America PV Micro Inverter Market Size Forecast by Type
9.6.1 Standalone Systems
9.6.2 Integrated Systems
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America PV Micro Inverter Market Size Forecast by Applications
9.10.1 Residential
9.10.2 Commercial
9.10.3 Utility
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe PV Micro Inverter Analysis and Forecast
10.1 Introduction
10.2 Europe PV Micro Inverter Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe PV Micro Inverter Market Size Forecast by Type
10.6.1 Standalone Systems
10.6.2 Integrated Systems
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe PV Micro Inverter Market Size Forecast by Applications
10.10.1 Residential
10.10.2 Commercial
10.10.3 Utility
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific PV Micro Inverter Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific PV Micro Inverter Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific PV Micro Inverter Market Size Forecast by Type
11.6.1 Standalone Systems
11.6.2 Integrated Systems
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific PV Micro Inverter Market Size Forecast by Applications
11.10.1 Residential
11.10.2 Commercial
11.10.3 Utility
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America PV Micro Inverter Analysis and Forecast
12.1 Introduction
12.2 Latin America PV Micro Inverter Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America PV Micro Inverter Market Size Forecast by Type
12.6.1 Standalone Systems
12.6.2 Integrated Systems
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America PV Micro Inverter Market Size Forecast by Applications
12.10.1 Residential
12.10.2 Commercial
12.10.3 Utility
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) PV Micro Inverter Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) PV Micro Inverter Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) PV Micro Inverter Market Size Forecast by Type
13.6.1 Standalone Systems
13.6.2 Integrated Systems
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) PV Micro Inverter Market Size Forecast by Applications
13.10.1 Residential
13.10.2 Commercial
13.10.3 Utility
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 PV Micro Inverter Market: Competitive Dashboard
14.2 Global PV Micro Inverter Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 ABB
14.3.2 Chilicon Power
14.3.3 Enphase Energy
14.3.4 Renesola
14.3.5 SMA Solar Technology
14.3.6 SolarEdge Technologies
14.3.7 Sungrow Power Supply
14.3.8 Schenzhen Kstar Science & Technology
14.3.9 TMEIC
14.3.10 SunPower Corp
14.3.11 ABB
