According to the new market research report "Micro-Inverter Market by Component (Hardware, Software, and Services), Type (Single Phase and Three Phase), Communication Technology, Sales Channel, Application (Residential, Commercial, and PV Power Plant), and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the global market was valued at USD 2.44 billion in 2018 and is projected to reach USD 5.88 billion by 2023, at a CAGR of 19.3% from 2018 to 2023. The growth of this market can be attributed to the rise in residential solar rooftop installations. Residential solar rooftop installation has witnessed significant growth over the years across the world. Rising energy cost, coupled with supportive government policies, has led to the adoption of energy conservation measures to control the increased energy expenditure. Residential systems with solar and energy storage help end users during grid power outages and achieve energy independence, as well as avoid the rising energy costs.
Single phase held largest share of micro-inverter market in 2017
The micro-inverter market based on type is led by the "single phase" segment in terms of size. Micro-inverters were invented with single-phase technology. Single-phase technology enables the system to have a compact size, which is well suited for residential and commercial applications. Most of the micro-inverter manufacturers across the world offer single-phase systems. Also, as single-phase electricity transmission is well suited for residential applications, which is also one of the major markets for micro-inverters, witness high demand worldwide. For instance, in countries such as the US, Australia, and European countries, the residential segment operates on single-phase transmissions of electricity.
Market for indirect sales channel likely to grow at higher CAGR during forecast period
Based on sales channel, the market for indirect sales is expected to witness the highest growth rate during the forecast period. Most key players in the market have well-established sales networks and provide their products worldwide. Micro-inverter systems are mainly adopted in residential and commercial applications. End users in these application areas may lack the expertise required to integrate micro-inverters into solar panels. Thus, installations are mostly done by the company's system integrators or third-party providers.
North America expected to hold largest size of micro-inverter market during forecast period
North America held the largest size of the micro-inverter market in 2017, followed by Europe and APAC. The high number of micro-inverter installations in the region, mainly in the US and Canada, attributes to the dominating position of the region in the micro-inverter market. The US was the first country in terms of wide-scale adoption of micro-inverter technology, especially for residential applications. This is one of the major factors that have led to the dominant position of North America in the micro-inverter market. In addition, favorable economic conditions and the growing solar PV market, as well as supportive regulatory policies aiding residential solar electricity generation in the US and other countries in the region, encourage several domestic and international manufacturers to enhance their micro-inverter offerings for efficient energy supply.
Enphase Energy (US), Altenergy Power System (US), Chilicon Power (US), SunPower (China), Siemens (Germany), Envertech (China), ReneSola (US), Darfon Electronics (China), and AEconversion (Germany) are the major players operating in this market.
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