Articles

Drop in Prices of Solar Micro Inverters Driving Solar Micro Inverters Market

by Manish Kumar Digital Analyst

The global solar micro inverters market is projected to generate $1,968.7 million by 2026, advancing at a 15.3% CAGR during the forecast period (2016–2026). The market is witnessing growth due to the increasing awareness toward the benefits of module-level power electronics technology, superiority of micro inverters over conventional systems, and drop in micro inverter prices. Solar micro inverters are devices which convert direct current (DC) to alternating current (AC) that can be used in all electrical devices.

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When system type is taken into consideration, the solar micro inverters market is bifurcated into integrated and stand-alone. Among these, the larger share of the market was occupied by the stand-alone micro inverters, during the historical period (2012–2015) which is going to retain its position during the forecast period. The integrated solar micro inverters are projected to witness the faster growth rate during the forecast period because of the rising focus of major players toward integrated module systems and decline in prices of micro inverters.

The solar micro inverters market is growing significantly due to the lowering prices of micro inverter. Moreover, the governments are also taking initiatives in order to increase the adoption of photovoltaic (PV) installations across the globe. The commercial sector is witnessing a rise in the number of micro inverters because of their safety features, optimal performance, and cost-effectiveness. In addition to this, the developing nations are also registering a surge in the deployment of these inverters due to the growing demand for energy, favorable government policies, and surging fuel prices.

In terms of end use, the solar micro inverters market is categorized into utilities, residential, and commercial. Among these, the residential category accounted for the major share of the market during the historical period, and it is further going to dominate the market during the forecast period. Solar micro inverters are mostly deployed in residential sector because of their ease of installation, increasing government support in the form of feed-in tariffs and production tax credit, in countries including Germany, the U.S., and China, and reduced dependency on high-voltage power lines.

A major factor which is resulting in the growth of the solar micro inverters market is the superiority of micro inverters over conventional systems. Solar micro inverters are more efficient and perform better; these inverters allow the panel-level conversion, hence improving the overall efficiency, and the performance of the entire solar PV system does not get affected in case of a defective panel in a micro inverter, as this system allows individual panel monitoring. Moreover, these inverters are designed to match single-module installation and are compact in size, thus aiding in overcoming the difficulties involved with small roof installations.

The rising affordability of energy storage devices is a key opportunity in the solar micro inverters market. Energy storage systems allow the usage of reserved energy in cases of emergencies, which is why their adoption is increasing. These systems are based on different technologies, including flywheels, thermal, batteries, compressed air, and flow batteries.

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About Manish Kumar Freshman   Digital Analyst

19 connections, 0 recommendations, 48 honor points.
Joined APSense since, August 5th, 2019, From Noida, India.

Created on Mar 30th 2020 05:37. Viewed 491 times.

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