NEW YORK, May 20, 2019 (GLOBE NEWSWIRE) — The global solar micro-inverter market is expected to witness a CAGR of 17.3% from 2019 to 2025 to reach USD 5,612 Million by the year 2025. Increasing demand for building-integrated photovoltaics is expected to drive the market growth over the forecast period. Moreover, governments across the globe supporting the adoption of solar technology are anticipated to propel the market growth in the coming years. Additionally, increasing investments in renewable energy is likely to propel the market growth.
As opposed to a conventional string inverter connected to a series of solar panels, a micro-inverter is attached to individual solar panels. The resultant combined electric current is alternating in nature and is used to power home appliances or supplying electricity to utilities. Solar micro-inverters have several advantages over the conventional string inverter, aiding in the rapid growth of the market during 2015-2018. Series-connected string solar panel system produces high DC voltage which can create high temperature arcing and fire, this danger is minimized considerably by micro-inverters. Moreover, high voltage DC requires high-cost protective switches and fuses, this has eliminated using AC (micro-inverter). Furthermore, damage/shading of one solar panel negatively affects the output of string connected solar panels. Solar micro-inverters separate the output of each solar panel, monitoring each panel individually and retaining individual characteristics, giving optimum performance. Additionally, conventional inverters can add specific number of solar panels, however, solar panels with micro-inverters can be added with ease. Numerous advantages over the conventional technology is anticipated to drive the market growth over the forecast period.
Key findings from the report:
- The global solar micro-inverter market is expected to witness a CAGR of 17.3% from 2019 to 2025 to reach USD 5,612 million by the year 2025
- By type, single phase segment expected to generate the highest revenue during 2019-2025
- By component, hardware segment held the major share of the market during 2015-2018
- By communication channel, wired segment held the major share of the market during 2015-2018
- By application, residential segment is expected to experience the fastest growth during the forecast period
- North America held the major share of the market in the year 2018
- Asia-Pacific is likely to experience the fastest growth during the forecast period
- Some of the key companies operating in the market includes Enphase Energy, Inc., ABB, Huawei Technologies Co., Ltd., Sungrow Power Supply Co., Ltd., Solar Technology AG, Siemens Industry, Inc., General Electric, Schneider Electric, Sineng, and TMEIC among others.
Residential Segment: fastest CAGR from 2019 to 2025
By application, the residential segment is anticipated to experience the fastest CAGR over the forecast period. This can be attributed to high per capita income of the demographic in developed countries like North America and Europe. Moreover, supportive policy framework and financial incentives by the governments are expected to drive the growth of this segment in the coming years. Additionally, the move towards a greener economy and rise in awareness about the harmful repercussions of conventional sources of energy, is likely to aid the adoption of this segment among future residents.
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Solar Micro-Inverter – Regional insight
Asia-Pacific is expected to experience substantial growth, thereby registering the fastest CAGR over the forecast period. China is likely to lead the regional market, owing to the rapid increase in ground-mounted, building-integrated and floating solar PV installations during 2015 to 2018. Moreover, support from governments in the form of feed-in-tariffs, tenders, among other financial incentives is likely to propel the market growth over the forecast period. Australia, Japan and India are also expected to experience a fast CAGR over the forecast period.
The report segments solar micro-inverter market based on type, connectivity, components, distribution channel, communication channel, application, and region
- Single Phase
- Three Phase
By Distribution Channel
- Operator channel
By Communication Channel
- North America
- Asia-Pacific (APAC)
- Rest of the World (RoW)
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