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 market for solar micro inverters. 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.
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In the coming years, the solar micro inverters market will exhibit the fastest growth in Asia-Pacific (APAC), as per the forecast of P&S Intelligence, a market research company based in India. This will be a result of the surging installation of PV panels in regional countries such as China, the growing requirement for power supply and the fall in the prices of micro inverters. In this region, the deployment of solar micro inverters will soar in China in the future.
Due to the government support for and shift toward renewable sources of energy, several companies have started developing improved products and services to support solar energy systems. In the solar micro inverters market, players such as Enphase Energy Inc., ABB Ltd., SunPower Corporation, Darfon Electronics Corp., SolarEdge Technologies Inc., Altenergy Power System Inc., and Northern Electric and Power Co. Ltd. are engaging in geographical expansions and product launches to amplify their presence and promote the adoption of solar energy.
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.
Read More: https://www.psmarketresearch.com/market-analysis/solar-micro-inverters-market
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