The Solar Micro Inverter Market Growth Driven by the Increasing Installations of Solar Products Worldwide

 

Solar Micro Inverter Market

A solar micro inverter, or microinverter, is a plug-and-play device used in photovoltaics, that converts direct current (DC) generated by a single solar module to alternating current (AC). A device used with solar arrays to convert the energy that is generated to usable electricity. Each micro inverter is connected to a single solar panel for maximum control and reliability. Micro inverters enable module-level monitoring, easier installation, enhanced design flexibility, and better safety than conventional inverters. Solar micro inverter also offers significant efficiency over conventional systems and deploys Maximum Power Point Tracking (MPPT).

Therefore, there is an increasing demand for solar micro inverter across the globe, driving the growth of the solar micro inverter market. For example, in January 2020, Loom Solar launched world’s most advanced IoT based Solar AC Module (micro inverter technology) in India. This highly integrated technology is all set to address the demand of addressing one of the larger agendas of supporting green power generation by harnessing solar energy, thereby reducing per-unit carbon footprint during power generation. Moreover, over the years, the number of solar installations, such as solar panels, has increased, which in turn is expected to increase the demand for solar micro inverter.

According to the Solar Energy Industries Association (SEIA), Solar has ranked first or second in new electric capacity additions in each of the last 8 years. In 2020, 43% of all new electric capacity added to the grid came from solar, the largest such share in history and the second year in a row that solar added the most generating capacity to the grid. This in turn is expected to boost the growth of the solar micro inverter market. Microinverter can be constructed from simple, off the shelf components, or can be designed and fabricated from highly specialized components, depending on your particular needs and applications.

Furthermore, the use of micro inverters has grown tremendously in recent years, as more people have begun to incorporate solar energy into their overall electricity and power consumption portfolio. Compared to the conventional string and central inverter, solar micro inverters offer many advantages, such as enhanced safety, longer life cycles, module level monitoring, high energy yield, simplicity, flexibility, and higher labor efficiency. Thus, there is an increasing demand for solar micro inverters worldwide, driving the solar micro inverter market growth

For example, in October 2020, LG announced the launch of a new AC monocrystalline solar panel with integrated micro inverter. A new 60-cell panel with a power output of up to 365 W. The 21.1%-efficient module features a 320 W micro inverter with an efficiency of 97%.


Location: India

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