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Solar Microinverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global solar microinverter market reached a value of US$ 231 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 554 Million by 2027, exhibiting a CAGR of 15.5% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

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:

IMARC Group provides an analysis of the key trends in each sub-segment of the global solar microinverter market, along with forecasts at the global and regional level from 2022-2027. 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Million
Segment Coverage Connectivity, Component, Communication Channel, Type, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered 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 and Sensata Technologies, Inc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global Solar Microinverter Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Breakup by Connectivity
    5.5    Market Breakup by Component
    5.6    Market Breakup by Communication Channel
    5.7    Market Breakup by Type
    5.8    Market Breakup by Application
    5.9    Market Breakup by Region
    5.10    Market Forecast
6   SWOT Analysis
    6.1    Overview
    6.2    Strengths
    6.3    Weaknesses
    6.4    Opportunities
    6.5    Threats
7   Value Chain Analysis
8   Porter’s Five Forces Analysis

    8.1    Overview
    8.2    Bargaining Power of Buyers
    8.3    Bargaining Power of Suppliers
    8.4    Degree of Competition
    8.5    Threat of New Entrants
    8.6    Threat of Substitutes
9   Market Breakup by Connectivity
    9.1    Standalone
        9.1.1    Market Trends
        9.1.2    Market Forecast
    9.2    On-Grid
        9.2.1    Market Trends
        9.2.2    Market Forecast
10  Market Breakup by Component
    10.1    Hardware
        10.1.1    Market Trends
        10.1.2    Market Forecast
    10.2    Software
        10.2.1    Market Trends
        10.2.2    Market Forecast
11  Market Breakup by Communication Channel
    11.1    Wired
        11.1.1    Market Trends
        11.1.2    Market Forecast
    11.2    Wireless
        11.2.1    Market Trends
        11.2.2    Market Forecast
12  Market Breakup by Type
    12.1    Single Phase
        12.1.1    Market Trends
        12.1.2    Market Forecast
    12.2    Three Phase
        12.2.1    Market Trends
        12.2.2    Market Forecast
13  Market Breakup by Application
    13.1    Residential
        13.1.1    Market Trends
        13.1.2    Market Forecast
    13.2    Commercial
        13.2.1    Market Trends
        13.2.2    Market Forecast
    13.3    Others
        13.3.1    Market Trends
        13.3.2    Market Forecast
14  Market Breakup by Region
    14.1    North America
        14.1.1    Market Trends
        14.1.2    Market Forecast
    14.2    Europe
        14.2.1    Market Trends
        14.2.2    Market Forecast
    14.3    Asia Pacific
        14.3.1    Market Trends
        14.3.2    Market Forecast
    14.4    Middle East and Africa
        14.4.1    Market Trends
        14.4.2    Market Forecast
    14.5    Latin America
        14.5.1    Market Trends
        14.5.2    Market Forecast
15  Price Analysis
16  Competitive Landscape
    16.1    Market Structure
    16.2    Key Players
    16.3    Profiles of Key Players
        16.3.1    ABB Asea Brown Boveri Ltd.
        16.3.2    Chilicon Power, LLC
        16.3.3    Enphase Energy Inc.
        16.3.4    Altenergy Power System Inc.
        16.3.5    SunPower Corporation
        16.3.6    Darfon Electronics Corporation
        16.3.7    Delta Energy Systems
        16.3.8    Siemens AG
        16.3.9    Delta Energy Systems (Germany) GmbH
        16.3.10    Alencon Systems LLC
        16.3.11    ReneSola Ltd.
        16.3.12    Omnik New Energy Co. Ltd.
        16.3.13    EnluxSolar Co. Ltd.
        16.3.14    Sungrow Deutschland GmbH
        16.3.15    Sensata Technologies, Inc.
 
List of Figures

Figure 1: Global: Solar Microinverter Market: Major Drivers and Challenges
Figure 2: Global: Solar Microinverter Market: Sales Value (in Million US$), 2016-2021
Figure 3: Global: Solar Microinverter Market: Breakup by Connectivity (in %), 2021
Figure 4: Global: Solar Microinverter Market: Breakup by Component (in %), 2021
Figure 5: Global: Solar Microinverter Market: Breakup by Communication Channel (in %), 2021
Figure 6: Global: Solar Microinverter Market: Breakup by Type (in %), 2021
Figure 7: Global: Solar Microinverter Market: Breakup by Application (in %), 2021
Figure 8: Global: Solar Microinverter Market: Breakup by Region (in %), 2021
Figure 9: Global: Solar Microinverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Solar Microinverter Industry: SWOT Analysis
Figure 11: Global: Solar Microinverter Industry: Value Chain Analysis
Figure 12: Global: Solar Microinverter Industry: Porter’s Five Forces Analysis
Figure 13: Global: Solar Microinverter (Standalone) Market: Sales Value (in Million US$), 2016 & 2021
Figure 14: Global: Solar Microinverter (Standalone) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 15: Global: Solar Microinverter (On-Grid) Market: Sales Value (in Million US$), 2016 & 2021
Figure 16: Global: Solar Microinverter (On-Grid) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 17: Global: Solar Microinverter (Hardware) Market: Sales Value (in Million US$), 2016 & 2021
Figure 18: Global: Solar Microinverter (Hardware) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 19: Global: Solar Microinverter (Software) Market: Sales Value (in Million US$), 2016 & 2021
Figure 20: Global: Solar Microinverter (Software) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 21: Global: Solar Microinverter (Wired) Market: Sales Value (in Million US$), 2016 & 2021
Figure 22: Global: Solar Microinverter (Wired) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 23: Global: Solar Microinverter (Wireless) Market: Sales Value (in Million US$), 2016 & 2021
Figure 24: Global: Solar Microinverter (Wireless) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 25: Global: Solar Microinverter (Single Phase) Market: Sales Value (in Million US$), 2016 & 2021
Figure 26: Global: Solar Microinverter (Single Phase) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 27: Global: Solar Microinverter (Three Phase) Market: Sales Value (in Million US$), 2016 & 2021
Figure 28: Global: Solar Microinverter (Three Phase) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 29: Global: Solar Microinverter (Residential) Market: Sales Value (in Million US$), 2016 & 2021
Figure 30: Global: Solar Microinverter (Residential) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 31: Global: Solar Microinverter (Commercial) Market: Sales Value (in Million US$), 2016 & 2021
Figure 32: Global: Solar Microinverter (Commercial) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 33: Global: Solar Microinverter (Other Applications) Market: Sales Value (in Million US$), 2016 & 2021
Figure 34: Global: Solar Microinverter (Other Applications) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 35: North America: Solar Microinverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 36: North America: Solar Microinverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 37: Europe: Solar Microinverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 38: Europe: Solar Microinverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 39: Asia Pacific: Solar Microinverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 40: Asia Pacific: Solar Microinverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 41: Middle East and Africa: Solar Microinverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 42: Middle East and Africa: Solar Microinverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 43: Latin America: Solar Microinverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 44: Latin America: Solar Microinverter Market Forecast: Sales Value (in Million US$), 2022-2027

List of Tables

Table 1: Global: Solar Microinverter Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Solar Microinverter Market Forecast: Breakup by Connectivity (in Million US$), 2022-2027
Table 3: Global: Solar Microinverter Market Forecast: Breakup by Component (in Million US$), 2022-2027
Table 4: Global: Solar Microinverter Market Forecast: Breakup by Communication Channel (in Million US$), 2022-2027
Table 5: Global: Solar Microinverter Market Forecast: Breakup by Type (in Million US$), 2022-2027
Table 6: Global: Solar Microinverter Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 7: Global: Solar Microinverter Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 8: Global: Solar Microinverter Market: Competitive Structure
Table 9: Global: Solar Microinverter Market: Key Players


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Key Questions Answered in This Report

The global solar microinverter market was valued at US$ 231 Million in 2021.

We expect the global solar microinverter market to exhibit a CAGR of 15.5% during 2022-2027.

The rising consumer environmental consciousness, along with the expanding residential solar rooftop
installations, are primarily driving the global solar microinverter market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown
regulations across several nations, resulting in the temporary halt in numerous installation and
production activities of solar microinverters.

Based on the connectivity, the global solar microinverter market can be segmented into standalone and
on-grid. Currently, standalone holds the majority of the total market share.

Based on the component, the global solar microinverter market has been divided into hardware and
software, where hardware currently exhibits a clear dominance in the market.

Based on the communication channel, the global solar microinverter market can be categorized into
wired and wireless. Currently, wired communication channel accounts for the majority of the global
market share.

Based on the type, the global solar microinverter market has been segregated into single phase and
three phase, where single phase currently holds the largest market share.

Based on the application, the global solar microinverter market can be bifurcated into residential,
commercial, and others. Among these, the residential sector currently exhibits a clear dominance in the
market.

On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East
and Africa, and Latin America, where Asia Pacific currently dominates the global market.

Some of the major players in the global solar microinverter market include 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.

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