The global solar micro inverters market is expected to witness a CAGR of 15.3% during the forecast period, to reach $1,968.7 million by 2026
The increasing awareness towards the benefits of energy storage devices and enhanced regulatory structures have increased their penetration in the global market. Based on system type, the stand-alone segment is expected to be the largest segment of the global solar micro inverters market during the forecast period. The residential segment was the largest market for solar micro inverters during 2012 - 2015. The segment is estimated to be the largest market during the forecast period.
Solar Micro Inverters refer to devices that convert direct current (DC) to alternating current (AC) used in all electrical devices. Micro Inverters allow power conversion at individual module or panel level, also known as panel-level conversion. As a result, the performance of solar PV cells is not jeopardized when one or more panels are shaded. Micro inverters monitor the performance of each solar panel individually while string inverters also exhibits the performance of each string.
Growing awareness towards the use of renewable energy sources across the world have led to the large-scale adoption of solar photovoltaic (PV) installations. This is expected to escalate the demand for solar micro inverters during the forecast period. Additionally, the enhancement in the solar power capacity and the growing electricity needs in these countries have further strengthened the market growth in the residential sector.
Solar micro inverters are used in utilities, and residential and commercial sectors. The increasing government incentives and improved renewable energy expenditure has led to increase in demand for micro inverters in residential PV installations in the U.S., Japan, China and India.
The key trend observed in the solar micro inverters market is the growing focus towards integrated module systems, also known as AC modules. In the recent years, companies such as Enphase Energy, Inc., Solar World, Northern Electric and Power (NEP) and ETSolar Group (ET Solar) have been increasingly focusing on developing innovative and high performance integrated module systems, also known as AC modules, to meet the increasing electricity demands of customers in the global market.
The factors driving the growth of solar micro inverters market are increasing consumer preference towards greater efficiency of solar power systems, rising electricity demand, increasing government investments and tariffs on photovoltaic technology and growing applications in the residential sector. Growing awareness towards the level of solar power systems have led to other regional markets focusing on implementing regulations such as National Electric Code (NEC). Additionally, the drop in micro inverter prices along with various government initiatives have resulted in higher adoption of PV installations across the globe. Such trends are expected to propel the demand for micro inverters during the forecast period.
Higher capital expenditure and significant rise in power optimizers are the major factors that are expected to hamper the growth of global solar micro inverters market. Microinverters replace large parts of a central inverter, which makes them costlier as compared to other traditional inverters. Additionally, the installation of micro inverters requires the installation of a communication bus, which would further add up to the final costs.
Moreover, similar usage of power optimizers and micro inverters could pose a threat to the growth in the solar micro inverters market during the forecast period. The application of power optimizers as an alternative to micro inverters is expected to have adverse ripple effects on the solar micro inverters market.
Key Topics Covered:
1. Research Scope And Methodology
2. Executive Summary
3. Introduction 3.1 Introduction 3.2 Trends In The Solar Micro Inverters Market 3.2.1 Growing Focus Towards Integrated Module Systems 3.3 Opportunities In The Solar Micro Inverters Market 3.3.1 Regulatory Framework 3.3.2 Rising Affordability Of Energy Storage Devices 3.4 Factor Driving Growth Of The Market And Its Impact On Market Forecast 3.4.1 Drop In Micro Inverter Prices 3.4.2 Rising Awareness Towards The Benefits Of Mlpe Technology 3.4.3 Superiority Of Micro Inverters Over Conventional Systems 3.4.4 Impact Analysis Of Drivers On Market Forecast 3.5 Factor Hindering Growth Of The Market And Its Impact On Market Forecast 3.5.1 Higher Initial Costs 3.5.2 Significant Rise In Power Optimizers 3.5.3 Impact Analysis Of Restraints On Market Forecast
4. Global Solar Micro Inverters Market 4.1 Global Solar Micro Inverters Market, By System Type 4.1.1 Stand-Alone Solar Micro Inverters 4.1.2 Integrated Solar Micro Inverters 4.2 Global Solar Micro Inverters Market, By End-Use 4.2.1 Residential 4.2.2 Commercial 4.2.3 Utilities 4.3 Global Solar Micro Inverters Market, By Region
5. Global Solar Micro Inverters Market, By Geography