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Global Solar Micro Inverter Market expand at a 16.6% CAGR over 2022-2026
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The global solar micro inverter market is set to expand at a 16.6% CAGR from 2022 to 2026, driven by increased photovoltaic installations and efficiency needs.
The demand for solar micro inverters is expected to witness a significant upsurge on account of increase in the number of photovoltaic (PV) installations and the need to improve overall system efficiency and safety. In 2016, the global solar micro inverters market is anticipated to register a y-o-y growth of 11.4% over 2015, and reach US$ 488.2 Mn in terms of market value. The escalating demand for solar micro inverters will continue to penetrate the market for module-level power electronics, owing to falling prices and upcoming products.
Solar Micro Inverter is a DC to AC inverter used with photovoltaic installations. Unlike conventional string/central inverters, a micro inverter works on Module Level Power Electronics i.e. power conversion takes place at individual module level. This mitigates the negative effect of module mismatch and improves the overall efficiency of the system. Micro inverters also enable module level monitoring, easier installation, enhanced design flexibility and better safety than conventional inverters.
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The higher adoption of photovoltaic installations is a key factor driving the growth of the global solar micro inverters market. Moreover, rising preference for fully integrated PV modules or AC Modules, is anticipated to fuel the demand for solar micro inverters. The U.S. National Electric Code (NEC) also favours the usage of micro inverter technology and is driving the demand for micro inverters in the North American market. However, the use of power optimisers as an alternative to micro inverters can restrain the growth of the global solar micro inverter market.
Increasing preference towards more efficient systems is fuelling the demand for micro inverters. Along with this, rapidly falling prices of micro inverters is also assisting the product to gain significant penetration in the global solar micro inverter market.
The growth of the global solar micro inverter market is specifically driven by the rising number of photovoltaic installations, and rising awareness about the benefits of MLPE technology. Moreover, rising preference towards integrated products and an increasing number of AC Modules in the market is also expected to drive the demand for solar micro-inverters.
Due to the varying use of micro inverters across the world, global players are concentrating on regions where awareness about using renewable energy resources is higher. Robust adoption of PV storage systems in the U.S. will continue to fuel demand for solar micro inverters in North America, and the region is expected to attain market value of US$ 282.2 Mn in 2016. Moreover, Asia Pacific excluding Japan (APEJ) is expected to be a lucrative region for the growth of the global market. The growing trade of inexpensive inverters in China and India will boost the demand for solar micro inverters in APEJ region. The key players contributing to the growth of the global solar micro inverters market include, SMA, Darfon Electronics, ABB, APSytems, Chilicon Power, iEnergy, Enphase, NEP, SunPower, and Sparq Systems among others.
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The rising adoption of integrated products is not only fuelling the demand for micro inverters but also helping the microinverter vendor/manufacturers to enjoy a more sophisticated supply channel coupled with assured long-term bankability.
Furthermore, the U.S. National Electric Code supports microinverter technology and as more and more states adopt NEC 2017, micro-inverter penetration is anticipated to increase. The rise of power optimizers that offer similar benefits to that of micro inverters is restraining the growth in the Solar Micro Inverter Market and putting significant pricing pressure on microinverter players.
Solar Micro Inverter Market Key Players
Some of the major players in the global solar micro inverter market that are covered in this report are
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Long-term Outlook: The global solar micro inverters market is expected to expand at a CAGR of 16.6% during the forecast period 2016-2026. Over the forecast period, North America and APEJ will continue to be the most profitable regions for the growth of the global market for solar micro inverters.
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The article discusses the growth of the global solar micro inverter market from 2022 to 2026.
The market is driven by rising photovoltaic installations and the need for improved system efficiency and safety.
North America and Asia Pacific excluding Japan are key regions for market growth.
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