From pv magazine USA
Two inverter suppliers, Enphase and SolarEdge, dominate the US rooftop solar market. The former supplies microinverters, while the latter provides string inverters tied to module-level power optimizers.
Together, the two represent about 90% of the US market. Roth Capital Partners said in a recent industry note that Enphase holds about 50% of the market, while SolarEdge represents about 40% to 45%.
Residential solar is currently in a wounded state, with SolarEdge and Enphase stocks down as much as 70% from their highs in December 2022. High interest rates and changes to solar export compensation rates have caused a significant pullback in demand for new installations.
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Phil Shen, managing director of Roth Capital Partners, has warned that these forces could continue to weigh on residential solar through 2024. He forecasts a 12% market contraction nationwide in 2024. This could spell doom for the share prices of high-growth companies like Enphase and SolarEdge.
Roth Capital Partners has also warned that Tesla might make a move to gobble up some market share in the rooftop solar inverter space. It is currently a major supplier of home batteries and despite a 48% pullback in its rooftop solar business, it is a significant player in residential solar.
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