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Report
Solar Microinverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Market Report I 2023-07-05 I 139 Pages I IMARC Group
Market Overview:
The global solar microinverter market size reached US$ 270.7 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 632.8 Million by 2028, exhibiting a growth rate (CAGR) of 15% during 2023-2028.
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 report, along with forecasts at the global and regional level from 2023-2028. 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
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States solar microinverter market and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
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
1. What was the size of the global solar microinverter market in 2022?
2. What is the expected growth rate of the global solar microinverter market during 2023-2028?
3. What are the key factors driving the global solar microinverter market?
4. What has been the impact of COVID-19 on the global solar microinverter market?
5. What is the breakup of the global solar microinverter market based on the connectivity?
6. What is the breakup of the global solar microinverter market based on the component?
7. What is the breakup of the global solar microinverter market based on communication channel?
8. What is the breakup of the global solar microinverter market based on the type?
9. What is the breakup of the global solar microinverter market based on the application?
10. What are the key regions in the global solar microinverter market?
11. Who are the key players/companies in the global solar microinverter market?
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.
Figure 1: Global: Solar Microinverter Market: Major Drivers and Challenges
Figure 2: Global: Solar Microinverter Market: Sales Value (in Million US$), 2017-2022
Figure 3: Global: Solar Microinverter Market: Breakup by Connectivity (in %), 2022
Figure 4: Global: Solar Microinverter Market: Breakup by Component (in %), 2022
Figure 5: Global: Solar Microinverter Market: Breakup by Communication Channel (in %), 2022
Figure 6: Global: Solar Microinverter Market: Breakup by Type (in %), 2022
Figure 7: Global: Solar Microinverter Market: Breakup by Application (in %), 2022
Figure 8: Global: Solar Microinverter Market: Breakup by Region (in %), 2022
Figure 9: Global: Solar Microinverter Market Forecast: Sales Value (in Million US$), 2023-2028
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$), 2017 & 2022
Figure 14: Global: Solar Microinverter (Standalone) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: Global: Solar Microinverter (On-Grid) Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: Global: Solar Microinverter (On-Grid) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: Global: Solar Microinverter (Hardware) Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: Global: Solar Microinverter (Hardware) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: Global: Solar Microinverter (Software) Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: Global: Solar Microinverter (Software) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: Global: Solar Microinverter (Wired) Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: Global: Solar Microinverter (Wired) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: Global: Solar Microinverter (Wireless) Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: Global: Solar Microinverter (Wireless) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: Global: Solar Microinverter (Single Phase) Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: Global: Solar Microinverter (Single Phase) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: Global: Solar Microinverter (Three Phase) Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: Global: Solar Microinverter (Three Phase) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: Global: Solar Microinverter (Residential) Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: Global: Solar Microinverter (Residential) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: Global: Solar Microinverter (Commercial) Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: Global: Solar Microinverter (Commercial) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: Global: Solar Microinverter (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: Global: Solar Microinverter (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: North America: Solar Microinverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: North America: Solar Microinverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: Europe: Solar Microinverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: Europe: Solar Microinverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: Asia Pacific: Solar Microinverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: Asia Pacific: Solar Microinverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: Middle East and Africa: Solar Microinverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: Middle East and Africa: Solar Microinverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: Latin America: Solar Microinverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: Latin America: Solar Microinverter Market Forecast: Sales Value (in Million US$), 2023-2028
Table 1: Global: Solar Microinverter Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Solar Microinverter Market Forecast: Breakup by Connectivity (in Million US$), 2023-2028
Table 3: Global: Solar Microinverter Market Forecast: Breakup by Component (in Million US$), 2023-2028
Table 4: Global: Solar Microinverter Market Forecast: Breakup by Communication Channel (in Million US$), 2023-2028
Table 5: Global: Solar Microinverter Market Forecast: Breakup by Type (in Million US$), 2023-2028
Table 6: Global: Solar Microinverter Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 7: Global: Solar Microinverter Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 8: Global: Solar Microinverter Market: Competitive Structure
Table 9: Global: Solar Microinverter Market: Key Players
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