Micro-Inverter Market

Micro-Inverter Market increasing demand in different applications and technological growth

Micro-inverters are miniaturized inverter devices that have emerged as a new class of photovoltaic inverters in grid-tied applications. It enables each panel, or a pair of panels, to work independently from the rest of the solar array; it converts direct current (DC) to alternating current (AC) at the individual panel level. These inverters provide increased energy harvest, improved system availability, and simplified design and installation of solar inverter system compared with traditional inverters. The global micro-inverter market is expected to be worth USD 2.44 billion in 2018 and is projected to reach USD 5.88 billion by 2023, at a CAGR of 19.3% from 2018 to 2023. Factors such as the increasing demand for micro-inverter solutions in residential applications and growing awareness due to their inherent benefits, remote monitoring capabilities, and an upsurge in renewable energy investment, along with supportive government initiatives, are driving the growth of the micro-inverter market.

Single-phase micro-inverters market is expected to witness significant growth during the forecast period. Single-phase technology enables the system to have a compact size, which is well suited for residential and commercial applications. Most of the micro-inverter manufacturers across the world offer single-phase systems. Also, as single-phase electricity transmission is well suited for residential applications, which is one of the major markets for micro-inverters, and witnesses high demand worldwide.

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Though wired communication is the most commonly used technologies in micro-inverters. Wired technology, particularly PLC, have a few drawbacks such as electrical noise in AC wiring that can cause the loss of the data during transmission. Thus, micro-inverter manufacturers have adopted wireless technology, such as Wi-Fi and ZigBee, over the years. These technologies enable higher stability and a threefold increase in data transmission than the standard PLC. The market for wireless communication technology is expected to grow at the highest CAGR during the forecast period.

The market for residential applications is expected to grow at the highest rate from 2018 to 2023. Micro-inverters are mainly adopted for residential applications. Residential solar rooftop PV installation has witnessed significant growth over the years across the world. The rising energy cost, coupled with supportive government policies worldwide, has led to increasing adoption of energy conservation measures for controlling the increased energy expenditure in residential applications. Countries such as the US, Australia, and the Netherlands, which are among the prominent markets for residential rooftop PV installations, have widely adopted micro-inverters over conventional solar inverters.

The micro-inverter market in APAC is expected to grow at the highest CAGR during the forecast period. Currently, many countries such as China, Japan, India, and Australia are striving to boost their solar PV installation capacity through advanced solar PV systems that could, in turn, enhance electric stability. APAC has several operational micro-inverter installations for residential, commercial, and PV power plant applications. Japan and Australia have been the major adopters of micro-inverter technology. Also, the growth in residential rooftop solar PV installations in India and Japan encourages manufacturers to cater to the needs of potential customers in this region. These factors are propelling the growth of the micro-inverter market in APAC.

Related Reports:

Micro-Inverter Market by Component (Hardware, Software, and Services), Type (Single Phase and Three Phase), Communication Technology, Sales Channel, Application (Residential, Commercial, and PV Power Plant), and Geography - Global Forecast to 2023

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Report Code
SE 6610
RI Published ON
9/14/2018
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