Solar Inverter Market
The expansion of the global solar inverter market is predicted to be driven by rising demand for green energy as a result of rising consumption of power and falling costs of producing renewable energy in the years to come. The cost of production of renewable energy has dropped dramatically, and it is now economical in fulfilling the growing demand for electricity. Government measures such as energy-saving certificates are projected to boost the global Solar Inverter market. In addition to that, governments all over the world are focusing on infrastructure development to raise the standard of living of their citizens. The UAE government, for example, is largely focused on the Smart Dubai plan, which aims to transform the city into a global leader in smart cities. The global solar inverter market is predicted to grow as a result of the increased construction activity as well.
The growing influence of greenhouse emissions and developing environmental challenges encourages the adoption of solar inverters. The solar inverter industry is predicted to rise as people become more mindful of global warming. Several solar inverter businesses are launching internet-of-things (IoT) platforms, experimenting with both machine learning and artificial intelligence, and branching out into other smart-energy verticals.
Solar Micro Inverter Market: Overview
Solar Micro Inverter market has made strides on the back of rising solar installations around the world, particularly home installations. Substantial decline in the cost of solar photovoltaic installations has allowed cost-sensitive markets to increase the share of solar power in the overall energy mix. Solar Micro Inverters have emerged as technological advancement over conventional inverters, due to the use of module-level power electronics in former. This has also led to solar PV capacity expansions especially among residential users, propelling the expansion of avenues for players in the Solar Micro Inverter market.
Key product types comprise standalone and integrated. They usually come in three grades: commercial, utility, and residential. Some of the key advantages of Solar Micro Inverters are shade tolerant, no air-cooling, minimum maintenance loss, remote monitoring, cable size, and expandable. The study offers insights into the current and emerging opportunities in these segments. It lays down the trends and factors that can boost their year-over-year revenue shares.
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Solar Micro Inverter Market: Key Trends
Growing installation of home solar panels is a key trend that has favorably impacted the demand for Solar Micro Inverter market. The growing adoption of renewable energy generation and use have boosted the growth of the Solar Micro Inverter market. Technologies in the market are also gathering steam due to their modular function, making them more reliable than conventional systems.
However, the high cost of manufacturing of Solar Micro Inverters has led many to prefer DC optimizers. The prevalence of economical solutions in solar PV panels has also restrained the expansion of the Solar Micro Inverter market. In some countries, stringent electrification regulations have also hindered the deployment of Solar Micro Inverters. Nevertheless, the traction that fully embedded products is expected to gain in solar PV installations will unlock new revenue streams for players in the market in the coming few years.
Moreover, economies such as India has a huge potential. The governments of Asian countries are keen on expanding the capacity of solar PV, thereby spurring the popularity of Solar Micro Inverters in the regional market.
Solar Micro Inverter Market: Competitive Analysis and Key Developments
Most players in the Solar Micro Inverter market are leaning on attracting residential users by offering them a vast choice of features. They are constantly harping on the flexibility of modular electronics for rooftop solar PV installations in the residential sector. Top players rely on mergers and acquisitions in a bid to consolidate their shares geographically and strengthen their position in the emerging markets. Many manufacturers and vendors are willing to adopt constant price drops to make the demand lucrative. They have in recent years reduced gross margin to wade through competitive forces in the market. Several aspiring players in the Solar Micro Inverters market adopt the route of new product launches to keep them ahead in the competitive arc.
Some of the promising players in the Solar Micro Inverter market who are relentlessly focused on maintaining a stronghold include Northern Electric and Power Co. Ltd, SMA Solar Technology AG, Sparq Systems, SMA Solar Technology AG, Chilicon Power, LLC, Altenergy Power System Inc., iEnergy Co. Ltd., SunPower Corporation, and ABB Ltd.
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Solar Micro Inverter Market: Regional Assessment
On the regional front, Asia Pacific and North America have been lucrative Solar Micro Inverter markets. The rapid revenue generation over the past few years can be attributed largely to mass-scale installation of solar PV systems. Rise in adoption of rooftop installations is bolstering the prospects in Asian countries. Growing awareness of the advanced features in micro-inverters has propelled users in cost-sensitive markets to deploy technologies available in the market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.