Solar microinverter: Key market research findings
- Growth in government support worldwide
- Easy installation and customization
Technavio has released a new market research report on the global solar microinverter market, which is expected to generate revenues of $550 million by 2020. Rise in technological advances and simpler operations of microinverter has boosted the demand for solar microinverters. Moreover, these inverters are based on the maximum power point tracking (MPPT) architecture, which makes them more efficient. The Americas dominate the solar microinverter market, accounting for 36% of the overall market share. Much of this region’s growth comes from the high adoption of solar microinverters in the residential segment as they can increase the energy harvest of a system.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The growth of the solar microinverter market is boosting owing to constant government support in the form of subsidies, investment, tax credit, and other tax benefits schemes. Governments across the globe are supporting the development of solar technology by encouraging the use of power purchase agreements (PPA). The policies by various governments cover different aspects of the solar energy industry such as the reduction of solar radiation, eligibility, bonuses, and various other grants. For instance, in the US, Canada, and Japan, governments have been offering grants to produce solar cells and modules,” says Vishu Rai, Lead Analyst, Energy, Technavio Research
The solar microinverters are easy to install and have simpler operations as compared to string inverters and central inverters. These solar microinverters work independently as they follow MTTP. This reduces complications and the need for technical expertise. Therefore, the cost of labor for system design is low, which reduces the overhead cost. Moreover, these solar microinverters can be customized depending on the site and requirements, giving better flexibility as compared to conventional inverters. These inverters are flexible and offer the provision for expansion of the panels, unlike string inverters.
The leading vendors in the global solar microinverter market are Enphase Energy, SolarEdge, ABB, Sunpower, and SMA. The market is highly competitive where the vendors compete by price, quality, and market presence. It is characterized by the presence of well-diversified international and regional vendors. The companies are strengthening their value chain to reduce the cost of the product that resulted in an increase in the acquisition.
A more detailed analysis is available in the Technavio report, Global Solar Micro Inverters Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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