DUBLIN--(BUSINESS WIRE)--The "Micro Inverter Market - Growth, Trends, and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.

The Micro Inverter Market is expected to register a CAGR of 20.8% during the forecast period of 2020-2025.

Microinverter is a device which converts direct current (DC) generated by solar cells to alternating current (AC). The demand for these inverters is increasing amongst the commercial sector on account of increasing electricity cost and longer installation duration of string inverters.

The factors like enabling module-level monitoring, easier installation, enhanced design flexibility, removing the need for DC switching points and better safety than conventional inverters are some factors that are fueling the growth of micro inverter market.

The microinverter market is driven by constant R&D activities and significant reduction in the costs of microinverters. Further, market also receives a great boost due to its compact size and versatility. Also, increasing requirement of consumers, based on modularity, safety, and maximum energy harvest will continue to drive the market at a considerable pace in the forecast period.

Due to COVID-19 pandemic spread around the world, disruption in supply of micro inverters has quickly turned to an unprecedented stall in global demand, switching the industry almost overnight from a sellers' market to a buyer's markets.

COVID-19 is also expected to severely hit the planning and completion of new projects in 2020 for this market. In solar, a shortage of installation components including inverters and modules is pushing prices up by as much as 15 per cent in markets like United States.

Key Market Trends

Residential Segment to Drive the Market Growth

• The increasing adoption of solar photovoltaic in the residential sector is primarily driven by expected savings in electricity costs, the need for an alternative source of electricity, and the desire to mitigate climate change risk. Therefore, boosting the growth opportunities for micro inverter market.
• During the forecast period, the share of the rooftop solar PV is expected to increase, on account of decreasing solar PV costs, supportive government policies for residential solar PV, FIT programs and incentives, and targets set by various governments for solar energy are some of the key factors that are driving the micro inverter market.
• The cost reductions are driven by continuous technological improvements, including higher solar PV module efficiencies. The industrialization of these highly modular technologies has yielded impressive benefits, from economies of scale and greater competition to improved manufacturing processes and competitive supply chains which further accelerate the growth of micro inverter market.

Asia-Pacific to Register Highest Market Growth

• APAC is expected to be the fastest-growing market for micro-inverter as currently, many countries such as China, Japan, India, and Australia are striving to boost their solar PV installation capacity through advanced solar PV systems that could, in turn, enhance electric stability.
• APAC has several operational micro-inverter installations for residential, commercial, and PV power plant applications. Japan and Australia have been the major adopters of micro-inverter technology. Also, the growth in residential rooftop solar PV installations in India and Japan encourages manufacturers to cater to the needs of potential customers in this region.
• In countries such as India, China, and Japan, respective governments have laid regulations and reforms, as well as initiatives, for modernizing the power sector.
• In India, the residential PV installation cost is estimated to be at USD 1000 per KW, which is higher, when compared to its commercial counterpart (USD 692 per KW). However, the Indian costs of installations are cheaper, when compared to the global average for both residential (USD 1638 per KW) and commercial (USD 1379 per KW).These factors fuel the market growth in the region.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Rise in benefits and awareness about the renewable energy sources along with increased adoption

4.2.2 Cost-effectiveness and increased developments of these products

4.3 Market Restraints

4.3.1 High installation and maintenance costs

4.4 Industry Value Chain Analysis

4.5 Industry Attractiveness - Porter's Five Forces Analysis

4.6 Assessment of Impact of COVID-19 on the Industry

5 MARKET SEGMENTATION

5.1 By Type

5.1.1 Single Phase

5.1.2 Three Phase

5.2 By Communication Technology

5.2.1 Wired

5.2.2 Wireless

5.3 By Sales Channel

5.3.1 Direct

5.3.2 Indirect

5.4 By Application

5.4.1 Residential

5.4.2 Commercial

5.4.3 PV Power Plant

5.5 Geography

5.5.1 North America

5.5.2 Europe

5.5.3 Asia-Pacific

5.5.4 Rest of the World

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

6.1.1 Enphase Energy Inc.

6.1.2 Altenergy Power System Inc

6.1.3 Sunpower Corporation

6.1.4 Siemens AG

6.1.5 Zhejiang Envertech Corporation Limited

6.1.6 ReneSolaPower

6.1.7 Darfon Electronics Corp.

6.1.8 AEconversion GmbH & Co. KG

6.1.9 SMA Solar Technology AG

6.1.10 Sparq Systems

6.1.11 Omnik New Energy

6.1.12 Sensata Technologies Inc.

6.1.13 EnluxSolar Co. Ltd.

6.1.14 ABB

6.1.15 Delta Energy Systems

6.1.16 SolarEdge Technologies Inc.

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/o0g7sb

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