Solar Micro Inverters Market Segments Analysis, Future Opportunity, Current Challenges, Geographical Regions and Industry Forecast to 2026

Energy storage systems are used to decentralize energy reserves, so they can be utilized whenever needed, thereby allowing users to operate the grid more efficiently. The increasing production of energy storage systems, such as solar micro inverters, has resulted in the drop in prices of such devices. The increasing affordability of energy storage devices for solar power will, therefore, help the solar micro inverters market progress at a CAGR of 15.3% during 2016–2026. The market revenue is expected to surge from $431.6 million in 2015 to $1,968.7 million by 2026.

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Additionally, the mounting focus on integrated module systems will boost the adoption of solar micro inverters in the forthcoming years. High-performance integrated module systems, also referred to as AC modules, are designed to minimize the installation time and meet the booming power demand. Thus, the accelerating electricity demand, owing to the soaring world population, will fuel the installation of such energy storage devices in the foreseeable future. The United Nations Department of Economic and Social Affairs (UNDESA) predicts that the global population will increase from 7.7 billion in 2019 to 9.7 billion by 2050.

Geographically, North America dominated the solar micro inverters market in the recent past, and it is expected to retain its position throughout the forecast period. This can be ascribed to the rising number of government initiatives encouraging solar PV system installation and the increasing number of residential PV installations. In the coming years, the U.S. will adopt the higher number of solar micro inverters in the region due to the surging environmental concerns and quick shift toward renewable energy sources in the country.

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The Asia-Pacific (APAC) region will install solar micro inverters at the fastest pace in the foreseeable future. This will be due to the surging PV installations in China, mounting demand for power, plunging micro inverter costs, and rising technological advancements in these devices. Among APAC nations, China is expected to deploy the largest number of solar micro inverters due to the increasing government support, in the form of grants and funding, for promoting wind and solar energy.

Thus, the mushrooming demand for integrated module systems, plunging costs of energy storage devices, and increasing government support toward PV installations will fuel the deployment of solar micro inverters.

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