As per the latest report by IMARC Group, titled “Solar Microinverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global solar microinverter market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
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. A solar microinverter represents an electronic device that is used in photovoltaic (PV) cells to alter the waveform of the current. It can maintain a consistent flow of energy and maximize the power from solar panels via the maximum power point tracking (MPPT) technology. Furthermore, it aids in producing more electricity, reducing the risk of fires, dissipating significantly less heat, operating without noise, etc. Consequently, a solar microinverter finds wide-ranging applications in commercial, residential, and industrial establishments across countries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Solar Microinverter Market Trends:
The escalating demand for crystalline silicon PV modules is primarily driving the solar microinverter market. Moreover, the widespread product adoption over string inverters, owing to its remote monitoring capabilities, immense design flexibility, reliability, cost-effectiveness, etc., is further catalyzing the market growth. Besides this, the launch of several favorable policies by government bodies aimed at encouraging the use of sustainable power sources, on account of the elevating environmental concerns, is also augmenting the global market. Apart from this, the increasing popularity of building-integrated photovoltaics (BIPV) as an ancillary or principal source of electrical power is acting as another significant growth-inducing factor. Additionally, numerous product innovations, such as the introduction of solar roof V3, that efficiently turns sunlight into electricity and lasts longer than non-solar tiles, are anticipated to fuel the solar microinverter market over the forecasted period.
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Key Market Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players 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.
Breakup by Communication Channel:
- Wired
- Wireless
Breakup by Type:
- Single Phase
- Three Phase
Breakup by Connectivity:
- Standalone
- On-Grid
Breakup by Component:
- Hardware
- Software
Breakup by Application:
- Residential
- Commercial
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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