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Global Micro Inverter Market Size, Share & Industry Trends Analysis Report By Type, By Connection, By End User, By Regional Outlook and Forecast, 2022 - 2028

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    Report

  • 173 Pages
  • May 2022
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5615644
The Global Micro Inverter Market size is expected to reach $7.4 billion by 2028, rising at a market growth of 17.8% CAGR during the forecast period.



In photovoltaic systems, a micro inverter is an electrical device that transforms direct current (DC) from solar modules into alternating current (AC). To convert DC electricity to AC power at the device power source, such inverters are generally mounted separately on each solar panel. In addition, when compared to central inverters and string inverters, a micro inverter is simple to install and operate. Additionally, by conducting maximum power point tracking (MPPT) for the connected module, it aids in the production of optimal power. Moreover, it has various advantages over standard inverters, including increased dependability, higher output, and improved safety.

Technical benefits over other traditional solar inverters, capabilities, and design flexibility, such as generating maximum power from solar panels are driving the micro inverter market ahead. Additionally, the market is expected to develop due to an increase in demand for sustainable and clean energy as a result of rising concerns about greenhouse gas emissions. There is an increase in the frequency of solar photovoltaic (PV) installations for various applications around the comprehensive market.

When first firefighters or responders are on rooftops or maintaining power lines, new electrical rules require speedy solar system shutdown to keep them safe from high voltage. Such rapid shutdown needs are met by micro inverters, which have this functionality built into each module. The main benefit of employing micro-inverters is that firefighters can theoretically generate more solar electricity. The basis for this is that the currents across solar panels differ slightly. When solar panels are joined in a string, the current is reduced to the least-generating panel in the string.

COVID-19 Impact Analysis


The COVID-19 pandemic has an overall influence on society and the economy. The COVID-19 pandemic has had a significant impact on the electronics and semiconductor industries. Due to an increase in the number of COVID-19 cases, manufacturing and business units in several nations were closed. Additionally, the partial or complete shutdown impacted the worldwide supply chain, making it difficult for manufacturers to access customers and raw materials.

Additionally, this pandemic has had an influence on the electronics industry, as production facilities have halted, boosting demand for semiconductor and electronics products in the businesses. Its main effects include a significant manufacturing halt in Europe and a halt in Chinese parts exports, both of which limit the micro-inverter market's potential.

Market Growth Factors


Technological benefits of micro inverters over traditional solar inverters


Micro-inverters provide a number of technical advantages over other types of solar inverters, such as string and central inverters. Micro-inverters are located beneath each solar panel and convert direct current (DC) power produced by a single solar panel, contrasting conventional inverters, which are positioned at a distance from the solar array and can run and monitor a number of solar panels at the same time. This allows users to work independently. The photovoltaic (PV) system's maximum potential output is delivered by the micro-inverter. The ability of micro-inverters to sustain the consistent and strong flow of power amidst the shading of one or more of their panels is their prime advantage, which has increased their popularity among end-users.

Growth in solar PV installations due to incentive schemes by governments of different countries


Rapid advancements in the solar energy sector in order to power generation and use are helping to boost the number of solar PV installations for diverse applications around the world. For instance, as per Solar Power Europe's research, the Global Market Outlook for Solar Power/2020-2024, a numerous amount of countries installed above 1 GW of solar panels in 2019, which is in 2018, there were 5 GW of solar panel installations, up from 11 GW in same year. There has been a substantial increase in the number of new solar installations in recent years. Inverters have a greater penetration potential in new solar systems than it is done in existing or ongoing solar installations.

Market Restraining Factors


Variable environmental conditions may hamper the performance of solar micro inverter


The solar micro inverter solely depends on the balance and required amount of solar energy that is provided by sun. However, it is Some days it will be sunny, cloudy, and rainy or other kind of whether condition. Hence, in such conditions where micro inverter is expected to not be able to perform to its maximum capacity, and in such scenario many operational activities that depend on micro inverter is expected to come to temporary halt, and ultimately hamper the overall performance of the organization. Even during the sunny days, the level of sunlight may differ and create a probable variability in performance of the micro inverter.

Type Outlook


Based on Type, the market is segmented into Single phase and Three phase. The single-phase inverter segment acquired the highest revenue share in the micro-inverter market in 2021. Due to their modular nature, plug-and-play capability, and control flexibility, single-phase micro-inverters have become increasingly popular in grid-connected residential PV systems. Such inverters are equipped with power decoupling capabilities to prevent pulsing output power from being reflected on PV outputs. There is an increase in the usage of an intermediate capacitor for power decoupling in a single-stage buck-boost derived PV micro-inverter. The transformer-free doubly grounded architecture eliminates common mode ground current problems.

Connection Outlook


Based on Connection, the market is segmented into Grid Connected and Stand Alone. The standalone segment witnessed a significant revenue share in the micro-inverter market in 2021. Due to the tiny size, which eliminates the need for an electrolyte capacitor and large transformer, standalone systems is expected to record a significant popularity throughout the projection period. To stay in business, many market participants are focusing on R&D, production, and installation.

End User Outlook


Based on End User, the market is segmented into Residential and Commercial. The residential segment recorded the largest revenue share in the micro-inverter market in 2021. Solar photovoltaic adoption is expanding in the residential sector, owing to anticipated cost reductions, the requirement for a substitute origin of electricity, and the intention to decrease climate change risk. As a result, the micro inverter market's growth prospects have improved. The share of rooftop solar PV is expected to grow during the forecast period due to lower solar PV costs, favorable government policies for residential solar PV, FIT programs & incentives, and solar energy targets set by various governments. Continuous technological advancements, such as improved solar PV module efficiencies, are driving cost reductions.

Regional Outlook


Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific emerged as the leading region in the micro-inverter market with the largest revenue share in 2021. The presence of many nations such as Japan, China, Australia, and India are striving to increase their solar PV installation capacity via sophisticated solar PV systems, which might improve electric stability. For commercial, residential, and PV power plant applications, APAC has multiple operating micro-inverter installations. Micro-inverter technology has been widely adopted in Japan and Australia. In addition, the growing number of residential rooftop solar PV installations in Japan and India motivates manufacturers to meet the needs of potential clients in the countries.

The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Siemens AG and Texas Instruments, Inc. are the forerunners in the Micro Inverter Market. Companies such as STMicroelectronics N.V, Sensata Technologies Holdings PLC, SolarEdge Technologies are some of the key innovators in the Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, Delta Electronics, Inc., STMicroelectronics N.V., Texas Instruments, Inc., Sensata Technologies Holdings PLC, Darfon Electronics Corporation, Enphase Energy, Inc., Sparq Systems Inc., Fimer S.p.A., and SolarEdge Technologies, Inc.

» Partnerships, Collaborations and Agreements:

  • Dec-2021

    :

    STMicroelectronics introduced a new series of GaN power semiconductors in the STPOWER portfolio. This product launch aimed to drastically lower energy consumption and fit slimmer design in a large variety of electronic products. Target applications include consumer equipment like chargers, external power adapters for PCs, LED-lighting drives, and power supplies within home appliances and televisions. This new equipment is generated in high volumes globally, and with higher efficiency can realize significantly CO2 savings.
  • Oct-2021: Enphase Energy released an all-in-one Enphase Energy System with IQ8 solar microinverters for customers based in North America. This new product is Enphase's smartest microinverter.
  • Jul-2021: SolarEdge Technology unveiled a new series of inverters for industrial and commercial installers, with modular designs in different variants. This product launch aimed to enable industrial and commercial installers is expected to just need a two-person crew to unify the inverters into their solar arrays.
  • Jun-2021

    :

    FIMER introduced two new platforms, a modular conversion solution, and a high power multi MPPT string inverter, for the utility-scale sector. This product launch aimed to serve both centralized and decentralized applications including all the utility applications. This new product is the powerful and power-dense multi-MPPT string inverter in the solar industry, enhanced for decentralized PV system architecture with a maximum efficiency of nMAX>99 % To ensure the highest energy yield. PVS-350 has the smallest footprints when compared to other similar products, and drastically lowers the risk of downtime that could occur with central inverters.
  • Jan-2021: FIMER introduced a new PVS-10/33-TL three-phase string inverter solution for industrial and commercial applications. This product launch aimed to provide a host of additional performance features and solve any type of application. The string inverters provide high power density and strong energy harvesting potential, with output ranging from 10kW to 33 kW. PVS-10/33-TL, is designed for ease and agile enough to adjust anywhere and could be simply installed in existing or new plants to give lower installation and maintenance costs.

» Acquisitions and Mergers:

  • Apr-2022: Sensata Technologies took over Dynapower, renowned energy storage, and power conversion provider. This acquisition aimed to deliver energy storage and power conversion systems comprising inverters, rectifiers, converters, and custom transformers for renewable energy generation, electric vehicle charging stations, and green hydrogen production.
  • Dec-2021: FIMER joined hands with Entreprise Nationale des Industries Electroniques (ENIE), an Algerian electronic components producer. This joint venture aimed to establish an inverter factory at an undisclosed location in Algeria. This agreement provides for the assessment of joint prospects in the fields of renewables, hydrogen, the capture, use, and storage of CO2, bio-refining, and many initiatives in line with the companies’ respective decarbonization objectives.

Scope of the Study


Market Segments Covered in the Report:


By Type

  • Single phase
  • Three phase

By Connection

  • Grid Connected
  • Stand Alone

By End User

  • Residential
  • Commercial

By Geography

  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Key Market Players


List of Companies Profiled in the Report:

  • Siemens AG
  • Delta Electronics, Inc.
  • STMicroelectronics N.V.
  • Texas Instruments, Inc.
  • Sensata Technologies Holdings PLC
  • Darfon Electronics Corporation
  • Enphase Energy, Inc.
  • Sparq Systems Inc.
  • Fimer S.p.A.
  • SolarEdge Technologies, Inc.

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Frequently Asked Questions about the Global Micro Inverter Market

What is the estimated value of the Global Micro Inverter Market?

The Global Micro Inverter Market was estimated to be valued at $2416 Million in 2021.

What is the growth rate of the Global Micro Inverter Market?

The growth rate of the Global Micro Inverter Market is 17.7%, with an estimated value of $7414 Million by 2028.

What is the forecasted size of the Global Micro Inverter Market?

The Global Micro Inverter Market is estimated to be worth $7414 Million by 2028.

Who are the key companies in the Global Micro Inverter Market?

Key companies in the Global Micro Inverter Market include Siemens AG, Delta Electronics, Inc., STMicroelectronics N.V., Texas Instruments, Inc., Sensata Technologies Holdings PLC, Darfon Electronics Corporation, Enphase Energy, Inc., Sparq Systems Inc. and SolarEdge Technologies, Inc..

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Micro Inverter Market, by Type
1.4.2 Global Micro Inverter Market, by Connection
1.4.3 Global Micro Inverter Market, by End User
1.4.4 Global Micro Inverter Market, by Geography
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Product Launches and Product Expansions
3.2.2 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.3.2 Key Strategic Move: (Product Launches and Product Expansions : 2018, Mar - 2021, Dec) Leading Players
Chapter 4. Global Micro Inverter Market by Type
4.1 Global Single phase Market by Region
4.2 Global Three phase Market by Region
Chapter 5. Global Micro Inverter Market by Connection
5.1 Global Grid Connected Market by Region
5.2 Global Stand Alone Market by Region
Chapter 6. Global Micro Inverter Market by End User
6.1 Global Residential Market by Region
6.2 Global Commercial Market by Region
Chapter 7. Global Micro Inverter Market by Region
7.1 North America Micro Inverter Market
7.1.1 North America Micro Inverter Market by Type
7.1.1.1 North America Single phase Market by Country
7.1.1.2 North America Three phase Market by Country
7.1.2 North America Micro Inverter Market by Connection
7.1.2.1 North America Grid Connected Market by Country
7.1.2.2 North America Stand Alone Market by Country
7.1.3 North America Micro Inverter Market by End User
7.1.3.1 North America Residential Market by Country
7.1.3.2 North America Commercial Market by Country
7.1.4 North America Micro Inverter Market by Country
7.1.4.1 US Micro Inverter Market
7.1.4.1.1 US Micro Inverter Market by Type
7.1.4.1.2 US Micro Inverter Market by Connection
7.1.4.1.3 US Micro Inverter Market by End User
7.1.4.2 Canada Micro Inverter Market
7.1.4.2.1 Canada Micro Inverter Market by Type
7.1.4.2.2 Canada Micro Inverter Market by Connection
7.1.4.2.3 Canada Micro Inverter Market by End User
7.1.4.3 Mexico Micro Inverter Market
7.1.4.3.1 Mexico Micro Inverter Market by Type
7.1.4.3.2 Mexico Micro Inverter Market by Connection
7.1.4.3.3 Mexico Micro Inverter Market by End User
7.1.4.4 Rest of North America Micro Inverter Market
7.1.4.4.1 Rest of North America Micro Inverter Market by Type
7.1.4.4.2 Rest of North America Micro Inverter Market by Connection
7.1.4.4.3 Rest of North America Micro Inverter Market by End User
7.2 Europe Micro Inverter Market
7.2.1 Europe Micro Inverter Market by Type
7.2.1.1 Europe Single phase Market by Country
7.2.1.2 Europe Three phase Market by Country
7.2.2 Europe Micro Inverter Market by Connection
7.2.2.1 Europe Grid Connected Market by Country
7.2.2.2 Europe Stand Alone Market by Country
7.2.3 Europe Micro Inverter Market by End User
7.2.3.1 Europe Residential Market by Country
7.2.3.2 Europe Commercial Market by Country
7.2.4 Europe Micro Inverter Market by Country
7.2.4.1 Germany Micro Inverter Market
7.2.4.1.1 Germany Micro Inverter Market by Type
7.2.4.1.2 Germany Micro Inverter Market by Connection
7.2.4.1.3 Germany Micro Inverter Market by End User
7.2.4.2 UK Micro Inverter Market
7.2.4.2.1 UK Micro Inverter Market by Type
7.2.4.2.2 UK Micro Inverter Market by Connection
7.2.4.2.3 UK Micro Inverter Market by End User
7.2.4.3 France Micro Inverter Market
7.2.4.3.1 France Micro Inverter Market by Type
7.2.4.3.2 France Micro Inverter Market by Connection
7.2.4.3.3 France Micro Inverter Market by End User
7.2.4.4 Russia Micro Inverter Market
7.2.4.4.1 Russia Micro Inverter Market by Type
7.2.4.4.2 Russia Micro Inverter Market by Connection
7.2.4.4.3 Russia Micro Inverter Market by End User
7.2.4.5 Spain Micro Inverter Market
7.2.4.5.1 Spain Micro Inverter Market by Type
7.2.4.5.2 Spain Micro Inverter Market by Connection
7.2.4.5.3 Spain Micro Inverter Market by End User
7.2.4.6 Italy Micro Inverter Market
7.2.4.6.1 Italy Micro Inverter Market by Type
7.2.4.6.2 Italy Micro Inverter Market by Connection
7.2.4.6.3 Italy Micro Inverter Market by End User
7.2.4.7 Rest of Europe Micro Inverter Market
7.2.4.7.1 Rest of Europe Micro Inverter Market by Type
7.2.4.7.2 Rest of Europe Micro Inverter Market by Connection
7.2.4.7.3 Rest of Europe Micro Inverter Market by End User
7.3 Asia Pacific Micro Inverter Market
7.3.1 Asia Pacific Micro Inverter Market by Type
7.3.1.1 Asia Pacific Single phase Market by Country
7.3.1.2 Asia Pacific Three phase Market by Country
7.3.2 Asia Pacific Micro Inverter Market by Connection
7.3.2.1 Asia Pacific Grid Connected Market by Country
7.3.2.2 Asia Pacific Stand Alone Market by Country
7.3.3 Asia Pacific Micro Inverter Market by End User
7.3.3.1 Asia Pacific Residential Market by Country
7.3.3.2 Asia Pacific Commercial Market by Country
7.3.4 Asia Pacific Micro Inverter Market by Country
7.3.4.1 China Micro Inverter Market
7.3.4.1.1 China Micro Inverter Market by Type
7.3.4.1.2 China Micro Inverter Market by Connection
7.3.4.1.3 China Micro Inverter Market by End User
7.3.4.2 Japan Micro Inverter Market
7.3.4.2.1 Japan Micro Inverter Market by Type
7.3.4.2.2 Japan Micro Inverter Market by Connection
7.3.4.2.3 Japan Micro Inverter Market by End User
7.3.4.3 India Micro Inverter Market
7.3.4.3.1 India Micro Inverter Market by Type
7.3.4.3.2 India Micro Inverter Market by Connection
7.3.4.3.3 India Micro Inverter Market by End User
7.3.4.4 South Korea Micro Inverter Market
7.3.4.4.1 South Korea Micro Inverter Market by Type
7.3.4.4.2 South Korea Micro Inverter Market by Connection
7.3.4.4.3 South Korea Micro Inverter Market by End User
7.3.4.5 Singapore Micro Inverter Market
7.3.4.5.1 Singapore Micro Inverter Market by Type
7.3.4.5.2 Singapore Micro Inverter Market by Connection
7.3.4.5.3 Singapore Micro Inverter Market by End User
7.3.4.6 Malaysia Micro Inverter Market
7.3.4.6.1 Malaysia Micro Inverter Market by Type
7.3.4.6.2 Malaysia Micro Inverter Market by Connection
7.3.4.6.3 Malaysia Micro Inverter Market by End User
7.3.4.7 Rest of Asia Pacific Micro Inverter Market
7.3.4.7.1 Rest of Asia Pacific Micro Inverter Market by Type
7.3.4.7.2 Rest of Asia Pacific Micro Inverter Market by Connection
7.3.4.7.3 Rest of Asia Pacific Micro Inverter Market by End User
7.4 LAMEA Micro Inverter Market
7.4.1 LAMEA Micro Inverter Market by Type
7.4.1.1 LAMEA Single phase Market by Country
7.4.1.2 LAMEA Three phase Market by Country
7.4.2 LAMEA Micro Inverter Market by Connection
7.4.2.1 LAMEA Grid Connected Market by Country
7.4.2.2 LAMEA Stand Alone Market by Country
7.4.3 LAMEA Micro Inverter Market by End User
7.4.3.1 LAMEA Residential Market by Country
7.4.3.2 LAMEA Commercial Market by Country
7.4.4 LAMEA Micro Inverter Market by Country
7.4.4.1 Brazil Micro Inverter Market
7.4.4.1.1 Brazil Micro Inverter Market by Type
7.4.4.1.2 Brazil Micro Inverter Market by Connection
7.4.4.1.3 Brazil Micro Inverter Market by End User
7.4.4.2 Argentina Micro Inverter Market
7.4.4.2.1 Argentina Micro Inverter Market by Type
7.4.4.2.2 Argentina Micro Inverter Market by Connection
7.4.4.2.3 Argentina Micro Inverter Market by End User
7.4.4.3 UAE Micro Inverter Market
7.4.4.3.1 UAE Micro Inverter Market by Type
7.4.4.3.2 UAE Micro Inverter Market by Connection
7.4.4.3.3 UAE Micro Inverter Market by End User
7.4.4.4 Saudi Arabia Micro Inverter Market
7.4.4.4.1 Saudi Arabia Micro Inverter Market by Type
7.4.4.4.2 Saudi Arabia Micro Inverter Market by Connection
7.4.4.4.3 Saudi Arabia Micro Inverter Market by End User
7.4.4.5 South Africa Micro Inverter Market
7.4.4.5.1 South Africa Micro Inverter Market by Type
7.4.4.5.2 South Africa Micro Inverter Market by Connection
7.4.4.5.3 South Africa Micro Inverter Market by End User
7.4.4.6 Nigeria Micro Inverter Market
7.4.4.6.1 Nigeria Micro Inverter Market by Type
7.4.4.6.2 Nigeria Micro Inverter Market by Connection
7.4.4.6.3 Nigeria Micro Inverter Market by End User
7.4.4.7 Rest of LAMEA Micro Inverter Market
7.4.4.7.1 Rest of LAMEA Micro Inverter Market by Type
7.4.4.7.2 Rest of LAMEA Micro Inverter Market by Connection
7.4.4.7.3 Rest of LAMEA Micro Inverter Market by End User
Chapter 8. Company Profiles
8.1 Siemens AG
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Segmental and Regional Analysis
8.1.4 Research & Development Expense
8.1.5 Recent strategies and developments:
8.1.5.1 Acquisition and Mergers:
8.2 Delta Electronics, Inc.
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.4 Research & Development Expense
8.3 STMicroelectronics N.V.
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research & Development Expense
8.3.5 Recent strategies and developments:
8.3.5.1 Product Launches and Product Expansions:
8.3.6 SWOT Analysis
8.4 Texas Instruments, Inc.
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Research & Development Expense
8.4.5 SWOT Analysis
8.5 Sensata Technologies Holdings PLC
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Segmental and Regional Analysis
8.5.4 Research & Development Expense
8.5.5 Recent strategies and developments:
8.5.5.1 Acquisition and Mergers:
8.6 Darfon Electronics Corporation
8.6.1 Company Overview
8.6.2 Recent strategies and developments:
8.6.2.1 Product Launches and Product Expansions:
8.7 Enphase Energy, Inc.
8.7.1 Company Overview
8.7.2 Recent strategies and developments:
8.7.2.1 Product Launches and Product Expansions:
8.8 Sparq Systems Inc.
8.8.1 Company Overview
8.8.2 Recent strategies and developments:
8.8.2.1 Product Launches and Product Expansions:
8.9 Fimer S.p.A.
8.9.1 Company Overview
8.9.2 Recent strategies and developments:
8.9.2.1 Product Launches and Product Expansions:
8.9.2.2 Acquisition and Mergers:
8.10. SolarEdge Technologies, Inc.
8.10.1 Company Overview
8.10.2 Recent strategies and developments:
8.10.2.1 Product Launches and Product Expansions:

Companies Mentioned

  • Siemens AG
  • Delta Electronics, Inc.
  • STMicroelectronics N.V.
  • Texas Instruments, Inc.
  • Sensata Technologies Holdings PLC
  • Darfon Electronics Corporation
  • Enphase Energy, Inc.
  • Sparq Systems Inc.
  • Fimer S.p.A.
  • SolarEdge Technologies, Inc.

Methodology

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