The Micro-inverter Market is projected to grow from USD 2.5 billion in 2020 to USD 6.5 Billion by 2025, at a CAGR of 20.8 % between 2020-2025.
Micro-inverters offer several benefits and have gained traction over the past few years. One of the main advantages of micro-inverter systems is that each panel is monitored and optimized individually to generate maximum power. The significant rise in demand for micro-inverters can be attributed to a growing number of solar rooftop installations in residential and commercial applications.
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
Micro-inverters have several technical advantages over other conventional string and central solar inverters. Micro-inverter delivers a maximum potential output of the photovoltaic (PV) system. The main advantage is their ability to maintain a robust and consistent flow of power despite the shading of one or more of its panels; this has increased micro-inverters popularity among end users. Hence, micro-inverters are largely deployed with solar panels.
Technological innovations in inverters to improve their capabilities
Increased electricity requirements and the related rise in electricity costs have led to a demand for the development of efficient solar inverter technologies. Thus, new inverter technologies are being developed and introduced to cater to customers' unmet requirements. Over the years, micro-inverters have been developed using various architectures to improve their performance. In addition, several micro-inverter manufacturers have adopted partnership and collaboration strategies to expand their business operations, diversify their product offerings, enhance their technology portfolio, and improve overall performance.
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Asia Pacific is expected to grow at the highest CAGR during the forecast period
The micro-inverter market in the Asia Pacific is expected to grow at the fastest CAGR during the forecast period due to potential economies such as Japan, China, and India. Rising infrastructural developments in the Asia Pacific region have given rise to using micro-inverters in different commercial applications, including commercial solar projects, commercial renewable energy systems, etc. Furthermore, the increased policy support by governments in the form of tax incentives and schemes such as feed-in-tariffs, as well as tenders and competitive bidding in countries such as India, China, and Japan for promoting the use of clean energy, is expected to fuel the growth of the inverter market in the Asia Pacific for commercial applications. Key players in the region offering micro-inverters include Renesola (China), Envertech (China), U R Energy (India), Bravo Solar (India), and Grace Renewable Energy (India).
Residential application is projected to grow at the highest CAGR during the forecast period
PV installations in the residential sector have been increasing tremendously and are projected to continue in the coming years. Solar inverter systems at residential levels have also become critical due to the increased adoption of residential-scale PV. Micro-inverters are mainly used in residential applications. Owing to their features, such as great scalability and flexibility, and because they are easy to install compared to conventional string or central inverter technology, these micro-inverters are well suited to residential solar rooftop PV installations. Moreover, the performance of these systems can be remotely monitored. These factors together propel the growth of rooftop solar panel installations worldwide.
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