Blueweave
United States Solar Microinverter Market

United States Solar Microinverter Market

United States Solar Microinverter Market, By Connectivity (Standalone, On-Grid), By Component (Hardware, Software), By Communication Channel (Wired, Wireless), By Type (Single Phase, Three Phase), By End-User (Residential, Commercial, Others) Trend Analysis, Competitive Market Share & Forecast, 2018-2028

  • Published Date: January 2022
  • Report ID: BWC22013
  • Available Format: PDF
  • Page: 118

Report Overview

United States solar microinverter market is growing at a high rate owing to the rapid shift towards cleaner technologies and greener power sources for both commercial and residential use. Additionally, stringent government regulations and favorable initiatives and policies to boost the adoption of advanced technologies are pushing the market forward.

United States Solar Microinverter Market- Industry Trends & Forecast Report 2028

United States solar microinverter market is thriving and estimated to grow at a CAGR of 20.1% in the forecast period. The demand for solar microinverter is growing at a high rate owing to the rapid shift towards cleaner technologies and greener power sources for both commercial and residential use. Furthermore, stringent government regulations, favorable initiatives and policies to boost the adoption of advanced technologies, such as solar microinverters, are anticipated to drive the market growth during the forecast period.

Solar Microinverter Overview

A solar microinverter or microinverter is a device that converts direct current (DC) produced by a single solar module to alternating current (AC). Microinverters are recommended over string inverters since it overcomes the limitations of the latter. Moreover, these devices reduce system complexity and are much more convenient to install and maintain. Furthermore, microinverter offer greater performance and higher output compared to string inverters, and are much safer than other inverter technologies, which are better value for money over time.

United States Solar Microinverter Market Forecast and Trends

Growth Drivers

Growing Adoption of Solar Systems

The increasing adoption of solar energy sources and various government initiatives to support renewable energy is significantly propelling the demand for microinverter. The US solar power capacity has grown from just 0.34 GW in 2008 to an estimated 97.2 gigawatts which are equivalent to power 18 million average American homes, according to the US Department of Energy (DoE). The US government is also taking various initiatives, such as funding clean energy supply projects, and implementing output-based environmental regulations, which are anticipated to boost solar energy adoption, fueling the demand for microinverters.

Increasing Launch of New Solar Microinverter

With the increasing demand for the solar microinverter in the United States market, the manufacturers are launching a wide range of products with innovations to establish themselves as market leaders. For instance, LG Electronics has recently launched its high-performance, fully integrated AC solar panel with a microinverter especially for the US homeowners with smart monitoring and remote servicing. Generac also launched two new solar microinverter models for residential PV applications. Such launches are anticipated to boost the consumer’s accessibility to solar microinverter, propelling the overall market growth.

Restraints

High Installation and Maintenance Cost of Solar Microinverters

The high cost of solar microinverter compared to string inverters acts as a major restraining factor to its market growth in the United States. Microinverter typically costs around USD 1,000 or more on a standard 5kW residential solar installation. Even though they offer higher production which eventually saves the electricity bill in the long run, consumers often look for upfront savings. Furthermore, maintenance of a solar microinverter is also a major challenge to its market growth since servicing and replacing its component is a complicated process.

Impact of COVID-19 on United States Solar Microinverter Market

The unprecedented COVID-19 outbreak negatively impacted the growth of the United States Solar microinverter market. This is because of the restrictions on the manufacturing and production operations on non-essential items, including solar microinverter, during the lockdown period. Furthermore, the adoption of solar system commercial facilities also registered a sharp drop during the period due to restrictions on their operations. Although the power demand spiked among the residential spaces, the decrease in disposable income and unavailability of resources during the lockdown period also halted the United States Solar Microinverter market.

United States Solar Microinverter Market - By Connectivity

Based on connectivity, the United States solar microinverter market is grouped into standalone and on-grid segments. The standalone connectivity segment accounts for the largest market share. This is because the standalone system is not connected to a grid and stores solar power that can be used for a long time. Due to the high price of batteries, the on-grid segment has also experienced a higher growth rate over the past few years due to its lower cost as compared to the standalone systems.

United States Solar Microinverter Market - By Component

Based on components, the United States solar microinverter market is segmented into hardware and software. The hardware segment holds the largest market share due to the need for hardware components, including microcontroller units (MCUs), sensors, controllers, etc., for setting up solar microinverters. These components together perform the crucial function of converting the DC power into AC power. The increasing launches of improved microinverter components by OEMs such as Emphase plays a crucial factor in driving the market growth.

United States Solar Microinverter Market - By Communication Channel

Based on communication channels, the United States solar microinverter market is segmented into wired and wireless. The wired solar microinverter segment accounts for the largest market share due to its lower cost and ease of installation at smaller residential spaces. However, wired communication channels carry the disadvantage of performance reduction or loss of productivity due to minor shading or malfunction. Due to this, the consumers are increasingly shifting towards wireless solar microinverters, which is propelling the overall market growth.

United States Solar Microinverter Market- Competitive Landscape

The leading players in the United States solar microinverter market are Enphase Energy, SolarBridge Technologies/SunPower, Advanced Energy Industries, CyboEnergy, Chilicon Power, Apparent, Blue Frog Solar, eIQ Energy, HiQ Solar, and other prominent players.

The market is highly fragmented with the presence of numerous industry players, which makes the market competitive and dense for new entrants. The companies frequently launch new products with advanced technologies to increase their product penetration. They also significantly invest in research and development activities to bring innovations into their products to gain a competitive edge. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

Recent Development

  • In October 2021, Enphase Energy, a US-based energy technology company, announced the launch of IQ8, which is claimed as the world's first micro-grid-forming microinverter.

Scope of the Report

Attributes Details
Years Considered Historical data – 2018-2021
Base Year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in USD Million
Product Service/Segmentation By Connectivity, By Component, By Communication Channel, By Type, By End-User
Key Players Enphase Energy, SolarBridge Technologies/SunPower, Advanced Energy Industries, CyboEnergy, Chilicon Power, Apparent, Blue Frog Solar, eIQ Energy, HiQ Solar, and other prominent players.

By Connectivity

  • Standalone
  • On-Grid

By Component

  • Hardware
  • Software

By Communication Channel

  • Wired
  • Wireless

By Type

  • Single Phase
  • Three Phase

By End-User

  • Residential
  • Commercial
  • Others

SCOPE

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary and Secondary Sources
    2. Quantitative Research
      1. Primary and Secondary Sources
    3. Breakdown of Primary Research Respondents
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Industry Participants
    5. Key Questionnaire asked during Primary Interviews
    6. Key Primary Responses
    7. Market Size Estimation
    8. Assumption for the Study
    9. Market Breakdown & Data Triangulation
  3. Executive Summary
  4. Global Tractor Market – Industry Insights
    1. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunity
      4. Challenges
    2. Recent Developments / Technical Landscape
    3. Porter’s Five Forces Analysis
    4. Value Chain Analysis
    5. Strategic Outlook
    6. Regulatory Framework
    7. Key Strategic Developments
  5. Global Tractor Market Overview, 2018-2030
    1. Market Size & Forecast
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Horsepower
        1. Below 40 HP
        2. 40 HP - 100 HP
        3. More than 100 HP
      2. By Wheel Drive
        1. 2 WD
        2. 4 WD
      3. By Mechanism
        1. Electric Tractors
        2. Hydraulic Tractors
        3. Hybrid Tractors
      4. By Application
        1. Agriculture
        2. Construction
        3. Mining
        4. Forestry
        5. Others
      5. By Region
        1. North America
        2. Europe
        3. Asia-Pacific
        4. Latin America
        5. Middle East & Africa
  6. North America Tractor Market, 2018-2030
    1. Market Size & Forecast
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. Horsepower
      2. Wheel Drive
      3. Mechanism
      4. Application
      5. Country
        1. U.S.
        2. Canada
  7. Europe Tractor Market, 2018-2030
    1. Market Size & Forecast
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. Horsepower
      2. Wheel Drive
      3. Mechanism
      4. Application
      5. Country
        1. Germany
        2. France
        3. UK
        4. Spain
        5. Netherlands
        6. Italy
        7. Rest of Europe
  8. Asia-Pacific Tractor Market, 2018-2030
    1. Market Size & Forecast
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. Horsepower
      2. Wheel Drive
      3. Mechanism
      4. Application
      5. Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Rest of Asia-Pacific
  9. Latin America Tractor Market, 2018-2030
    1. Market Size & Forecast
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. Horsepower
      2. Wheel Drive
      3. Mechanism
      4. Application
      5. Country
        1. Argentina
        2. Brazil
        3. Mexico
        4. Rest of Latin America
  10. Middle East & Africa Tractor Market, 2018-2030
    1. Market Size & Forecast
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. Horsepower
      2. Wheel Drive
      3. Mechanism
      4. Application
      5. Country
        1. Saudi Arabia
        2. South Africa
        3. UAE
        4. Rest of Middle East & Africa
  11. Competitive Landscape
      1. List of Key Producers and Their Offerings
      2. Market Share / Ranking Analysis (2021)
      3. Competitive Benchmarking, By Operating Parameters
  12. COVID-19 Impact
  13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
    1. Deere & Company
    2. Kubota Corp.
    3. AGCO Corporation
    4. Mahindra & Mahindra
    5. Escorts Limited
    6. CNH Industrial N.V.
    7. Tractors and Farm Equipment Ltd.
    8. Sonalika International Tractors Limited
    9. HMT Limited
    10. Force Motors Limited
    11. Massey Ferguson Limited
    12. Fendt
    13. SDF
    14. CLAAS KGaA mbH
    15. ZETOR TRACTORS a.s.
    16. Changzhou Dongfeng Agricultural Machinery Group Co. Ltd.
    17. Yanmar Co. Ltd. (Yanmar Holdings Co., Ltd.)
    18. Arbos Group
    19. Daedong Corporation
    20. Other Prominent Players
  14. Key Strategic Recommendations

 

* Financial information of non-listed Companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth study during the final deliverable.

 

 

List of Figures

 

Fig 1          Global Tractor Segmentation

Fig 2          Global Tractor Market Value Chain Analysis

Fig 3          Global Tractor Market Size, By Value (USD Billion), 2018-2028

Fig 4          Global Tractor Market Share, By Horse Power, By Value, 2018-2028

Fig 5          Global Tractor Market Share, By Wheel Drive, By Value, 2018-2028

Fig 6          Global Tractor Market Share, By Mechanism, By Value, 2018-2028

Fig 7          Global Tractor Market Share, By Application, By Value, 2018-2028

Fig 8          North America Tractor Market Size, By Value (USD Billion), 2018-2028

Fig 9          North America Tractor Market Share, By Horse Power, By Value, 2018-2028

Fig 10       North America Tractor Market Share, By Wheel Drive, By Value, 2018-2028

Fig 11       North America Tractor Market Share, By Mechanism, By Value, 2018-2028

Fig 12       North America Tractor Market Share, By Application, By Value, 2018-2028

Fig 13       Europe Tractor Market Size, By Value (USD Billion), 2018-2028

Fig 14       Europe Tractor Market Share, By Horse Power, By Value, 2018-2028

Fig 15       Europe Tractor Market Share, By Wheel Drive, By Value, 2018-2028

Fig 16       Europe Tractor Market Share, By Mechanism, By Value, 2018-2028

Fig 17       Europe Tractor Market Share, By Application, By Value, 2018-2028

Fig 18       Asia-Pacific Tractor Market Size, By Value (USD Billion), 2018-2028

Fig 19       Asia-Pacific Tractor Market Share, By Horse Power, By Value, 2018-2028

Fig 20       Asia-Pacific Tractor Market Share, By Wheel Drive, By Value, 2018-2028

Fig 21       Asia-Pacific Tractor Market Share, By Mechanism, By Value, 2018-2028

Fig 22       Asia-Pacific Tractor Market Share, By Application, By Value, 2018-2028

Fig 23       Latin America Tractor Market Size, By Value (USD Billion), 2018-2028

Fig 24       Latin America Tractor Market Share, By Horse Power, By Value, 2018-2028

Fig 25       Latin America Tractor Market Share, By Wheel Drive, By Value, 2018-2028

Fig 26       Latin America Tractor Market Share, By Mechanism, By Value, 2018-2028

Fig 27       Latin America Tractor Market Share, By Application, By Value, 2018-2028

Fig 28       Middle East & Africa Tractor Market Size, By Value (USD Billion), 2018-2028

Fig 29       Middle East & Africa Tractor Market Share, By Horse Power, By Value, 2018-2028

Fig 30       Middle East & Africa Tractor Market Share, By Wheel Drive, By Value, 2018-2028

Fig 31       Middle East & Africa Tractor Market Share, By Mechanism, By Value, 2018-2028

Fig 32       Middle East & Africa Tractor Market Share, By Application, By Value, 2018-2028

Fig 33       Company Share Analysis, 2021

 

 

List of Tables

 

Table 1     Global Tractor Size, By Horse Power, By Value, 2018-2028

Table 2     Global Tractor Market Size, By Wheel Drive, By Value, 2018-2028

Table 3     Global Tractor Market Size, By Mechanism, By Value, 2018-2028

Table 4     Global Tractor Market Size, By Application, By Value, 2018-2028

Table 7     North America Tractor Size, By Horse Power, By Value, 2018-2028

Table 8     North America Tractor Market Size, By Wheel Drive, By Value, 2018-2028

Table 9     North America Tractor Market Size, By Mechanism, By Value, 2018-2028

Table 10   North America Tractor Market Size, By Application, By Value, 2018-2028

Table 11   Europe Tractor Size, By Horse Power, By Value, 2018-2028

Table 12   Europe Tractor Market Size, By Wheel Drive, By Value, 2018-2028

Table 13   Europe Tractor Market Size, By Mechanism, By Value, 2018-2028

Table 14   Europe Tractor Market Size, By Application, By Value, 2018-2028

Table 15   Asia-Pacific Tractor Size, By Horse Power, By Value, 2018-2028

Table 16   Asia-Pacific Tractor Market Size, By Wheel Drive, By Value, 2018-2028

Table 17   Asia-Pacific Tractor Market Size, By Mechanism, By Value, 2018-2028

Table 18   Asia-Pacific Tractor Market Size, By Application, By Value, 2018-2028

Table 19   Latin America Tractor Size, By Horse Power, By Value, 2018-2028

Table 20   Latin America Tractor Market Size, By Wheel Drive, By Value, 2018-2028

Table 21   Latin America Tractor Market Size, By Mechanism, By Value, 2018-2028

Table 22   Latin America Tractor Market Size, By Application, By Value, 2018-2028

Table 23   Middle East & Africa Tractor Size, By Horse Power, By Value, 2018-2028

Table 24   Middle East & Africa Tractor Market Size, By Wheel Drive, By Value, 2018-2028

Table 25   Middle East & Africa Tractor Market Size, By Mechanism, By Value, 2018-2028

Table 26   Middle East & Africa Tractor Market Size, By Application, By Value, 2018-2028

Table 27   Deere & Company Business Overview

Table 28   Deere & Company Financial Analysis

Table 29   Kubota Corp., Business Overview

Table 30   Kubota Corp., Financial Analysis

Table 31   AGCO Corporation Business Overview

Table 32   AGCO Corporation Financial Analysis

Table 33   Mahindra & Mahindra Business Overview

Table 34   Mahindra & Mahindra Financial Analysis

Table 35   Escorts Limited Business Overview

Table 36   Escorts Limited Financial Analysis

Table 37   CNH Industrial N.V., Business Overview

Table 38   CNH Industrial N.V., Financial Analysis

Table 39   Tractors and Farm Equipment Ltd., Business Overview

Table 40   Tractors and Farm Equipment Ltd., Financial Analysis

Table 41   Sonalika International Tractors Limited Business Overview

Table 42   Sonalika International Tractors Limited Financial Analysis

Table 43   HMT Limited Business Overview

Table 44   HMT Limited Financial Analysis

Table 45   Force Motors Limited Business Overview

Table 46   Force Motors Limited Financial Analysis

Table 47   Massey Ferguson Limited Business Overview

Table 48   Massey Ferguson Limited Financial Analysis

Table 49   Fendt Business Overview

Table 50   Fendt Financial Analysis

Table 51   SDF Business Overview

Table 52   SDF Financial Analysis

Table 53   CLAAS KGaA mbH Business Overview

Table 54   CLAAS KGaA mbH Financial Analysis

Table 55   ZETOR TRACTORS a.s., Business Overview

Table 56   ZETOR TRACTORS a.s., Financial Analysis

Table 57   Changzhou Dongfeng Agricultural Machinery Group Co. Ltd., Business Overview

Table 58   Changzhou Dongfeng Agricultural Machinery Group Co. Ltd., Financial Analysis

Table 59   Yanmar Co. Ltd. (Yanmar Holdings Co., Ltd.) Business Overview

Table 60   Yanmar Co. Ltd. (Yanmar Holdings Co., Ltd.) Financial Analysis

Table 61   Arbos Group Business Overview

Table 62   Arbos Group Financial Analysis

Table 63   Daedong Corporation Business Overview

Table 64   Daedong Corporation Financial Analysis

 

Market Segmentation

By Connectivity

  • Standalone
  • On-Grid

By Component

  • Hardware
  • Software

By Communication Channel

  • Wired
  • Wireless

By Type

  • Single Phase
  • Three Phase

By End-User

  • Residential
  • Commercial
  • Others
No data available

To request a free sample copy of this report, please complete the form below.

We value your investment and offer free customization with every report to fulfil your exact research needs.

This website is secure and your personal details are safe.