Solar Micro Inverter Market: Overview
Solar Micro Inverter market has made strides on the back of rising solar installations around the world, particularly home installations. Substantial decline in the cost of solar photovoltaic installations has allowed cost-sensitive markets to increase the share of solar power in the overall energy mix. Solar Micro Inverters have emerged as technological advancement over conventional inverters, due to the use of module-level power electronics in former. This has also led to solar PV capacity expansions especially among residential users, propelling the expansion of avenues for players in the Solar Micro Inverter market.
Key product types comprise standalone and integrated. They usually come in three grades: commercial, utility, and residential. Some of the key advantages of Solar Micro Inverters are shade tolerant, no air-cooling, minimum maintenance loss, remote monitoring, cable size, and expandable. The study offers insights into the current and emerging opportunities in these segments. It lays down the trends and factors that can boost their year-over-year revenue shares.
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Solar Micro Inverter Market: Key Trends
Growing installation of home solar panels is a key trend that has favorably impacted the demand for Solar Micro Inverter market. The growing adoption of renewable energy generation and use have boosted the growth of the Solar Micro Inverter market. Technologies in the market are also gathering steam due to their modular function, making them more reliable than conventional systems.
However, the high cost of manufacturing of Solar Micro Inverters has led many to prefer DC optimizers. The prevalence of economical solutions in solar PV panels has also restrained the expansion of the Solar Micro Inverter market. In some countries, stringent electrification regulations have also hindered the deployment of Solar Micro Inverters. Nevertheless, the traction that fully embedded products is expected to gain in solar PV installations will unlock new revenue streams for players in the market in the coming few years.
Moreover, economies such as India has a huge potential. The governments of Asian countries are keen on expanding the capacity of solar PV, thereby spurring the popularity of Solar Micro Inverters in the regional market.
Solar Micro Inverter Market: Competitive Analysis and Key Developments
Most players in the Solar Micro Inverter market are leaning on attracting residential users by offering them a vast choice of features. They are constantly harping on the flexibility of modular electronics for rooftop solar PV installations in the residential sector. Top players rely on mergers and acquisitions in a bid to consolidate their shares geographically and strengthen their position in the emerging markets. Many manufacturers and vendors are willing to adopt constant price drops to make the demand lucrative. They have in recent years reduced gross margin to wade through competitive forces in the market. Several aspiring players in the Solar Micro Inverters market adopt the route of new product launches to keep them ahead in the competitive arc.
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Some of the promising players in the Solar Micro Inverter market who are relentlessly focused on maintaining a stronghold include Northern Electric and Power Co. Ltd, SMA Solar Technology AG, Sparq Systems, SMA Solar Technology AG, Chilicon Power, LLC, Altenergy Power System Inc., iEnergy Co. Ltd., SunPower Corporation, and ABB Ltd.
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Solar Micro Inverter Market: Regional Assessment
On the regional front, Asia Pacific and North America have been lucrative Solar Micro Inverter markets. The rapid revenue generation over the past few years can be attributed largely to mass-scale installation of solar PV systems. Rise in adoption of rooftop installations is bolstering the prospects in Asian countries. Growing awareness of the advanced features in micro-inverters has propelled users in cost-sensitive markets to deploy technologies available in the market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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