May 24, 2024
Solar Micro Inverter Market
Ict

Solar Micro Inverter Market Driven By Growing Residential Solar Installations

Solar micro inverters are devices used in photovoltaic systems to convert direct current (DC) generated by solar panels into alternating current (AC) that can power home appliances or feed into the utility power grid. They enable maximum power point tracking for each individual solar module in an array. This helps optimize energy harvesting from each module and improves the overall efficiency and output of the solar system. The need for distributed power generation from renewable energy sources is growing significantly owing to rising electricity demand and environmental concerns over dependence on fossil fuels. Solar power offers a sustainable solution and its adoption has been encouraged through various government incentives and net metering policies in many countries. The Global Solar Micro Inverter Market Size is estimated to be valued at US$ 372.42 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the solar micro inverter market is the ongoing technological advancements focussed on improving the efficiency and lowering the manufacturing costs. Manufacturers are developing micro inverters with higher power ratings and wider MPPT voltage ranges to accommodate more photovoltaic modules in an array. They are also improving the power conversion efficiency and reducing component costs through innovations in semiconductor technology and design. Another major trend is the increasing preference for AC module designs that integrate micro inverters directly into solar panels. This further simplifies installation and provides enhanced monitoring of individual panels. With distributed power generation expected to grow significantly, especially in the residential sector, demand for advanced solar micro inverters is also projected to rise considerably over the forecast period.

Porter’s Analysis

Threat of new entrants: High capital requirements and technology expertise required pose barriers for new players to enter the solar micro inverter market.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternate innovative products from different manufacturers.

Bargaining power of suppliers: Suppliers have moderate bargaining power owing to availability of substitute raw materials and components.

Threat of new substitutes: Ongoing R&D in solar technologies may lead to new substitutes impacting the micro inverter market.

Competitive rivalry: Intense competition exists among existing players to gain higher market share through product differentiation and innovations.

Key Takeaways

The global Solar Micro Inverter market is expected to witness high growth during the forecast period of 2024 to 2031. The market size for 2024 is estimated to be US$ 372.42 Bn.

Regional analysis: North America dominates the solar micro inverter market currently owing to early adoption of solar panel systems and supporting policies for renewable energy adoption in the US and Canada. Asia Pacific is expected to grow at fastest pace during the forecast period led by increasing solar installations in China, India, Japan and other developing nations.

Key players: Key players operating in the Solar Micro Inverter market are Gevo, Inc., Red Rock Biofuels LLC, Honeywell International Inc., Virent Inc., Fulcrum BioEnergy, Inc., Neste Oil Corporation, AltAir Paramount LLC, S.G. Preston Company, SkyNRG BV, Eni SpA Total S.A., and BP PLC. These players are focusing on new product launches and partnerships to gain higher market share.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it