USD 4.3 Billion
Microinverters Market Size, Share, Growth Analysis, By Type(Hardware and Software), By End-User(Residential and Commercial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45I2084 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
59
|Figures:
75
Microinverters Market Insights
Global Microinverters Market size was valued at USD 4.3 Billion in 2022 and is poised to grow from USD 4.65 Billion in 2023 to USD 8.74 Billion by 2031, growing at a CAGR of 8.20% in the forecast period (2024-2031).
The global market for microinverters has seen significant growth in recent years. The market is driven by various factors that have been involved and shaped its introduction and widespread adoption. Distinct traditional string inverters, which are connected to multiple solar panels, microinverters are installed on individual panels, allowing for better energy harvesting and system performance. One of the key factors contributing to the introduction and popularity of microinverters is their enhanced efficiency and energy yield. By having an inverter attached to each solar panel, microinverters optimize the power output of each individual panel, regardless of shading or soiling issues. It ensures maximum power generation from the entire PV array, leading to higher energy production compared to string inverters. Another factor driving the growth of the microinverter market is the improved safety and reliability they offer. In traditional string inverter systems, the entire solar array is connected in series, meaning that if one panel experiences a malfunction or shading, it affects the performance of the entire array. With microinverters, each panel operates independently, minimizing the impact of any individual panel failure on the overall system. This increased reliability reduces maintenance costs and enhances the overall safety of the system.
Microinverters also offer scalability and flexibility in system design. When we are using a typical inverter, the inverter's capacity sets the maximum system size. On the other hand, microinverters enable modular system growth since more panels may be added without having to replace the entire inverter system. In residential and commercial installations, this scaling capability is particularly useful in situations where energy consumption may vary over time. The microinverter market has expanded as a result of the increase in home solar systems. Solar energy is becoming more and more popular among homeowners as a means of lowering electricity costs and lowering their carbon footprint. Based on their better performance, ease of installation, and ability to monitor individual panels, microinverters are a more alluring choice for residential installations.
US Microinverters Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Hardware
Growth Rate
8.20% CAGR
Global Microinverters Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
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Microinverters Market Segmental Analysis
The Global Microinverters market is segmented by offering, type, end-use industry, and region. Based on offering, the market can be segmented into hardware, and software. Based on type, the market is segmented into single phase and three phase. Based on end-use industry, the market is segmented into residential, commercial and utility. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Microinverters Market Analysis by Offering
Based on offering, the market can be divided into hardware and software segments. The growing need for microinverters in the residential and commercial sectors caused the hardware segment to lead the market. The market for microinverters is expected to expand significantly as a result of the growing use of renewable energy sources and also the demand for energy-efficient products. Because progressively more solar panels need to be monitored in real time, the monitoring systems market is anticipated to expand steadily. Because of the rising need for cloud-based and monitoring software, the software category is anticipated to grow at the quickest rate in the next years. It is anticipated that the market for cloud-based software would expand at a notable.
Microinverters Market Analysis by End-Use Industry
Based on end use industry, the market can be segmented into three main segments: residential, commercial, and utility. The residential sector has taken the lead in this market, primarily driven by the growing utilization of solar panels in households and the escalating demand for energy-efficient solutions. The surge in the residential segment can be attributed to the rising awareness of the advantages offered by renewable energy sources, which encompass not only cost-effective solutions but also a substantial reduction in carbon emissions. Concurrently, the commercial sector is poised to be the most rapidly expanding segment. This surge is attributed to the increasing adoption of microinverters in small and medium-sized businesses, large commercial structures, and utility-scale installations. The commercial segment is expected to experience substantial growth due to the increasing necessity for energy-efficient solutions, further bolstered by promising government initiatives and regulatory measures.
Global Microinverters Market Size By Type, 2022 (%)
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Microinverters Market Regional Insights
For the Microinverters market, North America currently dominates the market. There are several major players in the region who are pushing the market upward in coming years, key players such as Enphase Energy and SolarEdge Technologies, and has a well-established renewable energy infrastructure. In North America, the United States is the largest market for microinverters, with a high level of solar energy adoption and government policies supporting the growth of the market.
The Asia-Pacific region is expected to be the fastest growing in the global microinverters market in the coming years. By growing in population and increasing energy demand, many countries in the region are focusing on expanding their renewable energy infrastructure. China, Japan, and India are the major markets for microinverters in the APAC region, with several government initiatives and incentives supporting the growth of the market.
Global Microinverters Market By Geography, 2022-2030
- Largest
- Fastest
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Microinverters Market Dynamics
Microinverters Market Drivers
Increasing adoption of renewable energy sources
-
The global micro-inverters market is increasing because of the desire of accepting renewable energy sources such as solar power among the people. As the world is shifting toward cleaner and greener energy choices, micro-inverters are showing its popularity because it improves the performance of solar panels along with enhanced and effective solar power systems. In addition, the growing trend of distributing energy systems is also driving the demand for microinverters. It offers advanced monitoring capabilities and safety enhancement of solar panels by keeping their electrical outputs isolated.
Microinverters Market Restraints
High cost of microinverter systems
- The main restraints for the global micro-inverters market is the high cost of these micro-inverter systems. The high cost can hamper the growth of the market. However, these systems offer better efficiency and safety features. It is usual that the cost of manufacturing and installing will be high. While the regions where the electricity cost is low, the market will be downgraded in these regions because of its high cost.
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Microinverters Market Competitive Landscape
The global microinverters market is highly competitive, with several companies offering a wide range of microinverter solutions. Some of the key strategies adopted by players in the market include product innovation, strategic partnerships and collaborations, and mergers and acquisitions. In addition, companies are focusing on expanding their distribution networks and strengthening their customer support services to gain a competitive edge. With the increasing demand for microinverters and the growing competition in the market, companies are investing in research and development to develop more efficient and cost-effective microinverter solutions.
Microinverters Market Top Player’s Company Profiles
- Enphase Energy
- SolarEdge Technologies
- SMA Solar Technology
- ABB
- Huawei Technologies Co., Ltd.
- SunPower Corporation
- Tigo Energy
- Chilicon Power
- Delta Electronics
- Fronius International GmbH
- Ginlong Technologies
- KACO new energy GmbH
- Omron Corporation
- Schneider Electric
- Siemens AG
- SolarBridge Technologies
- Solaredge
- Sparq Systems, Inc.
- TMEIC Corporation
- Yaskawa Electric Corporation
Microinverters Market Recent Developments
-
In June 2023, Enphase Energy, Inc. a global energy technology company announced the launch of its new IQ8™ Microinverters. The new IQ8 Microinverters are designed to maximize energy production and can manage a continuous DC current of 14 amperes, supporting higher powered solar modules through increased energy harvesting.
-
In June 2023, Sofar introduced a new series of microinverters for balcony solar arrays and rooftop PV systems. This new series has a 97.5% efficiency rating and offer between 500 VA and 2,400 VA of rated power.
Microinverters Key Market Trends
- The increasing adoption of advanced monitoring and control features is the key trend in the global microinverter market. The rise of Internet of Things (IoT) and the availability of cloud-based platforms are enhancing the demand of microinverters by equipping them with them. By equipping them, it increases the performance of the microinverter by providing real time data on energy output. Additionally, the integration of artificial intelligence (AI) and machine learning (ML) type technologies is also enhancing the market growth in coming years.
Microinverters Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global microinverters market analysis, the market is a rapidly growing industry driven by the increasing adoption of renewable energy sources, such as solar power. North America dominated the market with a significant market share, while the Asia-Pacific region is expected to show the fastest growth in the coming years. The market is highly competitive, with several major players offering a wide range of microinverter solutions. One of the major drivers of the market is the increasing focus on decentralizing energy systems, while one of the main restraints is the relatively high cost of microinverter systems compared to traditional string inverters. Advanced monitoring and control features are a key trend in the market, enabling better optimization and maintenance of solar energy systems.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 4.3 Billion |
| Market size value in 2031 | USD 8.74 Billion |
| Growth Rate | 8.20% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Microinverters Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Microinverters Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Microinverters Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Microinverters Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Microinverters Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Microinverters Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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