The global solar microinverter market reached a value of US$ 230 Million in 2018. A solar microinverter is an electronic equipment which is used in photovoltaic (PV) cells for changing the waveform of the current. The inverter usually functions in a parallel circuit and is used for changing direct current (DC) into alternating current (AC). The PV cell system consists of several single solar panels, each comprising a microinverter. The device can separate power output from each panel and convert it into grid voltage. In comparison to conventional string converters, they have various advantages including the ability to maintain a consistent flow of power despite shading of panels, immense design flexibility, the capability to maximize power from solar panels through the Maximum Power Point Tracking (MPPT) technology and reduced risk of fire.
The market is driven by the increasing deployment of solar microgrids, along with the rising energy demand across both the commercial and industrial sectors. The increase in residential solar rooftop installations is also acting as another major growth-inducing factor. Additionally, the increasing utilization of Building-Integrated Photovoltaics (BIPV) is also augmenting the growth of the market. The BIPV is the integration of PV power generators into the building envelope materials that act as an ancillary or principal source of electrical power. Microinverters assist in maintaining the ambient temperatures while protecting the building against various fire hazards. Moreover, factors including growing product demand owing to its remote monitoring capabilities, increasing research and development (R&D) activities and the implementation of government initiatives to promote the use of renewable energy is further driving the growth of the market. Looking forward, IMARC Group expects the market to reach a value of US$ 2.37 Billion by 2024, registering a CAGR of around 25% during 2019-2024.
The report has also analysed the competitive landscape of the market with some of the key players being ABB Asea Brown Boveri Ltd, Chilicon Power, LLC, Enphase Energy Inc., Altenergy Power System Inc., SunPower Corporation, Darfon Electronics Corporation, Siemens AG, Delta Energy Systems (Germany) GmbH, Alencon Systems LLC, ReneSola Ltd., Omnik New Energy Co. Ltd., EnluxSolar Co. Ltd., Sungrow Deutschland GmbH, Sensata Technologies, Inc., etc.
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