NEW YORK - April 9, 2021 - Governments across the world are shifting toward non-conventional sources of energy from conventional sources due to the growing environmental concerns. Owing to the increasing focus on alternative energy, countries across the globe are opting for solar photovoltaic (PV) panel installation. The large-scale adoption of such systems is also stimulated by the declining cost of micro inverters. Due to the importance, appreciable performance, and affordability of advanced solar micro inverters, they are being rapidly integrated in residential PV setups.

Additionally, the burgeoning prices of fossil fuels are driving the demand for such devices, especially in emerging economies. On account of these factors, the global solar micro inverters market is projected to accelerate at a CAGR of 15.3% during 2016–2026. At this rate, the revenue of the market will rise from $431.6 million in 2015 to $1,968.7 million in 2026. These systems convert the direct current (DC) generated by PV modules to alternating current (AC), on which most home appliances work. Moreover, these systems enable users to utilize the grid more efficiently, by decentralizing energy reserves that can be utilized whenever required.

In recent years, the adoption of standalone micro inverter systems has been wider in comparison to integrated systems due to the lower cost of the former. However, in the coming years, the demand for integrated systems is projected to surge owing to the rising focus of system providers on integrated module systems, declining cost of such micro inverters, rising frequency of strategic partnerships, and increasing product launches. Moreover, the high-performance integrated module systems or AC modules are designed to minimize the installation time and meet the high electricity demand.

Geographically, the North American region generated the highest demand for solar micro inverters (https://www.psmarketresearch.com/market-analysis/solar-mi...) during 2012–2015. This was owing to the installation of numerous solar PV systems in residential areas, driven by government initiatives. In this region, the U.S. is expected to adopt more PV systems till 2026 and thus emerge as the larger user of solar micro inverters. Moreover, the Middle East and Africa and Latin America are adopting solar PV systems in large numbers due to the government support, soaring demand for electricity, and a significant reduction in the price of solar micro inverters.

Thus, the increasing support from the government and widescale installation of PV systems are driving the demand for solar micro inverters. Moreover, the largescale adoption of these inverters had led to a decline in their cost, which is augmenting the shift to solar energy sources, thereby helping conserve the environment.

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Vijay Kumar