The global solar micro inverters market is likely to grow from $431.6 million in 2015 to $2.0 billion by 2026. With the drop in micro inverter prices and rising awareness towards the benefits of MLPE technology, the solar micro inverters market is gaining traction across various end-users. Additionally, the demand for solar micro inverters is expected to spike further on account of reduction in cost of micro-inverters in the Asia-Pacific region.
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Geographically, North America has been the largest market for solar micro inverters, where the U.S. has been the largest contributor to the regional market. Japan is the major market in the Asia-Pacific region, whereas in Europe, Germany generates highest revenue. GCC is the largest market in Middle East and Africa, while Chile emanates the highest demand in South America.
The factors driving the growth of the market include growing awareness towards the use of renewable energy sources across the world have led to the large-scale adoption of solar photovoltaic (PV) installations.
The penetration of micro inverters in the global market is expected to increase during the forecast period on account of their optimal performance, comparatively more power output in comparison to conventional systems and continuous R&D efforts taken up by manufacturers in refining the micro inverter technology.
The rising affordability of energy storage devices creates ample opportunities for the market. Analysts observed that the rising affordability of energy storage devices for solar power systems is expected to benefit the vendors of micro inverters to a significant level during the forecast period.
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The research states that the global solar micro inverters market is dominated by major players along with the presence of small scale manufacturers. Some of the key players in the global market include Enphase Energy Inc., SolarEdge Technologies, Inc., ABB Ltd, SMA Solar Technology AG, SunPower Corporation, Altenergy Power System Inc., Darfon Electronics Corp., Northern Electric & Power Co. Ltd, Sparq Systems, Inc. and Chilicon Power, LLC.
GLOBAL SOLAR MICRO INVERTERS MARKET SEGMENTATION
By System Type
By System Type
- Stand-Alone
- Integrated
By End Use
- Residential
- Commercial
- Utilities
By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Russia
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Rest of Asia-Pacific
- Middle East and Africa
- GCC
- South Africa
- Rest of Middle East and Africa
- South America
- Chile
- Brazil
- Rest of South America
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International: +1–347–960–6455
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Web: https://www.psmarketresearch.com
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