Micro-Inverter Market | Will the suppliers continue to explore new avenues for micro-inverters?

According to the new market research report "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", The global micro-inverter market was valued at USD 2.4 billion in 2018 and is projected to reach USD 5.9 billion by 2023, at a CAGR of 19.3% from 2018 to 2023.

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North America held the largest size of the micro-inverter market in 2017. The high number of micro-inverter installations in the region, mainly in the US and Canada, attributes to the dominating position of the region in the market. The US was the first country in terms of wide-scale adoption of micro-inverter technology, especially for residential applications. 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.

Recently, though the micro-inverter has emerged as a potential technology that provides reliable and safe transmission of electricity from solar panels to end applications, it also encompasses a few drawbacks that hamper its market growth. Though micro-inverters have several advantages over conventional central and string inverter systems, one of the major factors restraining the market is the cost incurred during installation and maintenance. Micro-inverters are a premium product and are available at a premium price. A micro-inverter system basically includes one micro-inverter per module, communication gateway, costly AC trunk cables, and custom tools. Also, in the event of a problem, a technician needs to get on the roof and remove the entire solar panel to access the unit. These are among the factors restraining end users from adopting the technology.

Enphase Energy (US), Altenergy Power System (US), Chilicon Power (US), SunPower (China), Siemens (Germany), Envertech (China) ReneSola (US), Darfon Electronics (China), and AEconversion (Germany) are the major players operating in this market.

Leading micro-inverter manufacturers are developing sustainable and innovative solutions for existing and new applications to drive the industry forward

Residential

The residential application is expected to continue to dominate the micro-inverter market. Photovoltaic installations in the residential sector have been rapidly increasing and are projected to continue over the years.  Owing to its features such as great scalability and flexibility, as well as are easy to install as compared to conventional string or central inverter technology, these micro-inverters are well suited in residential solar rooftop PV installations. Moreover, the performance of these systems can be remotely monitored. These factors together propel the growth of rooftop solar panel installations across the world.

Commercial

Installing a solar PV system at a commercial level not only protects against ever-rising retail energy prices but can also provide financial incentives by selling power to the grid. Mostly college and school campuses, as well as commercial buildings, hotels, farm, and others, have rooftop and ground solar PV installations. Micro-inverter helps in increasing the amount of energy harvested from a photovoltaic array in commercial applications. In addition, the lower voltages of micro-inverters make them a safer choice for commercial applications.

PV Power Plant

PV power plants are relatively a newer application segment for micro-inverters. It accounts for a smaller share than residential and commercial applications. The number of solar panels installed in a PV plant is huge, and it may not be convenient and cost efficient to integrate micro-inverters for each panel. However, a few manufacturers, such as APsystems, have expanded their micro-inverter product portfolio and offer three-phase micro-inverters that can handle up to 3–4 modules per unit suitable for PV power plant applications.

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