Microinverter Market - Forecasts From 2018 to 2023

The microinverter market is projected to grow at a CAGR of 22.37% to reach US$8.027 billion by 2023, from US$2.391 billion in 2017. Microinverter is a device which converts direct current (DC) generated by solar cells to alternating current (AC). The demand for these inverters is increasing amongst the commercial sector on account of increasing electricity cost and longer installation duration of string inverters. Increasing research and development expenditure coupled with improvement in collaboration activities to introduce state-of-the-art products in the market will further boost the demand for these inverters. Geographically, North America and Europe held a significant market share owing to the early adoption of technology, rising installation of rooftop solar panels and long-term cost-effectiveness. The Asia Pacific region will witness substantial growth throughout the forecast period on account of favourable government policies promoting the installation of solar panels across industry verticals.

This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.

Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the microinverter value chain. The last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.

Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the microinverter market.

Major industry players profiled as part of the report are Enphase Energy, Inc., Omnik New Energy Co., Ltd., Texas Instruments Incorporated, Microchip Technology, Inc., Altenergy Power System, Inc., STMicroelectronics, and Darfon Electronics Corporation among others.

Segmentation

The micro inverter market has been analyzed through the following segments:

By Component

Hardware
Software
Services

By End-User

Residential
Commercial
PV Power Plant

By Geography

North America
USA
Canada
Mexico
Others

South America
Brazil
Argentina
Others

Europe
Germany
France
United Kingdom
Spain
Others

Middle East and Africa
Saudi Arabia
Israel
Others

Asia Pacific
China
Japan
South Korea
India
Others