The rising government initiatives across the globe aimed at increasing the number of photovoltaic (PV) installations are one of the key factors fuelling the demand for solar micro inverters. Moreover, the drop in the prices of these systems across the world is pushing their adoption in several countries. In addition to this, the various advantages of these devices, such as their affordability and optimum performance, are further pushing their demand throughout the world.
There are two types of solar micro inverters widely available in the market: integrated and standalone. Of these, integrated systems are expected to record faster rise in sales in future. This is mainly attributed to the declining prices of these kinds of micro inverters and the shifting focus of major companies toward the adoption of integrated module systems. Additionally, companies are also focusing on increasing the frequency of product launches and the number of strategic partnerships.
The global solar micro inverters market generated the revenue of $431.6 million in 2015, and is projected to reach $1,968.7 million by 2026, registering a CAGR of 15.3% during the forecast period (2016â€“2026).
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Key Questions Addressed in the Report
Solar micro inverters are commonly used in residential buildings, commercial structures, and in the utilities sector. Amongst these, commercial buildings are predicted to adopt these devices at the highest rate in future. The main factors driving the rapid increase in the integration of these inverters in commercial buildings are the surging number of commercial PV installations and declining micro inverter prices throughout the world. Incidentally, owing to the rising electricity demand in various countries, such as India, China, Japan, and the U.S., residential buildings had recorded the highest adoption of these devices in the past.
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Geographically, North America, due to the increasing number of government initiatives, aimed at boosting the implementation of PV systems, and huge number of residential PV installations, observed the largest use of solar micro inverters in the past, and this trend is expected to continue in the coming years. Asia-Pacific (APAC) is forecast to register the fastest growth in the demand for this equipment in future, on account of the surging PV installation rate in China, rising demand for power, reduction in micro inverter prices, and the high efficiency and enhanced features of these systems.
Competitive Landscape of Solar Micro Inverters Market
Some of the major players of the solar micro inverters market include Enphase Energy Inc., SolarEdge Technologies Inc., ABB Ltd., SMA Solar Technology AG, SunPower Corporation, Altenergy Power System Inc., Darfon Electronics Corp., and Northern Electric and Power Co. Ltd.
Market Size Breakdown by Segment
Based on System Type
Based on End-Use