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Microinverters & Batteries Market Global industry analysis, competitive insight and key drivers 2015-2023
Microinverters & Batteries Market
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Large numbers of solar panels are in operation worldwide and there increasing awareness of renewable energy to minimize power bills and reduce carbon footprint has increased adoption from various businesses and households. Due to characteristics such as precise monitoring of individual modules, improved holistic readout of system production and operation at lower voltage has led to increased adoption of micro-invertors worldwide, which has intensified the growth of microinverters and batteries. As microinverters are clean and economical source of energy, have long term benefits and more features as compared to conventional inverters, they have found growing demand in foreign market which has fueled growth of microinverter and battery market. Microinverters and battery market find increased opportunities in developing regions like France, Switzerland, the U.K. and Australia that open to adoption and implementation of newer technologies.
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Microinverters and batteries face challenge in their installation pertaining to the high cost of installation and the restriction on energy production and storage for use to facilitate greater electricity demand. However companies like Enphase Energy and Vine fresh are coming up with large scale projects with capacities ranging between 2.30 MW to 3.1 MW. Additionally, microinvertors have growth opportunities in regards to geographical expansion and installation of commercial sized photovoltaic installations. Companies strive to remain competitive in the market through acquisition, mergers with photovoltaic module suppliers, launch of cost effective models, enhancing product offering and increasing their R&D expenditure. Moreover, newest trend adopted by companies in this market is offering the entire solar panel with integrated microinverters known as AC module which is a big step ahead for this technology.
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