by Solar micro inverters are devices that convert the variable direct current (DC) output of a solar panel into a utility frequency alternating current (AC) that can be fed into a commercial electrical grid or used by a local, off-grid electrical network. They provide several advantages over traditional string inverters such as module level monitoring, increased energy harvest, and plant optimisation. Rising solar power adoption to meet growing power demand as well as policy push for renewable energy use has accelerated global solar micro inverter installations. The Global Solar Micro Inverter Market Size is estimated to be valued at US$ 372.42 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing number of solar panel installations is one of the key drivers of the solar micro inverter market. According to IEA’s 2021 report, global solar PV capacity additions reached a new high of almost 135 GW in 2021, surpassing the previous record of around 110 GW in 2020. Almost 40% of new solar installations are now residential. Growing interest among households and small businesses to harvest solar power for local consumption is driving the demand for micro inverters which offer module level monitoring and maximized energy harvest from each individual panel. Rapid urbanisation and emergence of concepts like green buildings and net zero homes in developed nations is expected to fuel further uptick in residential solar PV backed by micro inverters in the coming years.
SWOT Analysis
Strength: Solar micro inverters allow for module level monitoring and offer increased safety as they isolate failed PV modules. They produce higher energy yields compared to central or string inverters.
Weakness: Solar micro inverters have higher upfront costs compared to string or central inverters. They require more complex installation which increases labor costs.
Opportunity: Growing solar PV installations especially in the residential sector is driving the demand for micro inverters. Rapid decline in prices of micro inverters is also fueling their adoption.
Threats: Presence of cheaper alternatives such as string inverters poses threat to micro inverters market. Protectionism policies related to imports also impact the supply of some components.
Key Takeaways
The global solar micro inverter market is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis: North America currently dominates the market owing to supportive government policies and high installations in the US. The Asia Pacific market is expected to grow at fastest pace led by countries like India, China and Japan.
Key players operating in the solar micro inverter market are Gevo, Inc., Red Rock Biofuels LLC, Honeywell International Inc., Virent Inc., Fulcrum BioEnergy, Inc., Neste Oil Corporation, AltAir Paramount LLC, S.G. Preston Company, SkyNRG BV, Eni SpA Total S.A., and BP PLC.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
