Microinverters, as core components of photovoltaic power generation, have garnered significant attention.
Due to the rising global demand for renewable energy, the installed capacity for new energy generation has been rapidly increasing. The microinverter market is expected to continually expand in the coming years, presenting vast market prospects.
Data indicates that in 2021, global microinverter shipments reached 3.61GW, growing by 58.3% year-on-year. In 2022, global microinverter shipments reached approximately 7.93GW. It's projected to reach 13.39GW by 2023.
Regionally, microinverters have a strong geographical presence globally. Shipments in North America account for around 70%, while Europe holds about 15%-20%. Other regions in the Asia-Pacific hold a relatively smaller share. In terms of market share, Enphase, an overseas company, leads, while Chinese companies such as HEMAI, YUNENG, and DEYE are rapidly rising.
Analyzing comprehensive competitive strengths based on key business indicators like production capacity, shipments, customer base, and patent numbers, Tide Electronics Research Institute has summarized the latest rankings of the top four tiers of microinverters.
First Tier: Enphase
Enphase
Established in 2006, Enphase is a leading global manufacturer of microinverters headquartered in Fremont, California, USA. It holds a stable position as the leading residential photovoltaic inverter in the USA, continually benefiting from opportunities in the European and American residential solar storage markets. Its primary business includes designing, developing, and selling home energy solutions, with the flagship product being the IQ series microinverters.
The company's major sales regions include residential and commercial photovoltaic inverter markets in North America and Europe. By the end of the third quarter of 2022, Enphase had shipped over 52 million microinverters, serving 2.7 million households in 145 countries and regions worldwide.
Second Tier: Hoymiles, YUNENG
Hoymiles
Established in 2012, Hoymiles (688032.SH) is headquartered in Hangzhou and went public in 2021. The company primarily engages in the research, development, manufacturing, and sales of photovoltaic inverters, energy storage, electrical complete sets of equipment, and related products. Microinverters account for over 80% of its revenue.
Financial reports indicate that in 2022, HEMAI achieved a total revenue of 1.537 billion Yuan, a 93.23% year-on-year increase. Net profit was 515 million Yuan, a 163.36% year-on-year increase. In the first three quarters of 2023, the total revenue reached 1.408 billion Yuan, a 50.41% year-on-year increase, with a net profit of 415 million Yuan, a 14.73% year-on-year increase.
Its overseas sales amounted to 1.227 billion Yuan in 2022, accounting for 79.88% of revenue. This included revenue of 322 million Yuan from North America, 238 million Yuan from Latin America, and 573 million Yuan from Europe.
Hoymiles boasts high shipment volumes and gross profit margins. In 2022, it shipped 1.164 million microinverters, second only to the overseas leader Enphase. Shipments in the first quarter of 2023 reached approximately 560,000 units, a 30% increase compared to the previous period.
YUNENG
YUNENG (688348.SH) was established in 2010 and went public on the Shanghai Stock Exchange Sci-Tech Innovation Board in 2022. Its main products include a series of MLPE (module-level power electronics) products and distributed photovoltaic application solutions, including microinverters, module-level shutdown devices, EMA databases, operation, and maintenance platforms, and energy storage systems.
In 2021, YUNENG ranked second globally in microinverter shipments, only behind the international microinverter giant Enphase. Its production capacity in 2022 was 1.8552 million units, with shipments totaling 935,200 units.
In 2023, YUNENG developed the EZ1 series microinverter with a dual communication mode of Wi-Fi and Bluetooth. This product is suitable for balcony solar and DIY solar applications, offering plug-and-play features and easy installation. It's the world's first Wi-Fi microinverter with an input current reaching 20A.
Moreover, YUNENG has fully deployed all photovoltaic + energy storage products in these three major scenarios and has been widely applied in multiple regions.
Financial reports for the first three quarters of 2023 show a total revenue of 969 million Yuan, a 4.38% year-on-year increase, with a net profit of 180 million Yuan, a 28.65% decrease.
Third Tier: DEYE, AEconversion, Chilicon Power
DEYE
DEYE (605117.SH) was established in 1997 and is headquartered in Ningbo. Its products include solar inverter systems, variable frequency control systems, and environmental appliances.
In the inverter business, the company's products include string inverters ranging from 1.5KW to 110KW, energy storage inverters from 3KW to 12KW, and microgrid inverters from 300W to 2000W, mainly sold to markets in Brazil, the United States, and South Africa.
Due to the explosive growth in the demand for household energy storage markets in Asia, Africa, and Latin America, the company's sales revenue from household energy storage products saw a significant increase. In the first half of 2023, DEYE is projected to achieve a net profit attributable to shareholders of 1.3 billion to 1.38 billion Yuan, a year-on-year increase of 188.58% to 206.34%.
In the first three quarters of 2023, the company's total revenue reached 6.326 billion Yuan, a 55.29% year-on-year increase, with a net profit of 1.568 billion Yuan, a 69.13% year-on-year increase. On October 20th, DEYE's shipment of energy storage battery packs exceeded 100,000 units, and its distributed energy storage MS-G230 went offline.
AEconversion
AEconversion, established in 2009 and headquartered in Bad Staffelstein, Germany, is a developer and manufacturer of power electronic devices. Its main products are single-phase microinverters suitable for the European and American markets, with maximum output powers of 250W, 350W, and 500W.
The AEconversion INV250-45EU, AEconversion INV350-60EU, and AEconversion INV500-90EU are single-phase microinverters designed for the European market. The company received the European Solar Award in 2022.
Chilicon Power
Chilicon Power was established in 2010 and is headquartered in California, USA. It focuses on the research and industrialization of microinverters, solar energy storage systems, MLPE component-level power electronics.
The company's products include microinverters, intelligent shutdown devices, power optimizers, EMA intelligent monitoring and operation platforms, and photovoltaic system solutions. Its main cooperative clients include EMLINQ, LOANPAL, and MOSAIC.
Chilicon Power has subsidiaries in major international photovoltaic application markets such as China, the United States, Australia, France, the Netherlands, and Mexico, forming a global sales and service network. Its products have been widely used in over 90 countries and regions in Australia, North America, South America, Europe, with over 130,000 sets of Chilicon Power microinverters for photovoltaic power generation systems operating stably in multiple countries and regions worldwide.
Fourth Tier: NEP, SPARQ Systems, Sunrise Tech, BeON Energy
NEP
NEP is a new energy high-tech enterprise headquartered in Silicon Valley, USA, and Suzhou, China, founded in 2009. With over ten years of research and development and manufacturing experience in MLPE (module-level power electronics), its main products are microinverters and rapid shutdown devices used in residential photovoltaic and energy storage fields.
The company's research and development centers are in the United States, Suzhou, and Qingdao, with sales teams covering China, the United States, Latin America, South America, and Europe. Its technical support teams span China, the United States, Latin America, and South America.
On February 14th, NEP showcased the BDM-400, 600X, BDH-800 microinverters, and PVG rapid shutdown devices at the 2023 North America International Solar Technology Exhibition.
SPARQ Systems
SPARQ Systems, founded in 2009 and headquartered in Kingston, Canada, specializes in the research, production, and sales of photovoltaic inverters.
The SPARQ-215W is its microinverter designed for low-power components, with a maximum output power of 215W and support for 24V component voltage, enabling independent control and monitoring of each component.
SPARQ Systems specifically designed the Q1200 dual-mode microinverter product for the Indian market, supporting both off-grid and grid-connected modes.
On March 24, 2023, SPARQ Systems announced its distribution agreement with Rolaz Green Energy PVT. The agreement designates Rolaz as its non-exclusive importer, supplier, and distributor of all models of microinverters, Sparq Linq interfaces, and newly developed products within India.
Sunrise Tech
Sunrise Tech (Shenzhen) Co., Ltd. was established in August 2008. The company's main products include uninterrupted power supplies (UPS), photovoltaic inverters, charging piles, and solar energy and other new energy products.
On June 17, 2022, Sunrise Tech's InfiniSolar series photovoltaic storage off-grid integrated machines, eight products, were awarded TÜV Süd Product Carbon Footprint Verification Statements, confirming their compliance with the ISO 14067:2018 international standard.
The InfiniSolar series has built-in MPPT functionality, enabling users to set power priorities according to their needs. It supports grid-connected, off-grid, and hybrid modes. It also includes built-in Wi-Fi for remote monitoring via a mobile app and supports USB on-the-go functionality for data transmission and device control.
Sunrise Tech is one of the world's top three OEM/ODM manufacturers of power products, with a global business presence and well-known customers such as Schneider, Emerson, and Huawei.
BeON Energy
BeON Energy was founded in 2015 and is headquartered in the central Portuguese region of Pontalegre. It's a leading developer and manufacturer of microinverters and innovative plug-and-play complete solar kits.
The "plug-in" microinverters developed by the company can be directly inserted into existing AC sockets without requiring professional installation or wiring. This allows for rapid, simple, and safe photovoltaic power generation, suitable for small-scale distributed photovoltaic scenarios like homes, offices, and shops.
