Micro-Inverter Market Worth $5.88 Billion by 2023
September 18, 2018 | PRNewswireEstimated reading time: 2 minutes
The global micro-inverter market was valued at $2.44 billion in 2018 and is projected to reach $5.88 billion by 2023, at a CAGR of 19.3% from 2018 to 2023. The growth of this market can be attributed to the rise in residential solar rooftop installations. Residential solar rooftop installation has witnessed significant growth over the years across the world. Rising energy cost, coupled with supportive government policies, has led to the adoption of energy conservation measures to control the increased energy expenditure. Residential systems with solar and energy storage help end users during grid power outages and achieve energy independence, as well as avoid the rising energy costs.
Single Phase Held Largest Share of Micro-Inverter Market in 2017
The micro-inverter market based on type is led by the "single phase" segment in terms of size. Micro-inverters were invented with single-phase technology. Single-phase technology enables the system to have a compact size, which is well suited for residential and commercial applications. Most of the micro-inverter manufacturers across the world offer single-phase systems. Also, as single-phase electricity transmission is well suited for residential applications, which is also one of the major markets for micro-inverters, witness high demand worldwide. For instance, in countries such as the US, Australia, and European countries, the residential segment operates on single-phase transmissions of electricity.
Market for Indirect Sales Channel Likely to Grow at Higher CAGR During Forecast Period
Based on sales channel, the market for indirect sales is expected to witness the highest growth rate during the forecast period. Most key players in the market have well-established sales networks and provide their products worldwide. Micro-inverter systems are mainly adopted in residential and commercial applications. End users in these application areas may lack the expertise required to integrate micro-inverters into solar panels. Thus, installations are mostly done by the company's system integrators or third-party providers.
North America Expected to Hold Largest Size of Micro-Inverter Market During Forecast Period
North America held the largest size of the micro-inverter market in 2017, followed by Europe and APAC. The high number of micro-inverter installations in the region, mainly in the US and Canada, attributes to the dominating position of the region in the micro-inverter market. The US was the first country in terms of wide-scale adoption of micro-inverter technology, especially for residential applications. This is one of the major factors that have led to the dominant position of North America in the micro-inverter market. In addition, favorable economic conditions and the growing solar PV market, as well as supportive regulatory policies aiding residential solar electricity generation in the US and other countries in the region, encourage several domestic and international manufacturers to enhance their micro-inverter offerings for efficient energy supply.
About MarketsandMarkets
MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their pain points around revenues decisions.
Suggested Items
IDTechEx Examines the Opportunities for Wearables in Digital Health
04/19/2024 | IDTechExIDTechEx’s report, “Digital Health and Artificial Intelligence 2024-2034: Trends, Opportunities, and Outlook”, covers this ongoing trend in the consumer health wearables market and includes analysis of the opportunities and roadmap for biometric monitoring.
Real Time with... IPC APEX EXPO 2024: Pluritec's Expansion and Growth in the North American Market
04/19/2024 | Real Time with...IPC APEX EXPONicola Doria, president of Pluritec, discusses the company's strategic focus on the North American market, their investment in a new sales organization, service expansion, and a new process integration line. The conversation also covers market response and future installations, as well as Pluritec's new partnership with IEC.
Mycronic Releases Interim Report January–March 2024
04/18/2024 | MycronicNet sales increased 39 percent to SEK 1,692 (1,219) million. Based on constant exchange rates, net sales increased 42 percent.
Real Time with... IPC APEX EXPO 2024: Exploring Silicone Solutions with R&D Director of CHT
04/17/2024 | Real Time with...IPC APEX EXPOIn this interview, Gerry Ellis, the R&D director for CHT, discusses the product range offered by his company. He explains the challenges in creating base formulations, the drive to make products more user-friendly, and the various application techniques involved. Ellis also highlights the key market segments and the significance of providing efficient solutions to customers.
Gartner Forecasts Worldwide IT Spending to Grow 8% in 2024
04/17/2024 | Gartner, Inc.Worldwide IT spending is expected to total $5.06 trillion in 2024, an increase of 8% from 2023, according to the latest forecast by Gartner, Inc. This is an increase from the previous quarter’s forecast of 6.8% growth and puts worldwide IT spending on track to surpass $8 trillion well before the end of the decade.