MARKET INTRODUCTION
A micro inverter is an electrical device that converts direct current (DC) from solar modules into alternating current (AC) in photovoltaic systems. These inverters are often installed separately on each solar panel to convert DC power to AC power at the device power source. In addition, a micro inverter is easy to install and has simpler operations, compared to string inverters and central inverters. Furthermore, it also helps to produce optimal power, by performing maximum power point tracking (MPPT) for the connected module. Moreover, it offers several benefits over traditional inverters, such as greater reliability, higher production, and improved safety.
MARKET DYNAMICS
Technical advantages of micro-inverters over conventional solar inverters and significant capital inflows in renewable energy sector are driving the growth of the microinverter market. However, higher installation and maintenance costs of micro-inverters may restrain the growth of the microinverter market. Furthermore, increase in number of solar PV installations owing to incentive schemes by governments of different countries and technological innovations in inverters to improve their capabilities are anticipated to create a market opportunity for the microinverter market during the forecast period.
MARKET SCOPE
The "Global Microinverter Market Analysis To 2031" is a specialized and in-depth study of the energy and power industry with a special focus on the global market trend analysis. The microinverter market report aims to provide an overview of the microinverter market with detailed market segmentation by type, connection, end user, and geography. The global microinverter market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading microinverter market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global microinverter market is segmented on the basis of type, connection, and end user. Based on type, the microinverter market is bifurcated into: single phase and three phase. On the basis of connection, the microinverter market is bifurcated into: stand alone and grid connected. Based on end user, the microinverter market is bifurcated into: residential and commercial.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global microinverter market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The microinverter market by each region is later sub-segmented by respective countries and segments. The microinverter market report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the microinverter market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis highlighting factors affecting the microinverter market in these regions.
IMPACT OF COVID-19 ON MICROINVERTER MARKET
The impact of the COVID-19 pandemic on the market is covered throughout the report. The pandemic had a negative impact on the microinverter market. COVID-19 has not only affected the commercial sector but has also impacted the global economy. With an increasing number of countries imposing and extending lockdowns, economic activities are likely to further drop, which will, in turn, impact the global economy. Furthermore, the market is expected to be adversely impacted by COVID-19 owing to the decrease in demand for power from commercial applications. Power generation in countries affected by COVID-19 has reduced due to lockdowns. This is because the demand for power from commercial end users has gone down in these countries. Though the domestic power demand has increased due to lockdowns, commercial and industrial end users still contribute the larger share in the consumption of power. The ongoing pandemic has ceased energy production at several solar plants in these countries, which is expected to reduce the demand for microinverters in the next few years.
Microinverter Market Report Analysis
CAGR (2023 - 2031)
US$ XX Million
US$ XX Million
Report Coverage
Key Players
Regional Overview
Market Segmentation
By Type
By Connection
By End User
The reports cover key developments in the microinverter market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from microinverter market are anticipated to lucrative growth opportunities in the future with the rising demand for filter products in the global market. Below mentioned is the list of few companies engaged in the microinverter market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the microinverter market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- ABB Ltd
- Delta Energy Systems GmbH
- Enphase Energy Inc.
- Involar
- P and P Energy Technology Co Limited
- ReneSola
- Siemens AG
- SMA Solar Technology AG
- SolarEdge Technologies Inc.
- SunPower Corporation
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
Microinverter Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ XX Million |
| Market Size by 2031 | US$ XX Million |
| Global CAGR (2023 - 2031) | XX% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
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The List Of Companies
- ABB Ltd
- Delta Energy Systems GmbH
- Enphase Energy Inc.
- Involar
- P and P Energy Technology Co Limited
- ReneSola
- Siemens AG
- SMA Solar Technology AG
- SolarEdge Technologies Inc.
- SunPower Corporation
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