Which are the major applications in which micro-inverters are used?

A solar micro inverter is plug-and-play equipment used in photovoltaic installations that converts direct current generated by a single module to alternating current. Contrasting to conventional central inverters, micro inverters work on Module Level Power Electronics (MLPE), in which power conversion takes place at the individual module level. This, in turn, reduces the negative effects of module mismatch and enhances overall efficiency of the system. Furthermore, micro inverters enable module-level monitoring, enhanced design flexibility, easier installation, and better safety than conventional inverters. Micro inverters and power optimizers are collectively known as module-level power electronics, wherein it offers significant efficiency over conventional systems and deploys Maximum Power Point Tracking (MPPT). This, in turn, maximizes the output from each module and enhances efficiency of the overall system.

The global Solar Micro Inverter Market was accounted for US$ 427.2 Mn in terms of value in 2019 and is expected to grow at CAGR of 16.6% for the period 2019-2027.

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Increasing installations of solar products such as solar panels are expected to drive growth of the global solar micro inverter market during the forecast period
Over the years, the number of solar photovoltaic installations has increased exponentially across the globe. According to Coherent Market Insights’ analysis, total solar PV installed capacity increased from 6.6 GW in 2006 to 227.1 GW in 2015, globally. According to the International Energy Agency (IEA) roadmap, solar PV capacity is expected to reach 4,600 GW by 2050, amounting to 16% of the global electricity production. Moreover, the costs of solar installations have declined over 70% in the last 10 years, thereby opening new avenues for market players. According to IEA, the cost of electricity from PV installations in various parts of the world will converge as markets develop, with an average cost reduction of 25% by 2020, 45% by 2030, further pushing the number of global installations. Thus, increasing solar installations is expected to support the global solar micro inverter market growth over the forecast period.

Lucrative advantages offered over conventional solar inverters is expected to propel the global solar micro inverter market growth over the forecast period
Micro solar inverters offer numerous advantages over the conventional string and central inverters such as high energy yield, module level monitoring abilities, longer life cycles, enhanced safety, betters flexibility, simplicity, and higher labor efficiency, and no single point of failure. These prime factors have increased the adoption of micro inverters in the photovoltaic industry in the recent past. Therefore, these benefits are expected to boost the global solar micro inverters market growth over the forecast period.

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