Micro Inverter: Growing Number of Photovoltaic Installations to Drive Demand

Micro inverter is gaining an immense traction in various countries across the globe, owing to its more convenient and seamless installation and operation as compared to other inverters such as central inverters and string inverters. There has been a significant surge in the demand for solar panels from not only rural areas but also urban areas. This is due to the increasing focus toward reducing global power consumption and making effective use of sustainable, renewable sources of energy.

Rigorous advancements in the technology for solar panels significantly increases its overall capability to yield power at par with grid levels. This increasing use of solar panels as the ideal alternative to store and facilitate electricity supply for commercial units as well as households is expected drive the demand for micro inverters in the coming years.

Numerous manufacturers across the globe are devising innovative methods to integrate micro inverters with solar panels for the growing demand of advanced and sustainable products across the globe. In addition, governments of various countries are imposing stringent restrictions and obligations on effectively minimize the surging emissions. They have further encouraged the rapid adoption of solar energy, and hence popularized the continuous availability sunlight that can be used to harness photovoltaic panels. Thus, rising concerns about the use of clean and sustainable energy and increasing greenhouse gases emissions across the globe are expected to drive the demand for micro inverter in the forthcoming years.

Moreover, remarkable perks of installing micro inverters such as assistance in the production of optimal power by performing maximum power point tracking (MPPT) for the connected module, increased reliability, maximized safety, and design flexibility are further expected to increase the demand for micro inverters in the near future. On the other hand, high cost of installation and maintenance of micro inverters is expected to hinder the growth of the market to an extent.

However, rising rate of urbanization, increase in the standard of living coupled with the rising disposable income of the people across the globe, and persistent technological advancements in micro inverter are expected to boost the growth of the global micro inverter market in the next few years. According to the report published by Allied Market Research, the global micro inverter market is anticipated to reach $13.5 billion by 2030, growing at a CAGR of 19.7% from 2021 to 2030.

Numerous players of the market across the glove are launching new, innovative micro inverters so as to effectively cater to the needs of people. For instance, Emphase Energy, a dominant U.S.-based micro-inverter manufacturer, announced the launch of Microgrid-forming PV microinverter called ‘The IQ8 micro-inverter’.

This device is 97% efficient, and is the most powerful microinverter developed by the company till date. This device is capable of providing backup power without the need for storage of the battery by forming a microgrid at the time of power outage with exclusive reliance on PV power. Thus, persistent launches from prominent players of the market along with the impeccable benefits of microinverter are expected to create ample opportunities for the growth of the market.

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