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Solar Microinverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024

The global solar microinverter market reached a value of US$ 230 Million in 2018. 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.

Global Solar Microinverter Market Report

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. Looking forward, IMARC Group expects the market to reach a value of US$ 2.37 Billion by 2024, registering a CAGR of around 25% during 2019-2024.

Report Coverage:

  • Historical, Current and Future Market Trends
     
  • Market Breakup by Connectivity:
    • Standalone
    • On-Grid
       
  • Market Breakup by Component:
    • Hardware
    • Software
       
  • Market Breakup by Communication Channel:
    • Wired
    • Wireless
       
  • Market Breakup by Type:
    • Single Phase
    • Three Phase
       
  • Market Breakup by Application:
    • Residential
    • Commercial
    • Others
       
  • Market 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:

  • How has the global solar microinverter market performed so far and how will it perform in the coming years?
  • What are the key regional markets in the global solar microinverter industry?
  • What is the breakup of the market based on the connectivity?
  • What is the breakup of the market based on the component?
  • What is the breakup of the market based on the communication channel?
  • What is the breakup of the market based on the type?
  • What is the breakup of the market based on the application?
  • What are the various stages in the value chain of the global solar microinverter industry?
  • What are the key driving factors and challenges in the global solar microinverter industry?
  • What is the structure of the global solar microinverter industry and who are the key players?
  • What is the degree of competition in the global solar microinverter industry?

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    Market Breakup by Connectivity
    5.4    Market Breakup by Component
    5.5    Market Breakup by Communication Channel
    5.6    Market Breakup by Type
    5.7    Market Breakup by Application
    5.8    Market Breakup by Region
    5.9    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$), 2013-2018
Figure 3: Global: Solar Microinverter Market: Breakup by Connectivity (in %), 2018
Figure 4: Global: Solar Microinverter Market: Breakup by Component (in %), 2018
Figure 5: Global: Solar Microinverter Market: Breakup by Communication Channel (in %), 2018
Figure 6: Global: Solar Microinverter Market: Breakup by Type (in %), 2018
Figure 7: Global: Solar Microinverter Market: Breakup by Application (in %), 2018
Figure 8: Global: Solar Microinverter Market: Breakup by Region (in %), 2018
Figure 9: Global: Solar Microinverter Market Forecast: Sales Value (in Million US$), 2019-2024
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$), 2013 & 2018
Figure 14: Global: Solar Microinverter (Standalone) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 15: Global: Solar Microinverter (On-Grid) Market: Sales Value (in Million US$), 2013 & 2018
Figure 16: Global: Solar Microinverter (On-Grid) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 17: Global: Solar Microinverter (Hardware) Market: Sales Value (in Million US$), 2013 & 2018
Figure 20: Global: Solar Microinverter (Hardware) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 21: Global: Solar Microinverter (Software) Market: Sales Value (in Million US$), 2013 & 2018
Figure 22: Global: Solar Microinverter (Software) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 23: Global: Solar Microinverter (Wired) Market: Sales Value (in Million US$), 2013 & 2018
Figure 24: Global: Solar Microinverter (Wired) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 25: Global: Solar Microinverter (Wireless) Market: Sales Value (in Million US$), 2013 & 2018
Figure 26: Global: Solar Microinverter (Wireless) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 27: Global: Solar Microinverter (Single Phase) Market: Sales Value (in Million US$), 2013 & 2018
Figure 28: Global: Solar Microinverter (Single Phase) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 29: Global: Solar Microinverter (Three Phase) Market: Sales Value (in Million US$), 2013 & 2018
Figure 30: Global: Solar Microinverter (Three Phase) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 31: Global: Solar Microinverter (Residential) Market: Sales Value (in Million US$), 2013 & 2018
Figure 32: Global: Solar Microinverter (Residential) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 33: Global: Solar Microinverter (Commercial) Market: Sales Value (in Million US$), 2013 & 2018
Figure 34: Global: Solar Microinverter (Commercial) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 35: Global: Solar Microinverter (Other Applications) Market: Sales Value (in Million US$), 2013 & 2018
Figure 36: Global: Solar Microinverter (Other Applications) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 37: North America: Solar Microinverter Market: Sales Value (in Million US$), 2013 & 2018
Figure 38: North America: Solar Microinverter Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 39: Europe: Solar Microinverter Market: Sales Value (in Million US$), 2013 & 2018
Figure 40: Europe: Solar Microinverter Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 41: Asia Pacific: Solar Microinverter Market: Sales Value (in Million US$), 2013 & 2018
Figure 42: Asia Pacific: Solar Microinverter Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 43: Middle East and Africa: Solar Microinverter Market: Sales Value (in Million US$), 2013 & 2018
Figure 44: Middle East and Africa: Solar Microinverter Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 45: Latin America: Solar Microinverter Market: Sales Value (in Million US$), 2013 & 2018
Figure 46: Latin America: Solar Microinverter Market Forecast: Sales Value (in Million US$), 2019-2024

List of Tables

Table 1: Global: Solar Microinverter Market: Key Industry Highlights, 2018 and 2024
Table 2: Global: Solar Microinverter Market Forecast: Breakup by Connectivity (in Million US$), 2019-2024
Table 3: Global: Solar Microinverter Market Forecast: Breakup by Component (in Million US$), 2019-2024
Table 4: Global: Solar Microinverter Market Forecast: Breakup by Communication Channel (in Million US$), 2019-2024
Table 5: Global: Solar Microinverter Market Forecast: Breakup Type (in Million US$), 2019-2024
Table 6: Global: Solar Microinverter Market Forecast: Breakup by Application (in Million US$), 2019-2024
Table 7: Global: Solar Microinverter Market Forecast: Breakup by Region (in Million US$), 2019-2024
Table 8: Global: Solar Microinverter Market Structure
Table 9: Global: Solar Microinverter Market: Key Players

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