A research projects that the Micro-inverter Market would expand from USD 2.5 billion in 2020 to USD 6.5 billion by 2025, with a compound annual growth rate (CAGR) of 20.8% during that period. The growing popularity of micro-inverters for solar rooftop installations in both residential and commercial applications can be ascribed to their capacity to monitor and optimise individual solar panels to provide maximum electricity. The micro-inverter market is anticipated to have considerable growth in the upcoming years due to the rising usage of renewable energy sources.
Key Players:
Some of the major players in the micro-inverter market are Enphase Energy (US), Darfon Electronics (Taiwan), Altenergy Power System (US), ReneSola (China), and AEconversion (Germany). These players have adopted various growth strategies such as contracts, joint ventures, partnerships & agreements, acquisitions, and new product launches to expand their presence in the micro-inverter market further.
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Technical advantages of micro-inverters over conventional solar inverters
Compared to traditional central and string solar inverters, micro-inverters have a number of technical advantages. The capacity of micro-inverters to deliver the maximum possible output from a photovoltaic (PV) system is one of their main advantages. Moreover, micro-inverters are well-liked by end-users since they can keep the flow of power constant even if one or more panels are shaded. The extensive use of micro-inverters with solar panels is a result of this benefit. Overall, micro-inverters are a desirable alternative for solar installations, particularly in locations with shading concerns, due to their technical advantages.
Technological innovations in inverters to improve their capabilities
To satisfy client expectations, new and inventive inverter technologies have been developed in response to the demand for efficient solar inverter technologies. The deployment of these new technologies has been prompted by rising electricity costs and rising electrical requirements. In order to increase the performance of micro-inverters, many architectural designs have been used over time. In order to diversify their product offerings, increase their business operations, and improve their technological portfolio, numerous micro-inverter manufacturers have also implemented partnership and collaboration tactics. Inverters now have much better capabilities and are more efficient and economical as a result of these technical advancements.
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Asia Pacific is expected to grow at the highest CAGR during the forecast period
The Asia Pacific region's micro-inverter market is anticipated to expand at the quickest CAGR during the forecast period, primarily due to the potential of emerging economies like Japan, China, and India. Due to the region's expanding infrastructure advancements, micro-inverters are increasingly being used in business applications, such as commercial solar projects and commercial renewable energy systems. Tax incentives, feed-in tariffs, tenders, and competitive bidding programmes have been implemented by governments in nations like China, Japan, and India to promote renewable energy, which is anticipated to fuel the expansion of the Asia Pacific inverter market for commercial applications. Renesola and Envertech from China, as well as U R Energy, Bravo Solar, and Grace Renewable Energy from India, are important players in the region that provide micro-inverters.
Residential application is projected to grow at the highest CAGR during the forecast period
Due to the rising use of home-scale PV, the residential sector is anticipated to grow at the PV installation market's quickest CAGR throughout the forecast period. Micro-inverters are largely used in these applications due to their scalability, flexibility, and convenience of installation compared to conventional string or central inverter technology. Solar inverter systems have become essential in residential installations. Micro-inverters can also be remotely monitored, which improves their efficiency. As they offer the perfect solution for residential rooftop PV installations, these reasons are anticipated to contribute to the rise of rooftop solar panel installations globally. Generally speaking, the expansion of the micro-inverter market in the residential sector is being driven by the rising demand for residential PV installations.
News Covered:
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