Solar Micro Inverters is Estimated to Witness High Growth Owing to Opportunity to Increase Energy Savings

 

Solar Micro Inverter Market

Solar micro inverters are used in photovoltaic systems, especially in solar rooftop installations. They convert the direct current (DC) output of a solitary photovoltaic module into alternating current (AC) that can be fed into a domestic wiring system or electric utility grid. Micro inverters are designed for individual or series of solar panels rather than the entire photovoltaic array. They perform maximum power point tracking on each panel to energize low light conditions and shaded solar modules. The global solar micro inverter market is estimated to be valued at US$ 323.28 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

 

Rising deployment of solar power systems across both commercial and residential sectors is creating opportunities for solar micro inverters due to their advantages over central or string inverters. According to the International Renewable Energy Agency (IRENA), the global cumulative installed capacity of solar PV is expected to grow from 601 gigawatts (GW) in 2017 to over 3,000 GW by 2050. Transition from fossil fuels to renewable sources for power generation will accelerate the adoption of solar micro inverters. Moreover, micro inverters help maximize solar panel output as they ensure maximum power point tracking for every solar panel instead of entire string of panels. This results in 5-10% more energy harvesting especially under partial shading conditions.

 

SWOT Analysis

Strength: Solar micro inverters allow for module level monitoring and control, improving safety and efficiency. They convert DC power from each solar panel to AC power, ensuring optimal performance even when panels are in partial shade. Being decentralized also makes the system tolerant to single point failures.

 

Weakness: Solar micro inverters are more expensive than traditional central or string inverters. They require more wiring and installation effort since each panel needs an individual micro inverter attached. The additional components also marginally increase maintenance needs over time.

 

Opportunity: Rapid cost reductions and technology improvements are expanding the viable applications for solar micro inverters. Their monitoring capabilities also enable integration with home energy management systems and batteries. Growth in the residential solar market especially in developed nations presents a sizable opportunity.

 

Threats: Cheaper central and string inverters continue to dominate the commercial and utility-scale solar segments. Technology developments could reduce some benefits of micro inverters over time. Supply chain disruptions and rising component costs during economic downturns pose temporary threats.

 

 

Key Takeaways

The Global Solar Micro Inverter Market Share is expected to witness high growth over the forecast period driven by rising solar PV installations globally.

Regional analysis: Europe is the second largest market for solar micro inverters attributed to supportive renewable energy policies and initiatives in major countries. Germany, UK, Italy, and France have witnessed strong demand growth from the residential solar sector. Asia Pacific is poised to be the fastest growing regional market led by China, India, Japan, and South Korea. These nations are undertaking ambitious renewable capacity addition plans including increased rooftop solar capacity installations.

 

Key players: Key players operating in the solar micro inverter market are Enphase Energy, SolarEdge Technologies, SunPower Corp, Delta Electronics, and SMA Solar Technology. Enphase Energy is a significant player with over 25% market share led by its product portfolio and global sales network. SolarEdge Technologies has increased its global presence through strategic acquisitions and partnerships especially in the U.S. and European markets.  


Get More Insights Here

https://www.newswirestats.com/solar-micro-inverter-market-size-share-growth-outlook-2023/

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