Solar Micro Inverter Market, exhibiting a CAGR of 16.6 % during the forecast period (2019-2027) - PowerPoint PPT Presentation

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Solar Micro Inverter Market, exhibiting a CAGR of 16.6 % during the forecast period (2019-2027)

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Title: Solar Micro Inverter Market, exhibiting a CAGR of 16.6 % during the forecast period (2019-2027)


1
Coherent market insightsMarket Research and
Business Consulting Services
https//www.coherentmarketinsights.com/market-insi
ght/solar-micro-inverter-market-3655
2
Market Overview
  • A solar micro inverter is plug-and-play equipment
    used in photovoltaic installations that converts
    direct current generated by a single module to
    alternating current. Contrasting to conventional
    central inverters, micro inverters work on Module
    Level Power Electronics (MLPE), in which power
    conversion takes place at the individual module
    level. This, in turn, reduces the negative
    effects of module mismatch and enhances overall
    efficiency of the system. Furthermore, micro
    inverters enable module-level monitoring,
    enhanced design flexibility, easier installation,
    and better safety than conventional inverters.
    Micro inverters and power optimizers are
    collectively known as module-level power
    electronics, wherein it offers significant
    efficiency over conventional systems and deploys
    Maximum Power Point Tracking (MPPT). This, in
    turn, maximizes the output from each module and
    enhances efficiency of the overall system.

3
  • The Global Solar Micro Inverter Market, by System
    type (Stand Alone and Integrated (ACModule)), by
    By End Use (Residential, Commercial and Utility)
    and by Region (North America, Latin America,
    Europe, Asia Pacific, Middle East and Africa) -
    Global Forecast to 2027, is expected to be
    valued at US 2,638.9 Million by 2027, exhibiting
    a CAGR of 16.6 during the forecast period
    (2019-2027), as highlighted in a report published
    by Coherent Market Insights.

4
Market Dynamics- Drivers
  • Increasing installations of solar products such
    as solar panels are expected to drive growth of
    the global solar micro inverter market during the
    forecast period
  • Over the years, the number of solar photovoltaic
    installations has increased exponentially across
    the globe. According to Coherent Market Insights
    analysis, total solar PV installed capacity
    increased from 6.6 GW in 2006 to 227.1 GW in
    2015, globally. According to the International
    Energy Agency (IEA) roadmap, solar PV capacity is
    expected to reach 4,600 GW by 2050, amounting to
    16 of the global electricity production.
    Moreover, the costs of solar installations have
    declined over 70 in the last 10 years, thereby
    opening new avenues for market players. According
    to IEA, the cost of electricity from PV
    installations in various parts of the world will
    converge as markets develop, with an average cost
    reduction of 25 by 2020, 45 by 2030, further
    pushing the number of global installations. Thus,
    increasing solar installations is expected to
    support the global solar micro inverter market
    growth over the forecast period.

5
  • Lucrative advantages offered over conventional
    solar inverters is expected to propel the global
    solar micro inverter market growth over the
    forecast period
  • Micro solar inverters offer numerous advantages
    over the conventional string and central
    inverters such as high energy yield, module level
    monitoring abilities, longer life cycles,
    enhanced safety, betters flexibility, simplicity,
    and higher labor efficiency, and no single point
    of failure. These prime factors have increased
    the adoption of micro inverters in the
    photovoltaic industry in the recent past.
    Therefore, these benefits are expected to boost
    the global solar micro inverters market growth
    over the forecast period.

6
  • North America region dominated the global Solar
    Micro Inverter Market in 2019, accounting for
    52.9 share in terms of value, followed by Asia
    Pacific, Europe, Middle East and Africa and Latin
    America.

7
Market Dynamics- Restraints
  • Rising adoption of DC optimizer is expected to
    hinder the global solar micro inverter market
    growth over the forecast period
  • DC optimizers are relatively less expensive than
    micro inverter solutions, thereby offering a
    major advantage over the micro inverters. For
    instance, in 2015, the average selling price of a
    micro inverter stood at US 0.51 per watt
    whereas the cost of a DC optimizer was US 0.12
    per watt. However, as an optimizer system
    requires a central/string inverter and complex DC
    wirings, the overall cost of a micro inverter
    system is only 1020 higher than that of an
    optimizer system. Thus, economic solutions
    offered by DC optimizer is expected to hinder the
    market growth in the near future.

8
  • Strict electrification regulations in Japan are
    expected to hamper growth of the global solar
    micro inverter market during the forecast period
  • According to Coherent Market Insights analysis,
    in 2015, Japan contributed around 33.3 GW to the
    worlds total PV capacity. However, strict
    regulatory policies regarding electric safety in
    the country are expected to restrict the market
    growth in the near future. Japan Electrical
    Safety Environment Technology Laboratories
    (JET) certification is required for micro
    inverters or single-phase, or string inverters
    less than 20kW. As of 2015, NEPs micro inverter
    was the only certified micro inverter in the
    Japanese market. Moreover, on the contrary, DC
    power optimizers do not require JET
    certification. Hence, these factors are expected
    to global solar micro inverter market growth in
    the near future.

9
Market Opportunities
  • Advent of fully embedded products can provide
    major growth opportunities for market players
  • Embedded micro inverters can fully be integrated
    into the junction box of a module to create a
    more reliable and cheaper AC module. This, in
    turn, offers major cost advantage to customers,
    which replaces conventional junction box
    arrangement. As of 2015, additional savings of
    US 0.02 0.03/watt were noted, but these
    savings are not yet passed to the customer due to
    significant price mark-up for embedded systems.
    Moreover, this technology is being incorporated
    by DC optimizer manufacturers to develop embedded
    mobiles that are called smart modules. Currently,
    only LG offers a fully integrated AC module
    MonoX ACE and claims capability of saving up to
    41 in terms of installation time as compared to
    conventional systems but comes with only 10 years
    warranty and costs significantly more.

10
  • High potential Indian market can offer
    significant business opportunities
  • India is targeting 100GW of solar installations
    by 2022 while status quo being a meager 7.6GW on
    May 31, 2016. Of this, 40 GW is expected to come
    from rooftop installations, fuelling the demand
    for micro inverters in the country. According to
    Coherent Market Insights analysis, revenue from
    the India solar micro inverters market is
    expected to expand at a significantly high CAGR
    of 30 over 20162026, and revenue contribution
    from the market in India to Asia Pacific is
    expected to increase to 8. Key companies in the
    market can capitalize on these opportunities by
    marketing their solutions in a promising way for
    Indian commercial and industrial segments.

11
High potential Indian market can offer
significant business opportunities
12
Market Trends
  • Increasing merger and acquisition activities
  • Key players in the market are focused on merger
    and acquisition activities, in order to enhance
    the market presence. For instance, in 2014,
    SunPower Corp. acquired VC-funded SolarBridge
    Technologies, Inc., to expand its product
    offerings by including factory-integrated AC
    modules. Moreover, in August 2011, SunEdison
    acquired GreenRay Solar to sell its modules
    coupled with micro inverter technology.

13
  • Constant price drops and reducing margins
  • Dropping prices have been a continual scenario in
    the global solar micro inverter market and the
    trend is expected to continue during the forecast
    period. For instance, Enphases top management
    stated the company would scrub out 50 of the
    device's cost in two years and reach parity with
    string inverters at 10 cents per watt. Moreover,
    micro inverter companies are facing direct
    competition from providers of lower-cost
    solutions. In order to sustain among other
    players, many companies have significantly
    reduced prices of their products, which in turn,
    reducing gross margin. For instance, Enphase
    financials from Q1-16 indicate that the companys
    gross margin percentage reduced from 32.6 in
    Q1-15 to 18.8.

14
Segment information
  • In global Solar Micro Inverter Market, by System
    Type, Stand Alone sub-segment dominated the
    global market in 2019, accounting for 94.7 share
    in terms of value, followed by Integrated
    (ACModule).

15
Competitive Section
  • Key players operating in the global solar micro
    inverter market are SunPower Corporation, Enphase
    Energy Inc., iEnergy Co. Ltd., Altenergy Power
    System Inc., Chilicon Power, LLC, SMA Solar
    Technology AG, Sparq Systems, SMA Solar
    Technology AG, Northern Electric and Power Co.
    Ltd, ABB Ltd., LG Electronics, and Darfon
    Electronics Corporation.

16
Key Developments
  • Major companies in the market are focused on
    mergers and acquisitions, in order to enhance the
    market presence. For instance, in June 2018,
    Enphase Energy Inc. acquired SunPower
    Corporations micro inverter business for US 25
    million in cash and US 7.5 million in shares of
    Enphase common stock.
  • Key players in the market are involved in product
    launches, in order to expand product portfolio.
    For instance, in September 2019, LG Electronics
    introduced its high-performance, fully integrated
    AC solar panel with a micro inverter LG NeON R
    ACe.

17
  • Request Sample Report
  • Request Customization
  • Download PDF Brochure
  • Talk to Analyst
  • https//www.coherentmarketinsights.com/market-insi
    ght/non-ionizing-radiation-emf-detection-measureme
    nt-and-safety-market-3662

18
About Us
  • Coherent Market Insights is a global market
    intelligence and consulting organization focused
    on assisting our plethora of clients achieve
    transformational growth by helping them make
    critical business decisions.
  • What we provide
  • Customized Market Research Services
  • Industry Analysis Services
  • Business Consulting Services
  • Market Intelligence Services
  • Long term Engagement Model
  • Country Specific Analysis

19
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    Profiles for the latest company updates
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