Increasing demand for microinverters due to remote monitoring capabilities in commercial and residential segments is a major driver of microinverter market revenue growth.
VANCOUVER, Nov. 21, 2023 (GLOBE NEWSWIRE) — The global microinverter market is expected to reach $23.09 billion by 2032, with revenue growth expected to remain stable at a CAGR of 19.8% over the next year, according to the latest analysis from Emergen Research. forecast period. Technological advancements in microinverter technology are key factors driving market revenue growth. Microinverters are useful for mounting panels in multiple planes and directions as they help control the performance of individual panels. Advances in inverter technology are making these technologies smarter and more important to the success of solar power generation.
For example, on July 14, 2023, We Do Solar, a Berlin-based manufacturer of self-installing balconies, announced the release of the first 5G smart microinverter, which is designed for easy DIY installation and can be equipped with solar panels via the App The program turns a balcony into a small solar center. We Do Solar has launched a product that emphasizes efficiency and safety while also being beautiful in appearance. The gadget is called WDS 5G 800 and it prioritizes compliance with all the safety regulations set by the market while being easy to set up, use and maintain.
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Moreover, the growing demand for microinverters due to remote monitoring capabilities in the commercial and residential segments is another key factor driving the market revenue growth. A microinverter is a device that connects to a single solar panel and converts the direct current from the panel into alternating current, which can be used to power appliances or feed into the grid for energy credits. Microinverters are individually optimized for each solar panel, allowing solar panels to achieve full performance regardless of weather, shading or other external variables. Microinverters find the optimal voltage for each system to provide maximum voltage peak power (VPP). In addition, the maximum power point tracking (MPPT) controller built into the microinverter can monitor solar power intensity in real time throughout the day, thereby contributing to market revenue growth. However, the high initial cost of microinverters is a key factor restraining the market’s revenue growth. Since each inverter is installed individually under the solar panels, additional monitoring equipment is required, as well as a communication bus and overall monitoring system.
USA, Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of Asia Pacific, Brazil, Rest of Latin America, Saudi Arabia, United Arab Emirates . Emirates, South Africa, Turkey and other regions of the Middle East and Africa.
Enphase Energy, SolarEdge, ABB, SMA Solar Technology AG, Altenergy Power System Inc., SunPower Corporation, Chilicon Power, LLC, DARFON, Tigo Energy, Inc., Growatt New Energy, TransX, Huawei Cloud, CyboEnergy, Inc., ENF Ltd. , RENESOLA, Reliable Power, Inc., Envertech, KACO New Energy, Siemens и Solantro
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The global microinverter market is fragmented, with large and mid-sized players accounting for the majority of the revenue. Major players are pursuing various strategies, mergers and acquisitions, strategic agreements and contracts to develop, test and bring more efficient inverters to market.
On March 30, 2023, Enphase Energy, Inc., a global energy technology company and a leading global provider of microinverter-based solar and battery solutions, announced a partnership with a global diversified company for production in Timisoara, Romania. Enphase microinverters shipped. Manufacturer Flex. The IQ7TM microinverter series is the first product to ship from Flextronics’ manufacturing facility in Romania.
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The single-phase microinverter segment will account for the largest revenue share in the global microinverter market in 2022. This is due to the growing demand for single-phase microinverters, which can be used as backup systems and are ideal for home use as they do not require regular monitoring. Microinverters operate at low direct current (DC) voltage, which is safer for installers and maintenance personnel because it reduces the risk of electrical shock or fire during installation or servicing. Additionally, the growing number of strategic initiatives undertaken by companies is expected to drive market revenue growth during the forecast period.
The online trading segment is expected to support sustained and rapid revenue growth in the global microinverter market during the forecast period. This is due to factors such as the items being shipped directly from the seller, so no additional fees apply. The online retail platform offers a wide selection of microinverters from different manufacturers, allowing customers to choose the best microinverter for their specific needs, be it residential or commercial solar installations. Consumers are turning to e-commerce websites to shop from multiple options and avail lucrative offers and discounts to avoid the inconvenience of physical shopping, thereby driving revenue growth in this segment.
The North America market will account for the largest revenue share in the global microinverter market during the forecast period. This is due to the growing demand for microinverters that provide real-time data on the performance of each solar panel. Additionally, the growing adoption of solar energy in the commercial sector and increasing strategic initiatives taken by corporates are also expected to drive market revenue growth in the region during the forecast period.
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In this report, Emergen Research segments the global microinverter market by phase type, communication technology, application, power rating, distribution channel and region:
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