Comprehensive Industry Report Offers Forecast and Analysis on Solar Micro Inverters Market 2014-2020
Future Market Insights has announced the addition of the “Solar Micro Inverters Market: APAC Industry Analysis and Opportunity Assessment 2014-2020 " report to their offering.
Valley Cottage, NY -- (SBWire) -- 12/14/2017 --The first commercially successful micro inverter was launched by Enphase in 2008, which played a key role in popularising solar micro inverters globally. Currently, the global market comprises numerous domestic as well as international players supplying quality micro inverters.
Modularity, safety, and maximum energy harvest will continue to drive the market at a considerable pace through 2020. Till recent years, the demand for micro inverters was highly restricted to North America. However, the market is gradually shifting toward commercial applications, and witnessing expansion in most of the developed as well as developing regions outside the U.S.
Adoption of solar micro inverters has gained momentum in the recent past, resulting in a growing market in developing nations, including Asia Pacific. Improved device features and enhanced efficiency are currently pushing the market in APAC, which is projected to continue in the near future as well, creating a lucrative market for micro inverters on a global level.
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APAC Solar Micro Inverters Market: Key Drivers
Declining Prices to Push Demand
The market is currently growing at a considerable pace. Persistent advances in R&D of solar micro inverters and substantial reduction in costs of micro inverters are estimated to boost the market during the forecast period.
Size and Modularity to Impact Maximum Applications
Compact size and high modularity of solar micro inverters make them ideal for residential applications. These two are the key drivers why micro inverters are currently gaining an impetus at a global level.
Superiority over Conventional Inverters is a Key Driver
Solar micro inverters are superior over conventional centralised or string inverters in various ways.
Unlike string inverters, micro inverters are tolerant to shade and do not let the power generation performance of individual solar panels drop, even if the area surrounding them is shady. This character is identified as one of the key factors positively influencing the demand for micro inverters when it comes to their efficiency.
Contrary to centralised inverters, solar micro inverters are compact in size and do not need separate air cooling, resulting in lesser heat loss. This is another factor fuelling the demand for micro inverters in the market.
Moreover, a broken string or centralised inverter faces halted performance merely due to a defect in one panel, whereas a defective panel in a micro inverter does not degrade the performance of the entire system because the system architecture allows individual panel monitoring. The maximum power is generated through MPPT. This has been an important driver in popularising micro inverters over the years.
Higher Costs Can Create Challenges
However, relatively higher initial costs associated with installation and replacement of micro inverts may continue to create a major roadblock for solar micro inverters from becoming a widely commonplace device across Asia Pacific. Furthermore, installation of micro inverters requires the installation of another extra monitoring device - a communication bus, in addition to the basic common monitoring system. This in turn adds up to the final costs.
APAC Solar Micro Inverters Market Segmentation
FMI's research offers a six-year forecast, segmenting the APAC market for solar micro inverters based on the type, consumer, and application.
Based on the type, the market is segmented into standalone solar micro inverter market and grid tied solar micro inverter market. On the basis of consumers, the solar micro inverter market in Asia Pacific is segmented as urban and rural. The urban segment dominates the market owing to rising awareness about alternate energy usage and growing population density in urban areas.
According to the application, the solar micro inverters market in APAC is segmented as residential and commercial. As micro inverters are economically lesser affordable compared to other traditional inverters, their residential applications find a lower market share in economically sensitive regions in Asia Pacific. However, the commercial solar micro inverter market application currently dominates the market.
Market to Explore Untapped Growth Opportunities in APAC
Although the U.S. is a leading market for solar micro inverters, adoption of solar micro inverters is expected to gain traction in Asia Pacific, especially in India, Japan, and Australia. Soaring fuel prices, burgeoning demand for power supply, and favourable government policies are currently driving the market in APAC.
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Regional Analysis: APAC Solar Micro Inverters Market
India, owing to the availability of ample renewable energy sources, captures a prominent position in the APAC market for micro inverters. Growing awareness about benefits of micro inverters and widespread adoption of renewable energy sources for agriculture are
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