The global solar microinverter market, which recorded a market size of US$270.7 million in 2022, is poised for substantial growth, projected to reach US$632.8 million by 2028. This anticipated expansion reflects an impressive Compound Annual Growth Rate (CAGR) of 15% during the period from 2023 to 2028, as per Research and Markets report.
Solar Microinverters in Focus: Solar microinverters, electronic devices employed in photovoltaic (PV) cells to transform current waveforms, function in parallel circuits. Their primary role is to convert direct current (DC) into alternating current (AC). PV cell systems consist of multiple solar panels, each equipped with a microinverter. These devices have the capability to segregate and convert power output from each panel into grid voltage.
Compared to traditional string converters, solar microinverters offer several advantages, such as consistent power flow maintenance despite panel shading, increased design flexibility, enhanced power extraction from solar panels through Maximum Power Point Tracking (MPPT) technology, and a reduced fire risk.
The market’s growth is underpinned by various factors, including:
- Rising Solar Microgrid Deployments: The increasing deployment of solar microgrids is a significant driver of market growth.
- Commercial and Industrial Energy Demand: Growing energy demand in commercial and industrial sectors contributes to market expansion.
- Residential Solar Rooftop Installations: The growing adoption of residential solar rooftop installations is boosting market demand.
- Building-Integrated Photovoltaics (BIPV): The utilization of BIPV, integrating PV power generators into building materials, acts as a supplementary source of electrical power.
- Safety and Efficiency: Microinverters play a critical role in maintaining safe temperatures and providing fire protection to buildings.
- Remote Monitoring and Government Initiatives: Demand for remote monitoring capabilities, ongoing research and development (R&D) activities, and government initiatives promoting renewable energy adoption further fuel market growth.
Key Market Segmentation: The report provides insights into various market segments:
- Connectivity: Categorized into Standalone and On-Grid.
- Component: Comprising Hardware and Software.
- Communication Channel: Classified as Wired and Wireless.
- Type: Differentiating between Single Phase and Three Phase.
- Application: Including Residential, Commercial, and Others.
- Region: Analyzed across North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Competitive Landscape: The report offers a comprehensive analysis of the market’s competitive landscape, featuring key players such as 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., and others.