These microinverters are highly efficient as compared to other inverters. Growing concerns regarding energy efficiency have increased the demand for microinverters. Increasing installation of solar photovoltaic (PV) across the globe due to growing awareness about advantages of renewable energy sources is expected to spur the market growth in the coming years. Microinverters can be extremely useful in utilities, and residential and commercial sectors. The residential sector comprises wide range of applications, which requires small-capacity solar power plants to complete their household requirements. Moreover, declining prices of microinverter is also expected to support the market growth.
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However, high initial installation costs and increasing implementation of wind energy may restrain the market growth. Worldwide solar microinverter market can be segmented on the basis of product, end users/applications, and region. As per product, the market can be classified into grid-connected solar microinverter and grid-off solar microinverter. As per end users/applications, the market can be bifurcated into residential, commercial, and other.
Geographically, the market can be divided into North America, Europe, China, Japan, Southeast Asia, and India. Growing government subsidies and improved renewable energy spending has increased demand for microinverters in residential PV installations in countries including China, Japan, and the U.S. In addition, improvement in the solar power capacity and the increasing electricity requirements in these countries have lead to higher installation in residential sector.
North America is considered as the largest markets due to high adoption of solar PV systems in residential sectors in this region. The cost per kW is also reducing in this region. Various photovoltaic power plants are likely to be installed in Nevada, California, and Arizona due to presence of dessert land. The National Electric Code (NEC), the well-known electrical installation code in the U.S. have mandate to include a rapid shutdown feature in solar panel array its 2014 version for safety. This has also encouraged other countries to mandate safety features in solar panels.
Southeast Asia and other Asian countries including China, Japan, and India are likely to display significant growth during the forecast period. This growth can be attributed to rising energy demands, growing population, and availability of landscapes. Soaring fuel prices and growing support from government as well as non-profit organizations are likely to spur the growth in these countries.
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Key companies operating in the market include SolarEdge Technologies; Enphase Energy; Power-One; Samil Power; and AP System. Major participants in the market are following strategies such as development of new products, and mergers and acquisitions to gain traction in the market.
For instance, Enphase Energy, Inc., provider of microinverter and Solaria Corporation, a supplier of solar module technologies has introduced an Enphase Energized AC Module, the Solaria PowerXT AC. The Solaria PowerXT AC include the Enphase IQ 7+ Microinverter, which is intended to get high performance and aesthetics through Solaria’s patented module technology. The PowerXT AC is an Enphase Energized AC Module to be manufactured by Solaria at its new manufacturing facility in Fremont, Calif.
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