The Microinverter market is projected to grow at a CAGR of 19.66% during the forecast period. 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. Increasing research and development expenditure coupled with improvement in collaboration activities to introduce state-of-the-art products in the market will further boost the demand for these inverters. Geographically, North America and Europe held a significant market share owing to the early adoption of technology, rising installation of rooftop solar panels and long-term cost-effectiveness. The Asia Pacific region will witness substantial growth throughout the forecast period on account of favourable government policies promoting the installation of solar panels across industry verticals.
Rising energy costs
Rising R&D expenditure
High installation cost
In August 2018, APSystems announced to launch QS1, a four-module, single phase microinverter for residential applications.
On August 9, 2018, Enphase Energy, Inc. completed the acquisition of SunPower’s microinverter business.
The major players profiled in the microinverter market include Enphase Energy, Inc., Omnik New Energy Co., Ltd., Texas Instruments Incorporated, Microchip Technology, Inc., Altenergy Power System, Inc., STMicroelectronics, Darfon Electronics Corporation, ReneSola, SMA Solar Technology AG, and Siemens AG.
The Microinverter Market has been analyzed through the following segments:
Middle East and Africa