Solar Micro Inverters Industry to Grow due to Rising Photovoltaic Installations

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. 

Solar micro inverters have numerous PV installations in residential establishments, on account of their high affordability and optimal performance. The usage of micro inverters is rising sharply in the developing countries such as those in the Asia-Pacific, on account of the soaring requirement for power supply and the surging fuel prices. Besides these factors, the superior characteristics of the micro inverters over the conventionally used systems are also fueling the sales of solar micro inverters across the world. 

This is, in turn, driving the advancement of the global solar micro inverters market. 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.

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.

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. 

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