With an estimated CAGR of 9.6% during the projected period, the micro inverter market share is expected to reach US$ 4.36 Billion by 2032 from US$ 1.55 Bn in 2021, finds a recent report published by FMI. Furthermore, the study finds that the rising demand for solar micro inverters technology proportionately reflects the adoption of micro inverters in emerging nations.
Micro-inverters provide several technological benefits over other types of solar micro inverter, such as string and central, unlike conventional inverters, which are installed separately from the solar array. These micro-grid-tie inverters are capable of operating and monitoring multiple solar panels simultaneously. In addition, micro inverters are installed beneath each solar panel and regular power flow even when one or more of their panels are shaded; this has improved micro inverter appeal among end-users.
As a result, micro inverters are frequently used in conjunction with solar panels. COVID-19 has influenced not just the business sector but also the entire economy. Economic activity is projected to continue to decline due to a growing number of nations implementing and prolonging lockdowns, which will have a negative influence on the global economy.
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Additionally, COVID-19 is likely to negatively influence the micro-inverter industry because of the drop in demand for electricity from commercial applications. Power generation has been curtailed in nations affected by COVID-19 due to lockdowns. This is because business end-user demand for electricity has decreased in these nations.
While home power demand has grown due to lockdowns, business and industrial end-users continue to consume the majority of electricity. In addition, due to the ongoing epidemic, some solar facilities in these nations have suspended energy production, which is projected to diminish the demand for micro inverters over the next several years.
“The major firms are focused on sustaining product quality to considerably grow their competitive market share. Significant players in North America, APAC, and Europe are focusing their efforts on reducing hazardous emissions through product development. Globally, major micro inverter manufacturers are increasingly pursuing strategic collaborations, joint ventures, acquisitions, and partnerships to maintain a competitive edge in the market.”—opines an FMI analyst.
Key Takeaways:
- Microinverter systems are mostly used in homes and businesses. Although end users lack the competence to put microinverters into solar panels, system integrators or third-party suppliers are usually hired.
- The indirect sales channel segment is likely to dominate the micro inverter market. Residential application is predicted to increase at the fastest rate. Increasing energy costs and supporting government regulations globally have led to increased energy-saving solutions for residential applications.
- The APAC solar micro inverters market is growing due to rising demand from key nations, including Japan, Australia, India, and China. In addition, emerging markets like China and India dominate APAC. Increasing commercial solar PV systems for industrial, residential, and other applications is pushing the APAC micro inverter market.
Competitive Landscape
Micro inverter players have strengthened their offers in the market through various organic and inorganic growth tactics, including product development, partnerships, agreements, and collaborations.
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Among the key players are Enphase Energy (the United States), Altenergy Power System (the United States), Darfon Electronics (Taiwan), ReneSola (China), AEconversion (Germany), and Silicon Power (the United States). The research offers a comprehensive competition analysis of these micro inverter market leaders, including their company profiles, recent developments, and important market strategies.
- Enphase Energy announced a partnership with Excel Power of Australia in June 2020. Excel Power built a 50 kW Enphase micro inverter system for Wippells Autos, a Jaguar and Land Rover dealership in Toowoomba City, Queensland, as part of this agreement (Australia).
- Enphase Energy partnered with Teslandi.pro of the Netherlands on a commercial initiative in January 2020. Island. pro’s commercial solar division was picked by E-Unit, a sustainable building developer, to install a 780 kW solar energy system on its new 42-unit building in Arnhem (Netherlands). This commercial solar installation has 2,600 Enphase IQ 7+ micro inverters.
- Envertech launched EnverView 2.0, an improved version of their smart monitoring program, in February 2019 for both the iOS App Store and the Android Play Store. This new version includes increased operating capabilities and user interfaces over the previous version.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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