Solar Micro Inverter Market to Grow at a CAGR of 16.6% by 2026
Future Market Insights has announced the addition of the “Solar Micro Inverter Market: Global Industry Analysis and Opportunity Assessment 2016- 2026" report to their offering.
Solar Micro Inverter is a DC to AC inverter used with photovoltaic installations. Unlike conventional string/central inverters, a micro inverter works on Module Level Power Electronics i.e. power conversion takes place at individual module level. This mitigates the negative effect of module mismatch and improves the overall efficiency of the system. Micro inverters also enable module level monitoring, easier installation, enhanced design flexibility and better safety than conventional inverters
Increasing preference towards more efficient systems is fuelling the demand for micro inverters. Along with this, rapidly falling prices of micro inverters is also assisting the product to gain significant penetration in the global module level power electronics market.
Market Value and Forecast
The global solar micro inverter market is expected to reach US$ 488.2 Mn by 2016 end and expand at a 16.6% CAGR over the forecast period (2016-2026).
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Growth of the global solar micro inverter market is specifically driven by the rising number of photovoltaic installations, and rising awareness about the benefits of MLPE technology. Moreover, rising preference towards integrated products and increasing number of AC Modules in the market is also expected to drive the demand for solar micro inverters. The rising adoption of integrated products is not only fuelling the demand for micro inverters but also helping the micro inverter vendor/manufacturers to enjoy a more sophisticated supply channel coupled with assured long term bankability. Furthermore, the U.S. National Electric Code supports micro inverter technology and as more and more states adopt NEC 2017, micro inverter penetration is anticipated to increase. The rise of power optimisers which offer similar benefits to that of micro inverters is restraining the growth in the market and putting significant pricing pressure on micro inverter players.
Market Segmentation by System Type
On the basis of system type, the market is categorised into Stand Alone Micro Inverter Systems and Micro Inverters sold for integration purposes, named as integrated systems. The Integrated modules are becoming the face of PV modules and rising demand of the same is reinforcing the sales of micro inverter for integration purposes.
Market Segmentation, by End Use Type
By end-use, the market is segmented into residential, commercial, and utility. Growing regulatory concerns towards the safety of PV installations and preference towards high efficiency systems are influencing residential customers to shift from conventional inverters, which in turn is fuelling growth in residential end-use segment. For the scope of research the segments are being classified on the basis of average megawatts of installations deployed in each segment. Installations of the range 0-20Kw are considered as residential installations, 20Kw-1Mw installations are considered as commercial installations and 1Mw and above installations are considered as utility scale installations.
Demand for solar micro inverters has been inconsistent around the globe. Key factors fuelling growth include existing photovoltaic installations, Feed in Tariff benefits, Government set PV targets, regional upfront cost of PV systems and its grid parity. In this report, the global solar micro inverter market has been segmented into seven major regions, namely North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East & Africa (MEA). In terms of value, North America market accounts for the maximum revenue share of the overall market, among all the regional markets, followed by Western Europe. North America and Europe collectively account for maximum market share. North America solar micro inverter market is expected to expand at a CAGR of 12.4% over the forecast period, and is expected to continue to dominate the market in terms of value. Meanwhile, the APEJ market is expected to expand at a significant CAGR of 25.4% over the forecast period, due to the rising PV installation in China and low cost of micro inverters in the region. Among all the regions, the Japanese market is expected to expand at an expected CAGR of 21.6% over the forecast period.
Some of the major players in the global solar micro inverter market that are covered in this report areEnphase Energy Inc. Altenergy Power Systems Inc. SMA Solar Technology AG ABB Ltd. SunPower Corporations Darfon Electronics Corporation Northern Electric and Power Co. Ltd. Sparq Systems Chilicon Power,LLC iEnergy Co. Ltd.
The report also describes company-specific strategies related to key developments and ongoing partnerships in the industry.
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Feb 16, 2017