(MENAFN- GlobeNewsWire - Nasdaq) Chicago, Aug. 02, 2023 (GLOBE NEWSWIRE) -- The micro-inverter market by Offering, Communication Technology, Type, Power Rating, Connection Type, Sales Channel, Application (Residential, Commercial, and PV Power Plant), and Geography ". Micro-inverters offer several benefits and have gained traction over the past few years. One of the main advantages of micro-inverter systems is that each panel is monitored and optimized individually to generate maximum power. The significant rise in demand for micro-inverters can be attributed to a growing number of solar rooftop installations in residential and commercial applications. Key Market Players in Micro-inverter
Enphase Energy (US), Darfon Electronics (Taiwan), Altenergy Power System (US), ReneSola (China), AEconversion (Germany).
Micro-Inverter Market Dynamics:
Driver: Technical advantages of micro-inverters over conventional solar inverters
Micro-inverters have several technical advantages over other conventional string and central solar inverters. Micro-inverter delivers a maximum potential output of the photovoltaic (PV) system. The main advantage is their ability to maintain a robust and consistent flow of power despite the shading of one or more of its panels; this has increased micro-inverters popularity among end users. Hence, micro-inverters are largely deployed with solar panels
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Opportunity: Technological innovations in inverters to improve their capabilities
Increased electricity requirements and the related rise in electricity costs have led to a demand for the development of efficient solar inverter technologies. Thus, new inverter technologies are being developed and introduced to cater to customers' unmet requirements. Over the years, micro-inverters have been developed using various architectures to improve their performance. In addition, several micro-inverter manufacturers have adopted partnership and collaboration strategies to expand their business operations, diversify their product offerings, enhance their technology portfolio, and improve overall performance. A few major players in the micro-inverter market collaborate with various companies to enhance their product offerings by inculcating new technologies in their products.
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Challenge: Pricing pressure on manufacturers of micro-inverters
Solar PV systems are witnessing increased global demand as they generate green power to reduce dependence on grid power. With decreasing prices of solar modules, micro-inverters account for a large share of the overall installation costs of these modules. This results in downward price pressure on manufacturers of micro-inverters. As the overall costs of residential, commercial, industrial, and utility-based solar systems are reducing, inverter companies are bound to reduce the prices of their products. Solar module manufacturers are enduring more pressure than manufacturers of micro-inverters in terms of reduction in the costs of their products. Manufacturers of micro-inverters find it difficult to accommodate this change and allow price drops in their inverters. These price drops can be primarily attributed to the development of low-cost equipment and compressed profit margins, which are indicators of the overall price decline in micro-inverters in the coming future.
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Opportunity: Technological innovations in inverters to improve their capabilities
Increased electricity requirements and the related rise in electricity costs have led to a demand for the development of efficient solar inverter technologies. Thus, new inverter technologies are being developed and introduced to cater to customers' unmet requirements. Over the years, micro-inverters have been developed using various architectures to improve their performance. In addition, several micro-inverter manufacturers have adopted partnership and collaboration strategies to expand their business operations, diversify their product offerings, enhance their technology portfolio, and improve overall performance. A few major players in the micro-inverter market collaborate with various companies to enhance their product offerings by inculcating new technologies in their products.
Challenge: Pricing pressure on manufacturers of micro-inverters
Solar PV systems are witnessing increased global demand as they generate green power to reduce dependence on grid power. With decreasing prices of solar modules, micro-inverters account for a large share of the overall installation costs of these modules. This results in downward price pressure on manufacturers of micro-inverters. As the overall costs of residential, commercial, industrial, and utility-based solar systems are reducing, inverter companies are bound to reduce the prices of their products. Solar module manufacturers are enduring more pressure than manufacturers of micro-inverters in terms of reduction in the costs of their products. Manufacturers of micro-inverters find it difficult to accommodate this change and allow price drops in their inverters. These price drops can be primarily attributed to the development of low-cost equipment and compressed profit margins, which are indicators of the overall price decline in micro-inverters in the coming future.
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