Increasing Awareness About MLPE Technology Driving Solar Micro Inverters Market

In the coming years, the global solar micro inverters market is projected to witness considerable growth, which is ascribed to the increasing awareness regarding the benefits of module-level power electronics (MLPE) technology, drop in micro inverter prices, and superiority of micro inverters over traditional systems. Devices which covert direct current (DC) to alternating current (AC) and can be utilized in all electrical devices are referred to as solar micro inverters. In terms of system type, the market is bifurcated into integrated and stand-alone.

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Between these two, the stand-alone solar micro inverters are expected to hold the largest share of the market in the near future. When end-use is taken into consideration, the solar micro inverters market is categorized into utilities, residential, and commercial. The residential category is projected to account for the major share of the market in the coming years, as micro inverters are ideal for roofs which have partial shading and aid in enhancing the performance of solar panels. The commercial category is predicted to grow at the fastest pace in the near future.

Geographically, Europe accounted for the second-largest share of the solar micro inverters market in the past. The reason for this was the increasing number of photovoltaic (PV) installations because of the rising awareness about renewable energy for minimizing power bills and reducing carbon footprint. In addition to this, the growing acceptance of these inverters in matured European PV markets, including France, Germany, and the U.K. is also expected to drive the market in the coming years. The solar micro inverters market in the U.K. is expected to register a significant growth in the near future.

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The increasing affordability of energy storage devices is opening up wide opportunities for players operating in the solar micro inverters market. Energy storage systems allow reservation of energy, which can be utilized whenever needed, thereby enabling users to operate grid more efficiently. These systems include technologies such as compressed, air, flow batteries, batteries, and flywheels. The rising awareness regarding the benefits of energy storage devices and improved regulatory structures have led to their increased penetration in the global market. Moreover, the vendors are predicted to benefit from the falling prices of energy storage devices.
Hence, the market is growing due to the superiority of these inverters over traditional systems and increasing awareness regarding benefits of MLPE technology.

In January 2017, Altenergy Power System Inc. announced plans to enter into the partnership with Sungage Financial. With this partnership, Altenergy will cater the demand from national solar installers for APsystems powerful residential solar microinverters.

Some of the key players operating in the solar micro inverters market are Enphase Energy Inc., SolarEdge Technologies Inc., SMA Solar Technology AG, Altenergy Power System Inc., and Northern Electric and Power Co. Ltd.

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This release was published on openPR.