Quick Summary:
Unlock limitless possibilities in the dynamic world of solar microinverters, a crucial component in photovoltaic (PV) cells converting direct current (DC) into alternating current (AC). Solar microinverters offer various advantages like maintaining a consistent energy output, despite shading of panels, immense design flexibility, maximizing power via the MPPT technology and notably reducing fire risks. These make the purchase of this comprehensive market research report crucial in understanding this evolving market.
The global solar microinverter market is experiencing robust growth due to the increasing deployment of solar microgrids, rising energy demand and a boost in residential solar rooftop installations. Furthermore, amplified usage of Building-Integrated Photovoltaics (BIPV), growing demand for its remote monitoring capabilities, and escalating R&D activities paint a promising picture of this industry's future. Dive into this in-depth report to gain a strategic edge in the market that is set to exhibit commendable growth.
The global solar microinverter market size reached US$ 270.7 Million in 2022. Looking forward, the publisher expects the market to reach US$ 632.8 Million by 2028, exhibiting a growth rate (CAGR) of 15% during 2023-2028.
A solar microinverter is an electronic equipment which is used in photovoltaic (PV) cells for changing the waveform of the current. The inverter usually functions in a parallel circuit and is used for changing direct current (DC) into alternating current (AC). The PV cell system consists of several single solar panels, each comprising a microinverter. The device can separate power output from each panel and convert it into grid voltage. In comparison to conventional string converters, they have various advantages including the ability to maintain a consistent flow of power despite shading of panels, immense design flexibility, the capability to maximize power from solar panels through the Maximum Power Point Tracking (MPPT) technology and reduced risk of fire.
The market is driven by the increasing deployment of solar microgrids, along with the rising energy demand across both the commercial and industrial sectors. The increase in residential solar rooftop installations is also acting as another major growth-inducing factor. Additionally, the increasing utilization of Building-Integrated Photovoltaics (BIPV) is also augmenting the growth of the market. The BIPV is the integration of PV power generators into the building envelope materials that act as an ancillary or principal source of electrical power. Microinverters assist in maintaining the ambient temperatures while protecting the building against various fire hazards. Moreover, factors including growing product demand owing to its remote monitoring capabilities, increasing research and development (R&D) activities and the implementation of government initiatives to promote the use of renewable energy is further driving the growth of the market.
2. What is the expected growth rate of the global solar microinverter market during 2023-2028?
3. What are the key factors driving the global solar microinverter market?
4. What has been the impact of COVID-19 on the global solar microinverter market?
5. What is the breakup of the global solar microinverter market based on the connectivity?
6. What is the breakup of the global solar microinverter market based on the component?
7. What is the breakup of the global solar microinverter market based on communication channel?
8. What is the breakup of the global solar microinverter market based on the type?
9. What is the breakup of the global solar microinverter market based on the application?
10. What are the key regions in the global solar microinverter market?
11. Who are the key players/companies in the global solar microinverter market?
A solar microinverter is an electronic equipment which is used in photovoltaic (PV) cells for changing the waveform of the current. The inverter usually functions in a parallel circuit and is used for changing direct current (DC) into alternating current (AC). The PV cell system consists of several single solar panels, each comprising a microinverter. The device can separate power output from each panel and convert it into grid voltage. In comparison to conventional string converters, they have various advantages including the ability to maintain a consistent flow of power despite shading of panels, immense design flexibility, the capability to maximize power from solar panels through the Maximum Power Point Tracking (MPPT) technology and reduced risk of fire.
The market is driven by the increasing deployment of solar microgrids, along with the rising energy demand across both the commercial and industrial sectors. The increase in residential solar rooftop installations is also acting as another major growth-inducing factor. Additionally, the increasing utilization of Building-Integrated Photovoltaics (BIPV) is also augmenting the growth of the market. The BIPV is the integration of PV power generators into the building envelope materials that act as an ancillary or principal source of electrical power. Microinverters assist in maintaining the ambient temperatures while protecting the building against various fire hazards. Moreover, factors including growing product demand owing to its remote monitoring capabilities, increasing research and development (R&D) activities and the implementation of government initiatives to promote the use of renewable energy is further driving the growth of the market.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global solar microinverter market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on connectivity, component, communication channel, type and application.Breakup by Connectivity:
- Standalone
- On-Grid
Breakup by Component:
- Hardware
- Software
Breakup by Communication Channel:
- Wired
- Wireless
Breakup by Type:
- Single Phase
- Three Phase
Breakup by Application:
- Residential
- Commercial
- Others
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being ABB Asea Brown Boveri Ltd., Chilicon Power, LLC, Enphase Energy Inc., Altenergy Power System Inc., SunPower Corporation, Darfon Electronics Corporation, Siemens AG, Delta Energy Systems (Germany) GmbH, Alencon Systems LLC, ReneSola Ltd., Omnik New Energy Co. Ltd., EnluxSolar Co. Ltd., Sungrow Deutschland GmbH, Sensata Technologies, Inc., etc.Key Questions Answered in This Report
1. What was the size of the global solar microinverter market in 2022?2. What is the expected growth rate of the global solar microinverter market during 2023-2028?
3. What are the key factors driving the global solar microinverter market?
4. What has been the impact of COVID-19 on the global solar microinverter market?
5. What is the breakup of the global solar microinverter market based on the connectivity?
6. What is the breakup of the global solar microinverter market based on the component?
7. What is the breakup of the global solar microinverter market based on communication channel?
8. What is the breakup of the global solar microinverter market based on the type?
9. What is the breakup of the global solar microinverter market based on the application?
10. What are the key regions in the global solar microinverter market?
11. Who are the key players/companies in the global solar microinverter market?
Frequently Asked Questions about the Global Solar Microinverter Market
What is the estimated value of the Global Solar Microinverter Market?
What is the growth rate of the Global Solar Microinverter Market?
What is the forecasted size of the Global Solar Microinverter Market?
Who are the key companies in the Global Solar Microinverter Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 139 |
| Published | July 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 270.7 Million |
| Forecasted Market Value ( USD | $ 632.8 Million |
| Compound Annual Growth Rate | 15.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 14 |
Table of Contents
1 Preface3 Executive Summary7 Value Chain Analysis15 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Solar Microinverter Market
6 SWOT Analysis
8 Porter’s Five Forces Analysis
9 Market Breakup by Connectivity
10 Market Breakup by Component
11 Market Breakup by Communication Channel
12 Market Breakup by Type
13 Market Breakup by Application
14 Market Breakup by Region
16 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- ABB Asea Brown Boveri Ltd.
- Chilicon Power LLC
- Enphase Energy Inc.
- Altenergy Power System Inc.
- SunPower Corporation
- Darfon Electronics Corporation
- Siemens AG
- Delta Energy Systems (Germany) GmbH
- Alencon Systems LLC
- ReneSola Ltd.
- Omnik New Energy Co. Ltd.
- EnluxSolar Co. Ltd.
- Sungrow Deutschland GmbH
- Sensata Technologies Inc.
Methodology
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