The rising government initiatives across the globe aimed at increasing the number of photovoltaic (PV) installations are one of the key factors fuelling the demand for solar micro inverters. Moreover, the drop in the prices of these systems across the world is pushing their adoption in several countries. In addition to this, the various advantages of these devices, such as their affordability and optimum performance, are further pushing their demand throughout the world.
Another factor contributing toward the rapid growth in demand for solar micro inverters is the rising production of energy storage systems. These systems are used for decentralizing the reserves of energy, in order to use them in times of great need, which also helps in a more efficient operation of the grid. Driven by these factors, the global solar micro inverters market is expected to demonstrate a huge upswing in the coming years. Such devices convert the direct current produced by the PV panels to alternating current.
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There are two types of solar micro inverters widely available in the market: integrated and standalone. Of these, integrated systems are expected to record faster rise in sales in future. This is mainly attributed to the declining prices of these kinds of micro inverters and the shifting focus of major companies toward the adoption of integrated module systems. Additionally, companies are also focusing on increasing the frequency of product launches and the number of strategic partnerships.
As noted above, the solar micro inverters market is presently witnessing the increasing focus of major companies toward the incorporation of integrated model systems. This is mainly ascribed to the rising demand for electricity in several countries and the ability of high-performance module systems, commonly known as AC modules, to meet this rising electricity need, owing to their capacity to provide up to 25% more power than the conventionally used systems. In addition to this, these systems also offer low installation times.
Solar micro inverters are commonly used in residential buildings, commercial structures, and in the utilities sector. Amongst these, commercial buildings are predicted to adopt these devices at the highest rate in future. The main factors driving the rapid increase in the integration of these inverters in commercial buildings are the surging number of commercial PV installations and declining micro inverter prices throughout the world. Incidentally, owing to the rising electricity demand in various countries, such as India, China, Japan, and the U.S., residential buildings had recorded the highest adoption of these devices in the past.
Geographically, North America, due to the increasing number of government initiatives, aimed at boosting the implementation of PV systems, and huge number of residential PV installations, observed the largest use of solar micro inverters in the past, and this trend is expected to continue in the coming years. Asia-Pacific (APAC) is forecast to register the fastest growth in the demand for this equipment in future, on account of the surging PV installation rate in China, rising demand for power, reduction in micro inverter prices, and the high efficiency and enhanced features of these systems.
Therefore, the adoption of solar micro inverters, owing to the increasing PV installations and shifting focus toward the large-scale utilization of renewable energy across the world, is expected to increase considerably in the coming years.
Another factor contributing toward the rapid growth in demand for solar micro inverters is the rising production of energy storage systems. These systems are used for decentralizing the reserves of energy, in order to use them in times of great need, which also helps in a more efficient operation of the grid. Driven by these factors, the global solar micro inverters market is expected to demonstrate a huge upswing in the coming years. Such devices convert the direct current produced by the PV panels to alternating current.
Get a sample copy of the market analysis: https://www.psmarketresearch.com/market-analysis/solar-micro-inverters-market/report-sample
There are two types of solar micro inverters widely available in the market: integrated and standalone. Of these, integrated systems are expected to record faster rise in sales in future. This is mainly attributed to the declining prices of these kinds of micro inverters and the shifting focus of major companies toward the adoption of integrated module systems. Additionally, companies are also focusing on increasing the frequency of product launches and the number of strategic partnerships.
As noted above, the solar micro inverters market is presently witnessing the increasing focus of major companies toward the incorporation of integrated model systems. This is mainly ascribed to the rising demand for electricity in several countries and the ability of high-performance module systems, commonly known as AC modules, to meet this rising electricity need, owing to their capacity to provide up to 25% more power than the conventionally used systems. In addition to this, these systems also offer low installation times.
Solar micro inverters are commonly used in residential buildings, commercial structures, and in the utilities sector. Amongst these, commercial buildings are predicted to adopt these devices at the highest rate in future. The main factors driving the rapid increase in the integration of these inverters in commercial buildings are the surging number of commercial PV installations and declining micro inverter prices throughout the world. Incidentally, owing to the rising electricity demand in various countries, such as India, China, Japan, and the U.S., residential buildings had recorded the highest adoption of these devices in the past.
Geographically, North America, due to the increasing number of government initiatives, aimed at boosting the implementation of PV systems, and huge number of residential PV installations, observed the largest use of solar micro inverters in the past, and this trend is expected to continue in the coming years. Asia-Pacific (APAC) is forecast to register the fastest growth in the demand for this equipment in future, on account of the surging PV installation rate in China, rising demand for power, reduction in micro inverter prices, and the high efficiency and enhanced features of these systems.
Therefore, the adoption of solar micro inverters, owing to the increasing PV installations and shifting focus toward the large-scale utilization of renewable energy across the world, is expected to increase considerably in the coming years.