The Micro-inverter Market is expected to increase significantly between 2020 and 2025, with a compound annual growth rate (CAGR) of 20.8%, reaching a value of USD 6.5 billion. The market had a value of USD 2.5 billion in 2020, showing a significant growth over the forecast period.

Recent years have seen a substantial increase in the popularity of micro-inverters because of all the advantages they provide. Micro-inverter systems' capacity to monitor and optimise each solar panel separately, resulting in maximum power generation, is one of their key advantages. This feature makes sure that the efficiency of the system as a whole is not impacted even if one panel performs poorly owing to shading or other circumstances.

The key players operating in the micro-inverter market include Enphase Energy (US), Altenergy Power System (US), Darfon Electronics (Taiwan), ReneSola (China), AEconversion (Germany), and Chilicon Power (US) among others.

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Driver: Technical advantages of micro-inverters over conventional solar inverters

Micro-inverters are a popular option among end users because they have a number of technological advantages over traditional string and central solar inverters. The capacity of micro-inverters to deliver the maximum possible output from a photovoltaic (PV) system is one of their main advantages. Micro-inverters make sure that there is a strong and reliable flow of power, unlike conventional inverters, which are impacted by shading or the performance of one panel.

The appeal of micro-inverters is greatly influenced by their capacity to manage shade. Conventional inverters may experience a decrease in system efficiency when a solar system's panel is shaded. Micro-inverters, on the other hand, reduce the effects of shading by controlling each panel separately. This implies that the other panels can continue to function at their highest potential, maximising power generation, even if one panel is shaded or functioning poorly.

This technical benefit of micro-inverters significantly improves a solar system's overall performance. It guarantees that the system can reliably produce power even in less-than-ideal situations, like when certain panels are partially shadowed by objects or the sun's position changes throughout the day. Increased energy production and increased system reliability result from this improved efficiency.

Opportunity: Technological innovations in inverters to improve their capabilities

Technology advancements in the sector have a huge opportunity due to the rising need for effective solar inverter technology. Customers are looking for improved capabilities in solar inverters to maximise energy generation and optimise their electricity consumption due to expanding electricity requirements and rising costs. New inverter technologies are being created and released on the market to address these unmet needs. Micro-inverters have made considerable strides among these advances. To improve their performance and meet certain client needs, different architectures have been adopted. The objectives of these developments are to raise system performance, dependability, and efficiency.

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Manufacturers of micro-inverters have also realised the value of partnerships and collaboration in fostering innovation and growing their businesses. Micro-inverter producers can broaden their range of products, increase their technology portfolio, and raise the overall effectiveness of their solutions by working with other businesses. Through the use of new technologies and knowledge from other fields, this collaborative strategy enhances the potential of micro-inverters. Major competitors in the micro-inverter market are actively forming alliances and collaborating with one another to improve their competitiveness. They can improve their product offerings by utilising the knowledge and assets of their partners through these agreements. These producers may offer consumers cutting-edge features, more efficiency, and higher performance by implementing new technology into their micro-inverters.

Asia Pacific is expected to grow at the highest CAGR during the forecast period

During the anticipated period, the micro-inverter market is anticipated to grow at the greatest compound annual growth rate (CAGR) in the Asia Pacific region. The economic potential and infrastructure advancements of nations like Japan, China, and India are chiefly responsible for this expansion. Significant infrastructure advancements in the Asia Pacific area have opened doors for the use of micro-inverters in a variety of commercial applications. Among the applications for micro-inverters that are expanding are commercial solar projects and renewable energy systems.

The usage of clean energy has also received governmental backing from governments in the Asia Pacific area. To promote the use of renewable energy sources, policies including feed-in tariffs, tax incentives, and schemes have been put in place. Additionally, to encourage the use of renewable energy technologies, nations like India, China, and Japan have implemented tenders and open bidding procedures. The micro-inverter market is predicted to expand in the Asia Pacific region, especially for commercial applications, as a result of these supportive policies and activities.

Operating in the Asia Pacific region are a number of major players in the micro-inverter market. The leading providers of micro-inverters in the area include Renesola and Envertech from China, U R Energy, Bravo Solar, and Grace Renewable Energy from India. By offering creative solutions and meeting the rising need for micro-inverters in commercial applications, these manufacturers are actively promoting market expansion.

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