Increasing demand for monitoring and analysis tools for microinverter systems is expected to drive the solar microinverter market.
Wilmington, Delaware, USA, March 13, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. — In 2022, the solar microinverter market will be worth $2 billion. It is expected to grow at a compound annual growth rate of 18.9% from 2023 to 2031, with a market value of US$11.6 billion by the end of 2031. Microinverter systems have a modular design that simplifies installation and reduces potential costs. Remote monitoring and problem diagnosis enable more efficient troubleshooting and maintenance, thereby reducing maintenance costs.
Continuous technological progress improves the efficiency, durability and performance of microinverters. Advances in technology often lead to more cost-effective and reliable solutions, leading to an increase in the use of microinverters. Solar microinverters are more likely to be adopted when governments offer rebates, incentives and policies that promote solar development.
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As awareness of the environmental benefits of solar energy grows, so does the demand for solar microinverters. As smart grids evolve, solar microinverters can help improve overall grid efficiency and smartness. The enhanced communication capabilities of microinverters enable better grid integration and management.
The three-phase segment accounts for a significant portion of the solar microinverter market due to its ability to handle high power output.
In terms of distribution channels, online sales will continue to drive demand for solar microconverters.
Direct current (DC) from individual solar panels is converted to alternating current (AC) at the inverter level to improve energy efficiency. As a result, shading and panel misalignment are minimized, optimizing power generation.
Solar panels equipped with microinverters can control their performance individually. This detailed monitoring makes it easier to optimize the entire solar system, since problems with specific panels can be identified and resolved in real time.
Partial shading can significantly reduce the overall power output of a solar array. Microinverters minimize the impact of shading on the entire system by operating at the panel level. Solar shading is a common problem in both residential and commercial properties.
Using solar microinverters for solar installations is a cost-effective and flexible solution. Solar panels and microinverters can be easily added to expand the system. Scalability is especially beneficial for homeowners and businesses that want to start small and grow.
Inverters isolate each solar panel from other solar panels, increasing safety and reliability. With this design, the failure of one panel has minimal impact on the entire system, ensuring optimal performance of all panels.
Microinverters are expected to dominate the global market in the Asia Pacific region. Technological advancements that continuously improve performance and the advantages of microinverters over conventional solar inverters are driving the market for installing and managing solar panels using microinverters.
As the Asia-Pacific region’s population grows and electricity demand increases, so does the demand for microinverters. Solar power systems are widespread in countries such as China and Japan, which has led to an increase in demand for microinverters.
Renewable energy, including solar energy, is supported and encouraged by governments in the Asia-Pacific region. Regulations and policies favorable to the microinverter market are driving its growth.
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Global Solar Microinverter Market: Key Players Solar microinverter manufacturers are making every effort to meet the needs of their customers by developing new products. They strive to strengthen their position in the market by releasing more energy efficient and technologically advanced solar microinverters at affordable prices.
The solar microinverter business is highly fragmented due to the presence of many regional, local and international players in the business. To increase their revenues in the near future, reputed companies are implementing various marketing strategies. The following players are featured in the Transparency Market Research report:
In August 2023, Enphase Energy began shipping Enphase IQ microinverters manufactured by third-party domestic contract manufacturer Salcomp to customers in Arlington, Texas. Enphase Energy manufactures in the United States thanks to the Inflation Reduction Act (IRA), which helps expand the clean energy economy in the country.
In February 2024, leading Indian technology company Sparq Systems Inc., a subsidiary of Jio Platforms Limited (JPL), India’s leading digital services provider, signed a manufacturing and supply agreement. Jio Things Limited is headquartered in Kingston, Ontario, Canada. The agreement combines Sparq’s advanced microinverter technology with Jio Things’ global microinverter development, manufacturing and distribution solution.
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Post time: Apr-02-2024