With the rising demand for off grid electricity, the global market for PV micro inverters is witnessing a tremendous rise. The increasing awareness regarding the efficiency of PV micro inverters and the benefits of MLPE technology is driving the growth of this market significantly. Over the coming years, the rising installations of PVs, growing preference for integrated products, and the escalating number of AC Modules are projected to fuel the demand for PV micro inverters across the world in the near future.
By 2017 end, the worldwide market for PV micro inverters is expected to attain a value of US$489.1 mn. Further, the opportunity in this market is anticipated to rise at a healthy CAGR of 15.20% between 2017 and 2022 and reach US$990.3 mn by the end of 2022.
Residential Sector to Continue Reporting Strong Demand for PV Micro Inverters
PV micro inverters find a widespread application in the residential, commercial, and the utility sectors. The rising preference for highly efficient systems for constant power in residential setups has encouraged consumers to shift from conventional inverters to PV micro inverters, resulting in their high deployment in the residential sector. With increasing concerns of regulatory bodies over the safety of PV deployments, this trend is anticipated to remain so over the next few years.
Standalone systems and integrated systems have surfaced as the key types of PV micro inverters available across the world. Holding more than 90% of the entire market, standalone systems are currently enjoying the lead. While, the segment’s hold on this market will loosen with time in the years to come, it will still stand on the top position throughout the forecast period. Primarily, PV micro inverters are available in single and three phase power class across the world.
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Continuous Infrastructural Advancements to Ensure North America’s Dominance
Europe, North America, Asia Pacific excluding Japan (APEJ), the Middle East and Africa (MEA), and Japan are the prime geographical segments of the worldwide PV micro inverters market. In terms of value, North America have been leading this market over the last few years and is predicted to continue it further at a CAGR of 15% between 2017 and 2022. The high rate of infrastructural advancements is the key factor behind the substantial rise of the North America market for PV micro inverters.
Europe, which is at the second position in this market, is anticipated to remain here over the next few years, thanks to the increasing awareness regarding the benefits of PV micro inverters among consumers. However, Asia Pacific excluding Japan is projected to offer the most promising opportunities for growth in this market over the forthcoming years. With the increasing PV installation in China and the availability of micro inverters at low cost in this region are expected to propel the APEJ market for PV micro inverters, which is poised to expand at a 15.4% CAGR during the period from 2017 to 2022.
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