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Asia Pacific is expected to grow at the highest CAGR during the forecast period
The micro-inverter market in the Asia Pacific is expected to grow at the fastest CAGR during the forecast period due to potential economies such as Japan, China, and India. Rising infrastructural developments in the Asia Pacific region have given rise to using micro-inverters in different commercial applications, including commercial solar projects, commercial renewable energy systems, etc. Furthermore, the increased policy support by governments in the form of tax incentives and schemes such as feed-in-tariffs, as well as tenders and competitive bidding in countries such as India, China, and Japan for promoting the use of clean energy, is expected to fuel the growth of the inverter market in the Asia Pacific for commercial applications. Key players in the region offering micro-inverters include Renesola (China), Envertech (China), U R Energy (India), Bravo Solar (India), and Grace Renewable Energy (India).
Software segment to grow at the highest CAGR between 2020 and 2025
Software solutions are mostly integrated with the communication gateway systems of a micro-inverter. Software solutions need to be updated at regular intervals to ensure the optimal performance of micro-inverters. Also, the costs for software and related license updates are borne by end users. These factors contribute to the markets growth at a high CAGR in the near future.
Residential application is projected to grow at the highest CAGR during the forecast period
PV installations in the residential sector have been increasing tremendously and are projected to continue in the coming years. Solar inverter systems at residential levels have also become critical due to the increased adoption of residential-scale PV. Micro-inverters are mainly used in residential applications. Owing to their features, such as great scalability and flexibility, and because they are easy to install compared to conventional string or central inverter technology, these micro-inverters are well suited to residential solar rooftop PV installations. Moreover, the performance of these systems can be remotely monitored. These factors together propel the growth of rooftop solar panel installations worldwide.
Key Market Players:
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.
News Also Covered: https://www.prnewswire.com/news-releases/micro-inverter-market-worth-6-5-billion-by-2025—exclusive-report-by-marketsandmarkets-301141784.html
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