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(EstateNewsWire.com, September 26, 2019 ) Market Overview
The Global Micro-Inverter Market was valued at USD xx million in 2018 and is estimated to reach USD xx million by 2026, with a CAGR of xx% during the forecast period from 2019 to 2026.
A micro-inverter is a tiny electronic device used in solar cells to convert direct current (DC) to alternating current (AC). Micro-inverters convert the DC of the modules into AC just as conventionally recognizable inverters do and provide maximum power point tracking.
A micro-inverter is different from a conventional inverter because of its size and number in which they are present in one photovoltaic system. Micro-inverters are installed on the roof under or next to a module and usually serve one single module at a time.
The critical advantage of micro-inverters over other alternatives such as string inverter is that each solar panel is monitored and optimized individually to generate maximum power.
Solar panels can generate different amounts of power due to many reasons such as shading, dirt, and mismatch which is explained in more detail below. In a standard string installation, the panels are linked together in series, and the power output of the entire string can be significantly reduced by a single poor performing, shaded or dirty panel.
A significant advantage of micro-inverter over string inverter is the ability to locate panels on multiple sections of a complex roof layout with different orientations and tilt angles.
Unlike string inverters, micro-inverters are not restricted to panel placement in one or two different orientations. Use of micro-inverter yields more solar electricity.
Micro-inverters are crucial for panels facing multiple orientations or groups which have shading issues. Such issues mainly occur in residential settings.
As the penetration of solar panels for residential use increases, Micro-inverters will see a boost in demand.
Micro-inverters are a little more expensive to install as instead of only one central inverter alternatives like Power optimizers which perform the similar function such as improving performance for solar panels on complicated roofs, or roofs that experience marginal shad-ing during the day.
Cost concerns limit the expansion of the Micro-inverters market. Technological improvements are expected to lead to more competitive prices micro-inverters.
Global Micro-inverters market is segmented by Type, Component, Communication Technology, Sales Channel and application.
By Type, the market is segmented into Single phase and three phase micro-inverter. Throughout North America, homes are powered by 120-volt single-phase electricity. Hence single phase micro-inverters accounted for most significant share of the market. By component, the market is divided into Hardware, Software, and Services.
Hardware segment accounted for the largest market share. By Communication Technology, the market is divided into Wired & Wireless. Majority of the micro-inverters in the market are based on Power Line Communication (PLC) Technology hence wired segment accounted for the significant share of the market. By Sales channel, the market is segmented into direct & indirect.
The direct segment accounted for a significant share of sales since major companies have well-established sales networks and provide their products worldwide.
By application, Micro-inverters market is divided into Residential, Commercial, and Solar Power Plant. Micro-inverters have been most successful in the residential market, where limited space for panels constrains array size, and shading from nearby trees or other objects is often an issue.
Residential segment accounted for most of the market share. Micro-inverters are not economically viable option for solar power plant hence solar power plant segment has the smallest market share. Residential sector is also expected to grow at the fastest rate due to rising number of residential solar panels.
The US is the second largest producer of solar energy. The US & Canada also have a large number of solar technology companies which have contributed to the greater adoption of micro-inverter in the region.
Although China, India are among the largest solar energy producing countries in the world. But, the significant share of that energy comes from massive solar power plants in the region which do not use micro-inverters hence Asia-pacific accounted for a relatively smaller percentage of the Micro-inverter market.
Asia-pacific was the second largest market for micro-inverter. Asia-pacific is expected to be the fastest growing region due to rising adoption of solar panels for residential purposes.
Some of the crucial players in the Global Micro-Inverter Market are
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