Solar Micro Inverters Market Analysis, Leading Players and Future Scope

With the fall in the prices of micro inverters and the implementation of government initiatives, the demand for photovoltaic (PV) installations is growing rapidly across the globe. This is because of their excellent cost-effectiveness, safety features, and optimal performance. The rising deployment of PV installations is pushing up the sales of micro inverters across the globe. 

This is, in turn, driving the advancement of the global solar micro inverters market. The valuation of the market is predicted to grow from $431.6 million in 2015 to $1,968.7 million by 2026. Furthermore, the market is predicted to progress at a CAGR of 15.3% between 2016 and 2026. Integrated and stand-alone are the two main types of solar micro inverters used across the world. Between these, the usage of stand-alone systems was found to be higher in the past. 

This was because of the lower prices of the stand-alone systems than the integrated systems. Depending on end use, the solar micro inverters market is classified into commercial, utilities, and residential. Out of these, the commercial category is predicted to demonstrate the fastest revenue growth in the market in the forthcoming years. This will be because of the soaring installation of solar PVs and the massive reduction in the prices of micro inverters.

Geographically, the solar micro inverters market recorded the highest growth in North America during the past few years and this trend is likely to continue in the coming years as well. This will be due to the installation of several PV panels in residential buildings and the enactment of government initiatives regarding the deployment of solar PV systems. In this region, the demand for solar micro inverters is predicted to explode in the U.S. in the future years.

Hence, it can be said with surety that the sales of solar micro inverters will shoot-up all over the world in the forthcoming years, primarily because of their reducing prices and their growing requirement in residential and commercial buildings around the world.