United States Solar Microinverter Market

Home Energy And Power 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

Research Framework
1. Research Objective
2. Product Overview
3. Market Segmentation
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
Executive Summary
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
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
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
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
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
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
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
Competitive Landscape
1. 1. List of Key Producers and Their Offerings
  2. Market Share / Ranking Analysis (2021)
  3. Competitive Benchmarking, By Operating Parameters
COVID-19 Impact
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
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

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Frequently Asked Questions (FAQs):

1. What is the current estimated CAGR of the United States Solar Microinverter market?

Ans: United States solar microinverter market is estimated to grow at the CAGR of 20.1% during 2022-2028.

2. What are the major factors driving the growth of the United States Solar Microinverter market?

Ans: The major factors driving the growth of the United States solar microinverter market are the rising adoption of solar systems and increasing launches of new solar microinverter.

3. Who are the key players in the United States Solar Microinverter market?

Ans: The key 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.

4. Which end-user segment accounted for the largest share in the United States Solar Microinverter market?

Ans: The residential segment accounted for the largest share in the United States solar microinverter market.

5. What is the major restraining factor for the United States Solar Microinverter market?

Ans: High installation and maintenance costs are significantly restraining the growth of the United States solar microinverter market.

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