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

• Thank You!
• Kindly follow CMI Social Media
  Profiles for the latest company updates
• Facebook
• Linkedin
• Twitter
• https//www.coherentmarketinsights.com/

20
(No Transcript)
21
(No Transcript)
22
(No Transcript)
23
(No Transcript)
24
(No Transcript)