Micro-Inverter Market - Global Forecast to 2023 with Enphase Energy, Altenergy Power System, Chilicon Power, SunPower, Siemens, Envertech, ReneSola, Darfon Electronics, and AEconversion Dominating

DUBLIN, Sept. 24, 2018 /PRNewswire/ --

The "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" report has been added to ResearchAndMarkets.com's offering.

The overall micro-inverter market is estimated to grow from USD 2.44 billion in 2018 to USD 5.88 billion by 2023, at a CAGR of 19.3% from 2018 to 2023.

The growth of this market is being propelled by the increasing demand for micro-inverter solutions in residential applications and growing awareness due to their inherent benefits, remote monitoring capabilities, and an upsurge in renewable energy investment, along with supportive government initiatives.

The report covers the micro-inverter market segmented by components, types, communication technologies, sales channels, applications, and geographic regions. The single phase segment is expected to hold the largest size of the micro-inverter market, based on type, by 2023. Single-phase technology enables the system to have a compact size, which is well suited for residential and commercial applications. In countries such as the US, Australia, and European countries, the residential segment operates on single-phase transmissions of electricity, which is also one of the major markets for micro-inverters.

The wired segment held a larger share of the overall micro-inverter market based on communication technology. Power-line communication (PLC) is one of the most commonly adopted communication technologies for transmission of module performance data between the solar panel and communication gateway device. Also, this technology is considerably more effective in home networks. Besides PLC, Ethernet is a commonly used communication technology. However, the market for wireless communication technology is expected to grow at a significant CAGR during the forecast period. Wired technology, particularly PLC, have a few drawbacks such as electrical noise in AC wiring that can cause the loss of the data during transmission. Thus, micro-inverter manufacturers have adopted wireless technology, such as Wi-Fi and ZigBee, over the years.

The micro-inverter market for resdiential applications is expected to grow at the highest CAGR during the forecast period. Residential solar rooftop PV installation has witnessed significant growth over the years across the world. The rising energy cost, coupled with supportive government policies worldwide, has led to increasing adoption of energy conservation measures for controlling the increased 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.

North America held the largest size of the micro-inverter market in 2017. 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. APAC is expected to grow at the highest CAGR during the forecast period. Currently, many countries such as China, Japan, India, and Australia are striving to boost their solar PV installation capacity through advanced solar PV systems that could, in turn, enhance electric stability. APAC has several operational micro-inverter installations for residential, commercial, and PV power plant applications.

Recently, though the micro-inverter has emerged as a potential technology that provides reliable and safe transmission of electricity from solar panels to end applications, it also encompasses a few drawbacks that hamper its market growth. Though micro-inverters have several advantages over conventional central and string inverter systems, one of the major factors restraining the market is the cost incurred during installation and maintenance. Micro-inverters are a premium product and are available at a premium price. A micro-inverter system basically includes one micro-inverter per module, communication gateway, costly AC trunk cables, and custom tools. Also, in the event of a problem, a technician needs to get on the roof and remove the entire solar panel to access the unit. These are among the factors restraining end users from adopting the technology.

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.
Leading micro-inverter manufacturers are developing sustainable and innovative solutions for existing and new applications to drive the industry forward

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Growth Opportunities in Micro-Inverter Market
4.2 Micro-Inverter Market, By Type
4.3 Micro-Inverter Market in North America, By Country and Application
4.4 Micro-Inverter Market, By Application
4.5 Micro-Inverter Market, By Country, 2018

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.3 Drivers
5.3.1.1 Benefits Over Conventional Solar Inverter Technologies
5.3.1.2 Upsurge in Renewable Energy Investment
5.3.1.3 Demand for Micro-Inverters Due to Remote Monitoring Capabilities
5.3.1.4 Rise in Residential Solar Rooftop Installations
5.4 Restraints
5.4.1.1 Higher Initial and Maintenance Cost of Micro-Inverters
5.5 Opportunities
5.5.1.1 Increase in Solar PV Installations
5.5.1.2 Technological Innovations With Improved Capabilities
5.6 Challenges
5.6.1.1 High Competition From Conventional Inverter Technologies
5.7 Value Chain Analysis

6 Micro-Inverter Market, By Component
6.1 Introduction
6.2 Hardware
6.3 Software
6.4 Services

7 Micro-Inverter Market, By Type
7.1 Introduction
7.2 Single Phase
7.3 Three Phase

8 Micro-Inverter Market, By Communication Technology
8.1 Introduction
8.2 Wired
8.3 Wireless

9 Micro-Inverter Market, By Sales Channel
9.1 Introduction
9.2 Direct
9.3 Indirect

10 Micro-Inverter Market, By Application
10.1 Introduction
10.2 Residential
10.3 Commercial
10.4 PV Power Plant

11 Geographic Analysis

12 Competitive Landscape
12.1 Overview
12.2 Ranking Analysis, 2017
12.3 Competitive Situations and Trends
12.3.1 Product Launches and Developments
12.3.2 Acquisition, Collaborations, and Partnerships
12.3.3 Contracts, Joint Ventures, and Expansions

13 Company Profiles

• AEconversion
• Altenergy Power System
• Chilicon Power
• Darfon Electronics
• Enluxsolar
• Enphase Energy
• Involar
• Omnik New Energy
• ReneSola
• Samil Power
• Saronic (EU) Power Tech
• Sensata Technologies
• Siemens
• SMA Solar Technology
• Sparq Systems
• SunPower
• U R Energy

For more information about this report visit

https://www.researchandmarkets.com/research/r5d6fp/microinverter?w=5

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