The Rising Installations of Solar Photovoltaic Systems Globally Directly Impact the Demand for PV Micro Inverters Market

The global PV micro inverter market has emerged as a critical cornerstone within the renewable energy landscape, revolutionizing the way solar power is harnessed and utilized. With a relentless focus on enhancing energy efficiency and maximizing output, PV micro inverters have garnered substantial attention and adoption worldwide. This transformative technology, designed to convert direct current (DC) electricity generated by solar panels into usable alternating current (AC), not only addresses inefficiencies associated with traditional string inverters but also offers a host of advantages, reshaping the trajectory of solar energy utilization across residential, commercial, and industrial sectors. Amidst rapid technological advancements and a growing emphasis on sustainable energy solutions, the global PV micro inverter market stands poised for remarkable growth and innovation.

In the end users segment, residential segment is anticipated to be the fastest growing segment in the global PV micro inverter market. In the residential segment, homeowners are increasingly opting for PV micro inverters due to their ability to maximize energy production from individual solar panels. This enables households to generate clean energy efficiently while mitigating issues related to shading and panel mismatch. Whereas on the other hand, the utility-scale sector also witnesses significant adoption as large-scale solar farms benefit from the scalability, monitoring capabilities, and reliability offered by micro inverter technology.

The Asia-Pacific region is home to a burgeoning tech industry, and continuous advancements in micro inverter technology are driving the market’s growth. Countries in the Asia-Pacific region, such as China, Japan, India, Australia, and others, have seen a significant surge in solar installations. The region has ambitious renewable energy targets, and solar power plays a crucial role in meeting these goals. The growing number of solar installations directly correlates with the rising demand for PV micro inverters in the region.

Overview of the Competitive Landscape of the Global PV Micro Inverter Market

Several prominent companies have established their foothold in this dynamic market, shaping the industry’s trajectory and fostering healthy competition.  The global PV micro inverter market boasts a competitive landscape characterized by innovation, technological advancements, and strategic collaborations among key players striving to maintain market dominance and drive further growth

Enphase and SolarEdge are the two leading players in the market. The former provides microinverters, whereas the latter offers string inverters that are linked to module-level power optimizers. Together, they account for almost 90% of the US market. According to a recent industry report, Enphase controls around 50% of the market, while SolarEdge controls 40% to 45%.

Some of the key market participants operating in the global PV micro inverter market are

  • ABB
  • DARFON ELECTRONICS CORP
  • Enphase Energy
  • GE
  • Shenzhen Kstar Science & Technology Co., Ltd.
  • SMA Solar Technology AG
  • SUNGROW
  • SunPower Corporation
  • TBEA
  • TMEIC
  • Other Market Participants

Global PV Micro Inverter Market

By System Type

  • Standalone
  • Integrated

By End User

  • Residential
  • Commercial
  • Utility

By Power Class

  • Single Phase
  • Three Phase

By Region

  • North America (U.S., Canada, Mexico, Rest of North America)
  • Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
  • Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
  • Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
  • Latin America (Brazil, Argentina, Rest of Latin America)

 

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