Is Enphase poised to challenge SolarEdge’s inverter lead?

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Enphase expanded its American inverter market share steadily over the course of 2020, challenging the sustained grip that SolarEdge has held.

In a presentation for Roth Capital Partners, Ohm Analytics Founder, Chris Collins, discussed inverter market share data across a sample of permit and interconnection sources in New York, Massachusetts, Vermont, Washington D.C., Texas, Colorado, Florida and North Carolina.

And while the data for Enphase (shown in the graph in blue) don’t represent the entire scope of the inverter industry, these are all relevant markets.

According to the presentation slide, Enphase’s market share has been steadily rising since July and, after suffering a dip in September, overtook SolarEdge for the first time in October. As of December, Enphase held a 48% share in the selected markets, compared to SolarEdge’s 40%.

The timing of Enphase’s rise in market share coincides with its Encharge battery launch in North American markets in July. A month later, Enphase and German module maker Sonnenstromfabrik launched a residential module, the Enphase Energized AC module, which was equipped with an Enphase IQ 7+ microinverter. Although the product currently is available only in select European countries, a North American launch could offer Enphase an opportunity to make more gains on SolarEdge.

Enphase is set to release its Q4 2020 financial results February 9, which could shed light on how the Encharge battery system has helped expand the company’s market share, as well on a North American launch of the Energized AC module.

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