Demand for Solar Micro Inverters Set to Surge in Asia-Pacific in Future

With the falling prices of micro inverters and implementation of supportive government initiatives in several countries, the demand for photovoltaic installations is surging sharply. Moreover, the high cost-effectiveness, safety features, and optimal performance of solar micro inverters are further boosting their sales across the globe. Besides, the soaring need for power is also fueling the expansion of the global solar micro inverters market across the world. These energy storage systems can decentralize energy reserves and use energy during the time of peak demand, thereby assisting users in operating the grid more effectively and efficiently.

Furthermore, the increasing affordability of these energy storage devices for solar power systems is also expected to drive the market at a CAGR of 15.3% from 2016 to 2026. According to the estimates of the market research company, P&S Intelligence, the value of the market will grow from $431.6 million in 2015 to $1,968.7 million by 2026. Integrated and stand-alone are the majorly used types of solar micro inverters. Between these, the demand for stand-alone variants was observed to be higher during the last few years.

This was because of the lower cost of these systems in comparison to the integrated variants. The major end users of solar micro inverters are commercial, residential, and utility sectors. Out of these, the use of these systems is predicted to rise tremendously in commercial establishments in the coming years. This will be because of the growing installations of solar PV systems at commercial facilities and declining prices of micro inverters around the world.

Geographically, the sales of these energy storage systems are expected to soar in Europe and North America in the forthcoming years. This is credited to the presence of numerous residential PV installations and implementation of favorable government initiatives regarding the adoption of solar PV systems in the region. In the forthcoming years, the demand for these inverters is predicted to surge sharply in the Latin American, Middle East and African, and Asia-Pacific regions, owing to the burgeoning requirement for power supply, falling prices of micro inverters, and enactment of supportive government policies.

Japan is predicted to dominate the APAC solar micro inverters market in the upcoming years, on account of the growing number of PV installations in the residential sector, owing to rapid improvements and advancements in renewable energy in the country. Whereas, Brazil will witness a rapid rise in the demand for these energy storage systems in the coming years due to the high irradiation levels and booming electricity demand in the country. Globally, South Africa will also become a lucrative destination for solar micro inverter manufacturers in the coming years, owing to the soaring electricity prices in the country.

Hence, it is safe to say that the demand for solar micro inverters will rise sharply in the coming years, primarily because of the burgeoning requirement for continuous power supply and existence of poor power infrastructure in several countries.

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