DUBLIN–(BUSINESS WIRE)–The "Global Micro-inverter Market with COVID-19 Impact Analysis by Offering, Communication Technology, Type, Power Rating, Connection Type, Sales Channel, Application (Residential, Commercial, PV Power Plant), and Geography – Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global micro-inverter market size was valued at USD 2.5 billion in 2020 and is projected to reach USD 6.5 billion by 2025; it is expected to grow at a CAGR of 20.8% from 2020 to 2025.
The growth of the micro-inverter market is driven mainly by increasing demand for micro-inverter solutions in residential applications, growing visibility regarding the inherent benefits offered by them, such as remote monitoring capabilities, upsurge in renewable energy investment, and government initiatives encouraging the adoption of renewable energy.
COVID-19 has emerged as a global pandemic that has spread over 215 countries worldwide and disrupted various industries around the world. The prominent players across industries have been affected by this pandemic. The foreseeable decline in the growth of end-user applications may have a considerable direct impact on the micro-inverter market.
"Indirect sales channel is expected to hold the larger share during the forecast period."
Manufacturers mainly provide micro-inverters to end users through indirect sales channels or third-party providers. Most key players in the market have well-established sales networks and distribute their products worldwide. Micro-inverter systems are mainly adopted in residential and commercial applications. End users may lack the expertise required to integrate micro-inverters into solar panels; thus, installations are mostly done by system integrators or third-party providers appointed by companies. Owing to these factors, the indirect sales channel segment is expected to hold larger market share during the forecast period.
"Residential application is expected to grow at the highest CAGR during the forecast period."
Micro-inverters are mainly adopted for residential applications. Residential solar rooftop PV installations have witnessed significant growth over the last few years. Towering energy costs, coupled with supportive government policies worldwide, have led to the increasing adoption of energy conservation measures for controlling energy expenditure in residential applications.
Countries such as the US, Australia, and the Netherlands, which are among the prominent markets for residential rooftop PV installations, have widely adopted micro-inverters over conventional inverters. In addition, countries such as India, Mexico, the UK, and Brazil are currently witnessing significant growth in the residential solar market. These factors are expected to create a huge demand for micro-inverters.
"APAC is projected to grow at the highest CAGR during the forecast period."
The growth of the micro-inverter market in APAC can be attributed to the surging demand for micro-inverters from major countries, such as Japan, Australia, India, and China, in the region. The market in APAC mainly comprises developing economies such as China and India.
These countries store huge potential for the growth of the micro-inverter market in many application areas. The micro-inverter market in APAC is growing rapidly with the increasing adoption of commercial solar PV systems for industrial, residential, and other applications. The rising demand for micro-inverters for residential applications in India, China, and Japan is among the key factors driving the growth of this market.
Major players in the micro-inverter market include Enphase Energy (US), Altenergy Power System (US), Darfon Electronics (Taiwan), ReneSola (China), AEconversion (Germany), and Chilicon Power (US) among others.
- Technical Advantages of Micro-Inverters Over Conventional Solar Inverters
- Significant Capital Inflows in Renewable Energy Sector
- High Demand for Micro-Inverters due to Their Remote Monitoring Capabilities
- Increasing Number of Residential Solar Rooftop Installations
- Decreased Demand for Micro-Inverters with Reduced Electricity Requirement from Commercial and Industrial End-users due to COVID-19 Outbreak
- Higher Installation and Maintenance Costs of Micro-Inverters
- Increase in Number of Solar PV Installations Owing to Incentive Schemes by Governments of Different Countries
- Technological Innovations in Inverters to Improve Their Capabilities
- Pricing Pressure on Manufacturers of Micro-Inverters
- Safety Risks Associated with High DC Voltages
- Enphase Energy
- Darfon Electronics
- Altenergy Power System
- Chilicon Power
- Sensata Technologies
- Northern Electric & Power
- Sparq Systems
- Saronic (EU) Power Tech
- U R Energy
- Bravo Solar
- Grace Renewable Energy
- Solar Panels Plus
- Zhejiang Sandi Electric
- Texas Instruments
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