WILMINGTON, DE / ACCESSWIRE / March 30, 2023 / Transparency Market Research Inc. - Increase in usage of solar micro inverters in residential solar systems is expected to propel the market. Rise in adoption of these inverters in large-scale commercial applications is likely to offer lucrative opportunities to companies in the market. The global solar micro inverter market was valued at US$ 2.0 Bn in 2022, and it is projected to advance at a CAGR of 18.9% from 2023 to 2031.
Manufacturers of solar micro inverters are offering plug-and-play features to customers in order to ensure fast and easy installation in solar systems. Key companies in the solar micro inverter market are also collaborating with other players to expand their distribution & supply chain in order to expand their customer base.
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Rapid increase in installation of micro inverters for home solar systems could be ascribed to rise in usage of renewable energy for residential applications. Development of solar power industry in developed and developing countries has been positively influencing market growth in the last few years. Worldwide demand for clean electricity from renewable sources has boosted the market outlook.
Key Findings of Study
- High Preference for Three-Phase Solar Micro Inverters: Recent analysis on the market indicates rise in preference for three-phase solar micro inverters among end -users. Among the various product types, three-phase inverters held major market share in 2022. Their prominence could be ascribed to their increased adoption in large commercial and residential solar systems. Three-phase solar micro inverters are compatible with grid-connected solar systems and hence are adopted when solar energy is required to be deployed at scale.
- Significant Deployment of Solar Panels in Residential Applications to Offer Lucrative Opportunities: Surge in installation of solar panel system at homes has bolstered adoption of solar micro inverters. These inverters are suitable for solar panels that face different directions and the amount of sunlight also varies significantly for the individual solar panel. These are preferred over other types of inverters for areas that face partial shading issue. Micro inverters are therefore likely to gain traction in home solar projects.
Key Drivers
- Rise in government support worldwide to adopt renewable energy is likely to bolster usage of solar micro inverters. Governments in developing countries have undertaken several initiatives to promote installation of grid-connected solar power projects, which is likely to offer significant business opportunities to companies in the solar micro inverter market.
- Surge in focus on installation of photovoltaic (PV) energy systems in residential applications is likely to bolster the solar micro inverter market development. Deployment of PV systems is anticipated to rise due to the fact that these can increase the share of renewable energy in the grid.
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Regional Growth Dynamics
Asia Pacific is a lucrative solar micro inverter market. The region is projected to account for major market share from 2023 to 2033. Extensive efforts by governments to bolster renewable energy capacity and rise in adoption of large-scale solar systems in countries such as China and Japan are expected to propel market growth in Asia Pacific. Sizable government funding for the solar power sector in grid-connected and off-grid projects in the last few years in developing countries of the region has created significant revenue opportunities for companies in the market.
The solar micro inverter industry in Europe and North America is anticipated to be lucrative during the forecast period. Rise in installation of utility-scale solar projects in the U.S. has accelerated market development in North America. The trend is ascribed to intense focus of the government on the development of utility-scale solar power for the country.
Competition Landscape
Key players in the solar micro inverter market are focusing on product development in order to meet high customer demand. They are offering energy-efficient solar micro inverters at low price points in order to tap into rise in demand forgrid-connected solar systems.
Prominent companies in the global solar micro inverter industry are Enphase, Leadsolar Energy, Altenergy Power Systems Inc., Sparq Systems Inc., Chilicon Power, NORTHERN ELECTRIC PLC., and SMA Solar Technology.
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Solar Micro Inverter Market Segmentation
By Type
- Single Phase
- Three Phase
Power Rotating
- Below 250 w
- 250 w to 500 w
- Above 500 w
Application
- Residential
- Commercial
- Industrial/utility
Distribution Channel
- Online
- Offline
- Direct Sales
- Indirect Sales
Region
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- South America
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