In the coming years, the globalsolarmicro inverters market is projected to witness considerable growth, which is ascribed to the increasing awareness regarding the benefits of module-level power electronics (MLPE) technology, drop in micro inverter prices, and superiority of micro inverters over traditional systems. Devices which covert direct current (DC) to alternating current (AC) and can be utilized in all electrical devices are referred to as solar micro inverters. In terms of system type, the market is bifurcated into integrated and stand-alone.
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Between these two, the stand-alone solar micro inverters are expected to hold the largest share of the market in the near future. When end-use is taken into consideration, the solar micro inverters market is categorized into utilities, residential, and commercial. The residential category is projected to account for the major share of the market in the coming years, as micro inverters are ideal for roofs which have partial shading and aid in enhancing the performance of solar panels. The commercial category is predicted to grow at the fastest pace in the near future.
Geographically, Europe accounted for the second-largest share of the solar micro inverters market in the past. The reason for this was the increasing number of photovoltaic (PV) installations because of the rising awareness about renewable energy for minimizing power bills and reducing carbon footprint. In addition to this, the growing acceptance of these inverters in matured European PV markets, including France, Germany, and the U.K. is also expected to drive the market in the coming years. The solar micro inverters market in the U.K. is expected to register a significant growth in the near future.
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A major driving factor of the solar micro inverters market is the growing awareness about the benefits of MLPE technology. Power optimizers and micro inverters are collectively known as MLPEs. The technology provides more power output as compared to traditional PV systems along with optimal performance. Attributed to this, micro inverters are being utilized extensively in both commercial and residential sectors across several countries, including Australia, the U.S., Japan, Germany, France, and the U.K. The technology is further gaining traction because of the dropping solar prices and low individual failure rate.
Another key driving factor of the solar micro inverters market is the superiority of these inverters over traditional systems. Micro inverters allow panel-level conversion, which improves the overall efficiency unlike string inverters which convert DC to AC on the ground at string level. Apart from this, micro inverters have a compact size and are designed to match single module installation. This aids in overcoming difficulties involved with small roof installations and further result in lesser heat loss as these inverters do not need separate air cooling, unlike central inverters.
The increasing affordability of energy storage devices is opening up wide opportunities for players operating in the solar micro inverters market. Energy storage systems allow reservation of energy, which can be utilized whenever needed, thereby enabling users to operate grid more efficiently. These systems include technologies such as compressed, air, flow batteries, batteries, and flywheels. The rising awareness regarding the benefits of energy storage devices and improved regulatory structures have led to their increased penetration in the global market. Moreover, the vendors are predicted to benefit from the falling prices of energy storage devices.
Hence, the market is growing due to the superiority of these inverters over traditional systems and increasing awareness regarding benefits of MLPE technology.