The intense rivalry between leading players characterizes the competitive landscape of the global photo voltaic (PV) micro inverters market. Enphase Energy Inc., Sungrow Power Supply Co. Ltd., General Electric, Darfon Electronics Corp., ABB Ltd., and SunPower Corp. are the key manufacturers of PV micro inverters, globally. Technological advancements are the main point of strife among these players, finds a new research report by Transparency Market Research (TMR). They are also actively involved in launching novel and advanced products to make their business more visible.
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Going forward, the competition in the global PV micro inverters market is likely to intensify further. To cut this competition, key companies may begin engaging in strategic alliances with startups and smaller firms in the near future. They are also expected to consider expanding their bases in emerging regions with ample untapped potential, reports the study.
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Need for Off-grid Electricity to Boost PV Micro Inverters’ Demand
According to TMR, the global PV micro inverters market is foretold to rise from US$489.1 mn in 2017 to US$990.3 mn by 2022. During this period, the comprehensive average growth rate is pegged at 15.20%. The increasing need for off-grid electricity is driving the demand for these inverters across the world. The rising reports of accidents caused by electricity have fueled the need for modern and safer energy resources, including off-grid electricity. The augmenting awareness pertaining to the efficacy of PV micro inverters and the advantages of MLPE technology is also adding to the growth of this market significantly.
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The review is based on a report by Transparency Market Research, titled “PV Micro Inverters Market (System Type - Standalone Systems and Integrated Systems; End User - Residential, Commercial, and Utility; Power Class - Single Phase and Three Phase) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017 - 2022.”
The PV Micro Inverters Market has been segmented as follows:
System Type
- Standalone Systems
- Integrated Systems
End User
- Residential
- Commercial
- Utility
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