Micro-Inverter Market Competitive Landscape and Revenue Forecast by 2018-2023
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.
The report covers the micro-inverter market segmented by components, types, communication technologies, sales channels, applications, and geographic regions. 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.
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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.
The Objectives of the Study are as follows:
- To describe and forecast the micro-inverter market, in terms of value, by type, component, communication technology, sales channel, application
- To forecast the global micro-inverter market in terms of installations (GW)
- To describe and forecast the micro-inverter market, in terms of value, by region North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW), along with their respective countries
- To provide detailed information regarding major factors influencing growth (drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To study the complete value chain of micro-inverters
- To analyze opportunities in the market for stakeholders by identifying high-growth segments of the micro-inverter ecosystem
- To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing competitive landscape for market leaders
- To analyze strategic approaches such as product launches, acquisitions, collaborations, contracts, agreements, expansions and partnerships in the micro-inverter market
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