DUBLIN--(BUSINESS WIRE)--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.
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
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.
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.
Market Dynamics
Drivers
- Benefits Over Conventional Solar Inverter Technologies
- Upsurge in Renewable Energy Investment
- Demand for Micro-Inverters Due to Remote Monitoring Capabilities
- Rise in Residential Solar Rooftop Installations
Restraints
- Higher Initial and Maintenance Cost of Micro-Inverters
Opportunities
- Increase in Solar PV Installations
- Technological Innovations With Improved Capabilities
Challenges
- High Competition From Conventional Inverter Technologies
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Micro-Inverter Market, By Component
7 Micro-Inverter Market, By Type
8 Micro-Inverter Market, By Communication Technology
9 Micro-Inverter Market, By Sales Channel
10 Micro-Inverter Market, By Application
11 Geographic Analysis
12 Competitive Landscape
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/76m8jt/global?w=4
