Solar Micro Inverter Market Expand At A 16.6% CAGR Over The Forecast Period By 2026
The global solar micro inverter market is expected to reach $488.2 million by the end of 2016 and grow at a 16.6 percent CAGR during the forecast period (2016-2026).
A solar micro-inverter is a DC to AC inverter that is used with photovoltaic systems. In contrast to conventional string/central inverters, a micro-inverter operates on Module Level Power Electronics, which means that power conversion occurs at the module level.
This reduces the negative impact of module mismatch and improves the system’s overall efficiency. Micro inverters also provide module-level monitoring, easier installation, increased design flexibility, and improved safety over conventional inverters.
The global solar micro inverter market is expanding due to an increase in photovoltaic installations and increased awareness of the benefits of MLPE technology. Furthermore, rising preference for integrated products, as well as an increase in the number of AC Modules on the market, are expected to drive demand for solar micro-inverters.
The increasing adoption of integrated products is not only driving up demand for micro inverters but also providing microinverter vendors and manufacturers with a more sophisticated supply channel and assured long-term bankability.
Furthermore, the U.S. National Electric Code supports microinverter technology and as more and more states adopt NEC 2017, micro-inverter penetration is anticipated to increase. The rise of power optimizers that offer similar benefits to that of micro inverters is restraining the growth in the Solar Micro Inverter Market and putting significant pricing pressure on microinverter players.
Based on system type, the Solar Micro Inverter Market is categorized into Stand Alone Micro Inverter Systems and Micro Inverters sold for integration purposes, named integrated systems. The integrated modules are becoming the face of PV modules and the rising demand for the same is reinforcing the sales of micro inverters for integration purposes.
Solar Micro Inverter Market Key Players
Some of the major players in the global solar micro inverter market that are covered in this report are
- Enphase Energy Inc.
- Altenergy Power Systems Inc.
- SMA Solar Technology AG
- ABB Ltd.
- SunPower Corporations
- Darfon Electronics Corporation
- Northern Electric and Power Co. Ltd.
- Sparq Systems
- Chilicon Power, LLC
- energy Co. Ltd
The report also describes company-specific strategies related to key developments and ongoing partnerships in the industry.
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