As per the latest report by IMARC Group, titled “Solar Microinverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global solar microinverter market size reached US$ 230 Million in 2018. A solar microinverter, also known as microinverter, is an electronic device that is utilized in photovoltaic (PV) cells for altering the waveform of a current. It is safe, reliable, cost-effective, reduces the risk of fire, produces more solar power, dissipates significantly less heat, operates without noise and offers immense design flexibility. It can also maintain a consistent flow of power and maximize the power from solar panels by employing the Maximum Power Point Tracking (MPPT) technology. As compared to conventional inverters, such as string and solar inverters, a solar microinverter offers numerous technical advantages. For instance, it converts the direct current (DC) produced by solar panels into alternating current (AC) that can be utilized by household appliances.
Global Solar Microinverter Market Trends:
Owing to the rising environmental consciousness, there is an increasing inclination toward adopting renewable energy resources. This, along with stringent governmental regulations regarding environmental conservation and sustainable development, is primarily driving the market for solar microinverters. This, in turn, is boosting the overall sales of solar microgrids, which are now being increasingly deployed in both the commercial and industrial sectors. The growing utilization of building-integrated photovoltaics (BIPV), which is the integration of PV power generators into building envelope materials that act as an ancillary or principal source of electrical power, is further driving the product demand. Remote monitoring capabilities of solar microinverters and rise in rooftop solar installations, along with extensive research and development (R&D), are some of the other factors driving the market toward growth. On account of these factors, the market value is projected to reach US$ 2.37 Billion by 2024, expanding at a CAGR of around 25% during the forecast period (2019-2024).
- Based on the connectivity, the market has been bifurcated into standalone and on-grid microinverters.
- On the basis of the component, the market has been divided into hardware and software.
- The market has been analyzed on the basis of the communication channel into wired and wireless solar microinverters.
- Based on the type, the market has been classified into single and three phases.
- On the basis of the application, the market has been segregated into the residential, commercial and other sectors.
- Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been examined, 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.
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