Micro Inverter Market Revenue Will Reach $4.3 Billion By 2024, Says Esticast Research and Consulting
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As per the report “Micro Inverter Market by Type (Single Phase, Three Phase and Others), By Connection (Stand-Alone,Grid-Connected), Industry trends, estimation & forecast, 2016 – 2024″,the global micro inverter market was valued at $635 million in 2016, and is projected to reach $4.3 billion by 2024, growing at a CAGR of 27.3% from 2017 to 2024.
In 2016, the single phase micro inverter segment generated the highest revenue share in the global micro inverter market. Among major regions, North American micro inverter market was the highest revenue generating market valued at $282 million in 2016.
“Micro-inverters are usually installed on every individual panel in a solar energy system. They convert DC electricity from the solar panels into AC electricity, without any requirement of the separate central inverter. Micro inverters are renowned to produce more energy as compared to other solar inverters such as central inverters and string inverters and tend to have longer lives because they are not exposed to high power and heat loads. Micro inverters typically come with a warranty of 20-25 years, which might act as a driving agent for the market growth.”
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The single phase micro inverter segment is dominated by single-phase micro inverters due to its wider application in residential end-user segment as compared to three-phase micro inverters. The segment generated the revenue of $410 million in 2016 and is expected to continue leading the market throughout the forecast period. However three phase micro inverter market is expected to witness the highest CAGR of 29% during the forecast period because three-phase micro-inverters are used, where single-phase supply cannot carry out the application. They would be required in photovoltaic systems, installed at large load capacity industries, or commercial buildings.
Grid-Connected Micro inverters lead the market by generating a revenue of $597 million in 2016
Grid-connected micro-inverters are the predominant market segment. A major portion of solar systems installed on residential rooftops are grid-connected systems. From a growth perspective, Asia-Pacific is the potential market, expected to witness considerably higher growth rates over the forecast period. The Grid- connected micro inverter market is supposed to witness a CAGR of 26.6% during the forecast period and is expected to lead the market throughout the forecast period owing to their modesty and cost-effectiveness.
Residential segment held nearly 75% of the total micro inverter market in 2016
The residential sector has a variety of applications of solar energy. Residential sector requires small-capacity solar power plants to fulfil their household energy requirement. In various regions, residential sector is showing significant rate of adoption of micro-inverters in solar PV systems due to increasing energy efficiency concern and various government initiatives. The segment generated a revenue of $481 million in 2016 and is expected to grow having a CAGR of 26.3% during the forecast period.
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North American region generated the highest revenue of $282 million in 2016 and is expected to grow at a CAGR of 26.1% during the forecast period
North America dominates the regional market in the micro-inverters owing to the huge installation of solar PV systems in residential sector of this region.
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The cost per kW is also dropping in this region. A large number of photovoltaic power plants are projected to be built in California, Nevada, and Arizona, where there is plenty of land in the deserts. However, Asia-pacific region is expected to witness highest CAGR of 31.8% during the forecast period due to availability of landscapes, increase in energy demand, and growth in population. Moreover, various supportive non-profit organizations and governments fuel the growth.
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Micro Inverter Market Key Findings
• North American region generated the highest revenue of $282 million in 2016 and is expected to grow with a CAGR of 26.1% during the forecast period.
• The residential segment generated a revenue of $481 million in 2016 and is expected to grow having a CAGR of 26.3%.
• Single phase micro inverter segment lead the global micro inverter market in 2016 growing with a CAGR of 26.2% during the forecast period.
• Asia-pacific region is expected to witness highest CAGR of 31.8%during the forecast period.
Competitive strategies have been adopted by the various market players of the micro inverter market. Some major companies of the market are Enphase Energy, Inc., ABB Group, SunPower Corporation, SMA Solar Technology AG, Delta Energy Systems GmbH, SolarEdge Technologies Inc., ReneSola, Siemens AG, P&P Energy Technology Co., Limited, Involar. Major market player such as Enphase Energy, Inc. has adopted product launch, acquisition, agreement, and partnership as its key developmental strategies to sustain the intense competition, expand market presence, and improve its product portfolio.