According to the new market research report "Micro-inverter Market with COVID-19 Impact by Offering, Communication Technology, Type, Power Rating, Connection Type, Sales Channel, Application (Residential, Commercial, and PV Power Plant), and Geography - Global Forecast to 2025", the global micro-inverter market size was valued at USD 2.5 billion in 2020 and is projected to reach USD 6.5 billion by 2025; it is expected to grow at a CAGR of 20.8% from 2020 to 2025. The key factors fueling the growth of this market include increasing demand for micro-inverter solutions in residential applications, growing visibility regarding the inherent benefits offered by them, such as remote monitoring capabilities, upsurge in renewable energy investment, and government initiatives encouraging the adoption of renewable energy.
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Driver: Technical advantages of micro-inverters over conventional solar inverters
Micro-inverters have several technical advantages over other conventional string and central solar inverters. Unlike conventional inverters, which are placed at a distance from the solar array and can operate and monitor a number of solar panels at a time, micro-inverters are placed beneath every solar panel and convert direct current (DC) electricity produced by a single solar panel. This enables them to operate individually. Micro-inverter delivers a maximum potential output of the photovoltaic (PV) system. The main advantage of micro-inverters is their ability to maintain a robust and consistent flow of power despite shading of one or more of its panels; this has increased the popularity of micro-inverters among end users. Hence, micro-inverters are largely deployed with solar panels.
Restraint: Higher installation and maintenance costs of micro-inverters
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 premium products and available at a high-end price. A micro-inverter system basically includes one micro-inverter per module, communication gateway, expensive AC trunk cables, and custom tools. The limited current of an AC trunk cable limits the number of inverters that can be connected to the same cable trunk. Moreover, a micro-inverter system costs ~USD 100, and as these inverters are well known for operating individual panels and are installed one panel each, it involves more number of micro-inverter installations and a higher expense than that incurred for a string inverter on a standard solar installation. In other words, higher the number of solar panels, higher the number of micro-inverters to be installed, thereby resulting in increased cost. Also, in the event of a problem, a technician needs to get on the roof and remove entire solar panels to access the unit. These are among the factors restraining end users from adopting the technology.
Residential application expected to hold largest size of the micro-inverter market in 2020.
Micro-inverters are mainly adopted for residential applications. Residential solar rooftop PV installations have witnessed significant growth over the last few years. Towering energy costs, coupled with supportive government policies worldwide, have led to the increasing adoption of energy conservation measures for controlling 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 inverters. In addition, countries such as India, Mexico, the UK, and Brazil are currently witnessing significant growth in the residential solar market. These factors are expected to create a huge demand for micro-inverters.
North America projected to be the largest market for a micro-inverters from 2020 to 2025.
The high number of micro-inverter installations in the region, mainly in the US and Canada, can be attributed to the growth of the micro-inverter market in the region. The US was the first country to adopt micro-inverter technology at a large scale, especially for residential applications. Moreover, several companies, such as Enphase Energy, Altenergy Power System, Chilicon Power, and Sensata Technologies, based in this region offer micro-inverter technology-based products, which further adds to the growth of the micro-inverter market in North America. In addition, favorable economic conditions, the growing solar PV market, as well as supportive regulatory policies aiding solar electricity generation in the residential sector in the US and other countries of the region, encourage several domestic and international manufacturers to enhance their micro-inverter offerings.
The key players operating in the micro-inverter market include Enphase Energy (US), Altenergy Power System (US), Darfon Electronics (Taiwan), ReneSola (China), AEconversion (Germany), and Chilicon Power (US) among others.
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