DUBLIN – (BUSINESS WIRE) – The report “Microinverter Market – Growth, Trends, and Forecast (2020-2025)” has been added ResearchAndMarkets.com Offer.
The microinverter market is expected to record a CAGR of 20.8% over the forecast period 2020-2025.
The micro inverter is a device that converts the direct current (DC) generated by solar cells into alternating current (AC). The demand for these inverters is increasing in the commercial sector due to rising electricity costs and longer installation times for string inverters.
The factors such as the module level monitoring, the easier installation, the improved flexibility of the design, the need for DC switching points, and the better security than traditional inverters are some factors that are fueling the growth of the microinverter market.
The microinverter market is being driven by constant R&D activity and a significant reduction in microinverter cost. In addition, its compact size and versatility give the market a huge boost. The increasing demands of consumers for modularity, security and maximum energy harvest will also continue to drive the market at a considerable pace in the forecast period.
With the spread of the COVID-19 pandemic around the world, the disruption in the supply of microinverters has quickly turned into an unprecedented decline in global demand, shifting the industry from a seller’s market to a buyer’s market almost overnight.
COVID-19 is also expected to have a significant impact on the planning and completion of new projects for this market in 2020. In the case of solar energy, a shortage of installation components such as inverters and modules in markets such as the USA leads to price increases of up to 15 percent.
Major market trends
Residential segment to promote market growth
The increasing prevalence of solar photovoltaics in residential areas is primarily due to the expected savings in electricity costs, the need for an alternative power source and the desire to reduce the risk of climate change. This increases the growth opportunities for the microinverter market.
In the forecast period, the proportion of solar PV on the roof is expected to increase due to falling solar PV costs, supportive government measures for solar PV in residential areas, FIT programs and incentives, and targets set by various governments for solar energy. The key factors, driving the microinverter market.
The cost reductions are due to continuous technological improvements, including higher solar panel efficiencies. The industrialization of these highly modular technologies has brought impressive benefits, from economies of scale and increased competition to improved manufacturing processes and competitive supply chains that further accelerate the growth of the microinverter market.
Asia-Pacific shows the highest market growth
APAC is expected to be the fastest growing microinverter market as many countries such as China, Japan, India and Australia are currently looking to increase their solar PV installation capacity through advanced solar PV systems which in turn could be improved electrical stability.
APAC has several operational micro-inverter installations for residential, commercial and PV power plant applications. Japan and Australia have been the main users of micro-inverter technology. The growth of residential rooftop solar panels in India and Japan is encouraging manufacturers to address the needs of potential customers in the region.
In countries like India, China and Japan, the respective governments have enacted regulations and reforms as well as initiatives to modernize the energy sector.
In India, residential PV installation costs are estimated at $ 1000 per kW, which is higher when compared to its commercial counterpart ($ 692 per kW). However, Indian installation costs are cheaper compared to the global average for residential (USD 1638 per KW) and commercial real estate (USD 1379 per KW). These factors are driving market growth in the region.
Main topics covered:
2 RESEARCH METHODOLOGY
4 MARKET DYNAMICS
4.1 Market overview
4.2 Market drivers
4.2.1 Increase in the benefits and awareness of renewable energy sources and increasing acceptance
4.2.2 Profitability and increased development of these products
4.3 Market Restrictions
4.3.1 High installation and maintenance costs
4.4 Analysis of the industry’s value chain
4.5 Industry Attractiveness – Porter’s Five Forces Analysis
4.6 Assessing the Impact of COVID-19 on Industry
5 MARKET SEGMENTATION
5.1 By type
5.1.1 Single phase
5.2 Through communication technology
5.3 By distribution channel
5.4 After application
5.4.3 PV power plant
5.5.1 North America
5.5.4 Rest of the world
6 COMPETITIVE LANDSCAPE
6.1 Company profiles
6.1.1 Enphase Energy Inc.
6.1.2 Altenergy Power System Inc.
6.1.3 Sunpower Corporation
6.1.4 Siemens AG
6.1.5 Zhejiang Envertech Corporation Limited
6.1.7 Darfon Electronics Corp.
6.1.8 AEconversion GmbH & Co. KG
6.1.9 SMA Solar Technology AG
6.1.10 Sparq systems
6.1.11 Omnik New Energy
6.1.12 Sensata Technologies Inc.
6.1.13 EnluxSolar Co. Ltd.
6.1.15 Delta Energy Systems
6.1.16 SolarEdge Technologies Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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