The Importance of Software Solutions in Micro-Inverter Market
The Micro Inverter Market is expected to grow at a CAGR of 20.8% from 2020 to 2025, going from USD 2.5 billion in 2020 to USD 6.5 billion in 2025. The increasing demand for solar panel installation in residential and commercial applications across the Asia Pacific region is what's driving the micro-inverter market's expansion. The study provides a thorough analysis of the market based on location, offering, type, power rating, connection type, sales channel, and communication technology. Micro-inverters aid in optimising solar power generation and reducing energy losses, therefore as more renewable energy sources are used, there will likely be an increase in demand for them in the upcoming years.
Driver: Technical advantages of micro-inverters over conventional solar inverters
Due to their technical benefits over more traditional string and central solar inverters, micro-inverters are becoming more and more popular among end customers. Micro-inverters' capacity to produce the photovoltaic system's maximum possible output even when one or more panels are shaded is one of their primary advantages. This is due to the fact that panel-by-panel operation of micro-inverters optimises power generation while minimising energy losses. Due to this, micro-inverters have become the standard option for many solar panel systems. Overall, the growing use of micro-inverters in the renewable energy sector is being fueled by their technical benefits over traditional inverters.
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Opportunity: Technological innovations in inverters to improve their capabilities
The rise in electricity prices and expanding demand for electricity have boosted the demand for more efficient solar inverter technologies. As a result, there is now a chance to develop new inverter technologies to satisfy unmet client needs. In order to do this, numerous architectures have been created over time to enhance the performance of micro-inverters. In order to grow their companies, broaden their product lines, and strengthen their technological portfolios, many micro-inverter manufacturers have also implemented partnership and collaboration tactics, which has resulted in overall enhanced performance. Manufacturers have a tremendous potential to adapt to changing consumer needs and fuel the expansion of the renewable energy sector thanks to technological advancements in inverters.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
During the forecast period, the micro-inverter market is anticipated to develop at the fastest rate in the Asia Pacific region, led by emerging economies like Japan, China, and India. Due to the region's growing infrastructure advancements, micro-inverters are now being used in more commercial applications, such as commercial solar projects and renewable energy systems. Governments in the Asia Pacific area are also implementing policies to stimulate the use of clean energy, such as tax incentives, feed-in tariffs, and competitive bidding, which is further boosting the region's inverter market's expansion. Renesola, Envertech, U R Energy, Bravo Solar, and Grace Renewable Energy are important suppliers of micro-inverters in the Asia Pacific region.
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Software segment to grow at the highest CAGR between 2020 and 2025
Between 2020 and 2025, the micro-inverter market's software sector is anticipated to develop at the fastest compound annual growth rate (CAGR). This is a result of the software solutions' connection with the micro-inverter communication gateway systems, which necessitate constant updates to guarantee peak performance. The cost of software and associated licence upgrades must be covered by end users, which is what is causing the industry to expand. The software industry is anticipated to grow more quickly in the near future as demand for micro-inverters rises, giving software solution providers a chance to diversify their product portfolios and cater to the changing demands of the market.
Residential application is projected to grow at the highest CAGR during the forecast period
The micro-inverter market's residential application category is anticipated to develop at the fastest compound annual growth rate (CAGR) during the course of the projection. Micro-inverters are a good fit for this application since residential-scale PV installations are becoming more and more common, making solar inverter systems essential. When compared to traditional string or central inverter technology, micro-inverters offer superior scalability, flexibility, and ease of installation, making them the best option for residential solar rooftop PV projects. These systems can also be remotely monitored, which improves their efficacy even further. As a result, the demand for rooftop solar panel installations from the residential sector is anticipated to fuel the expansion of the micro-inverter market in the upcoming years.
The key players operating in the micro-inverter market include Enphase Energy (US), Altenergy Power System (US), Darfon Electronics (Taiwan), ReneSola (China), AEconversion (Germany), and Chilicon Power (US) among others.
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