The global solar microinverter market is expected to grow at an 18.1% CAGR from 2022 to 2032, reaching a valuation of US$ 5,716.0 Million. In 2022, the integrated system type is expected to account for more than 8% of the global solar microinverter market.
A solar micro inverter is a DC to AC inverter that is used with photovoltaic systems. A micro-inverter, unlike conventional string/central inverters, operates on Module Level Power Electronics, which means that power conversion occurs at the individual module level.
The demand for solar micro inverters is expected to witness a significant upsurge on account of an increase in the number of photovoltaic (PV) installations and the need to improve overall system efficiency and safety. In 2016, the global solar micro inverters market is anticipated to register a y-o-y growth of 11.4% over 2015 and reach US$ 488.2 Mn in terms of market value.
The escalating demand for solar micro inverters will continue to penetrate the market for module-level power electronics, owing to falling prices and upcoming products.
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The higher adoption of photovoltaic installations is a key factor driving the growth of the global solar micro inverters market. Moreover, the rising preference for fully integrated PV modules or AC Modules is anticipated to fuel the demand for solar micro-inverters. The U.S. National Electric Code (NEC) also favours the usage of microinverter technology and is driving the demand for micro inverters in the North American market. However, the use of power optimisers as an alternative to micro inverters can restrain the growth of the global solar micro inverter market.
Based on system type, the global market for solar micro inverters is expected to be dominated by Stand Alone system sales, followed by micro inverter systems sold for developing AC Modules, named integrated systems. In 2015, the stand-alone solar microinverter systems procured a global market share of 96.7%, and are expected to attain estimated revenues of US$ 471 Mn by 2016-end.
By end-user type, the residential segment of the global market will continue dominance over the commercial segment by attaining a market share of 76.2% in 2016. Among residential end-users, changing consumer preference for more efficient and safe inverter alternatives will prompt the replacement of conventional inverters with solar micro-inverters. Dropping prices and rising commercial scale PV installations will incite extensive growth in the demand for solar micro inverters in the commercial segment as well.
Due to the varying use of micro inverters across the world, global players are concentrating on regions where awareness about using renewable energy resources is higher. Robust adoption of PV storage systems in the U.S. will continue to fuel demand for solar micro inverters in North America, and the region is expected to attain a market value of US$ 282.2 Mn in 2016.
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Key Segments Covered in Solar Microinverter Industry Analysis
By System Type:
- Standalone
- Integrated
By End Use:
- Residential
- Commercial
- Utility
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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