The global solar microinverter market size is expected to grow by USD 618.54 million as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 12%. Request Free Sample Report on COVID-19 Impacts
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Technavio has announced its latest market research report titled Global Solar Microinverter Market 2020-2024 (Graphic: Business Wire)
Read the 120-page report with TOC on "Solar Microinverter Market Analysis Report by End-user (Residential and Non-residential) and Geography (North America, Europe, APAC, South America, and MEA), and the Segment Forecasts, 2020-2024".
The market is driven by the increasing solar energy installation. In addition, the increasing deployment of microgrids is anticipated to boost the growth of the solar microinverter market.
In recent years, the solar energy industry has gained momentum and grown drastically. This is mainly due to the initiatives undertaken by governments worldwide that encourage the use of renewable resources. Many industrialized or developed nations have integrated a significant quantity of solar power into their electrical grids to provide an alternative to conventional energy sources. On the other hand, developing nations use solar energy to reduce their dependence on expensive imported fuels. The growing awareness about solar energy benefits is driving the demand for solar projects, which in turn will increase the level of solar energy output, thereby ensuring a high rate of return for investors in solar projects. Moreover, the hike in the cost of fossil fuels is making solar power a more economical source of renewable energy. Thus, solar energy consumption is expected to increase rapidly, thereby driving the demand for solar microinverter systems.
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Major Five Solar Microinverter Companies:
ABB Ltd. has business operations under various segments, such as electrification, industrial automation, motion, robotics and discrete automation, corporate and other. The company offers 250 W and 300 W micro inverters. Some of the variants are MICRO-0.25-I-OUTD, MICRO-0.3-I-OUTD, and MICRO-0.3HV-I-OUTD.
Autarco Group BV
Autarco Group BV is engaged in the design and development of solar solutions such as panels, inverters, and others for businesses, homes, and dealers. The company offers Autarco LD and LQ Mark II series inverters range from 5 kW to 20 kW.
Chilicon Power LLC
Chilicon Power LLC is engaged in the design and development of microinverter, gateways, and related components. The company offers CP-250E and CP-720 variants of microinverter.
Enphase Energy Inc.
Enphase Energy Inc. is engaged in the design, development, manufacture, and sale of solutions for the solar photovoltaic industry. The company offers Enphase IQ 7X, Enphase IQ 7+, Enphase IQ 7, Enphase IQ 6+, and other variants of solar microinverters.
LeadSolar Energy Co. Ltd.
LeadSolar Energy Co. Ltd. has business operations under microinverters, gateway, monitoring platform, and smart junction box. The segment offers solar microinverter which features PLC and Zigbee communication.
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Solar Microinverter End-user Outlook (Revenue, USD mn, 2020-2024)
Solar Microinverter Regional Outlook (Revenue, USD mn, 2020-2024)
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