Micro-inverter Market 2022: Emerging Demands & Future Trends To 2028
As successful vaccination rollouts rely on a consistent cold chain, solar-powered cooling solutions could gain traction and consequently stimulate the growth of the micro inverter market,
Solar electrification of healthcare facilities is becoming a game-changer across several economies during the novel coronavirus pandemic, impelling the demand for micro inverters for solar panels worldwide. Despite COVID-19 disruptions, the solar panel industry is continuing to witness positive effects, as more people are making a switch to solar energy to reduce energy costs.
Under the EU-funded Solar for Health project, for example, UNDP and its partners support 14 countries in an effort to equip healthcare facilities with solar power. This continued solar electrification is anticipated to contribute largely to the global fight against COVID-19, including vaccine rollout activities. As successful vaccination rollouts rely on a consistent cold chain, solar-powered cooling solutions could gain traction and consequently stimulate the growth of the micro inverter market, which is slated to depict a CAGR of around 9.8% through 2028, according to a Global Market Insights Inc. report.
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The inverter technology has been steadily evolving over the past years to allow homeowners to gain maximum power from the PV systems, with energy technology providers taking strategic steps to enhance their grid systems worldwide.
Given below are 4 product launch activities bolstering micro inverter business expansion:
- Introduction of Enphase Energy’s IQ8 solar microinverters in North America
Grid-connected solar panel systems have been functioning as a backup during events like power outages in the residential sector. In line with this, solar energy companies are rapidly introducing novel energy systems to serve renewable energy customers globally.
To cite an instance, in October 2021, Enphase Energy, Inc. unveiled its all-in-one Enphase Energy System equipped with IQ8 solar microinverters. Designed for North American customers, the new smart micro-inverter can form a microgrid using sunlight and provide backup power during outages, proliferating microinverter installation in the region.
- GE’s entry in the U.S. residential sector with solar inverter technology
To become significant technological innovators in the booming solar industry and key contributors to clean energy transition, electrical equipment manufacturers are introducing renewable technologies in prominent countries like the U.S.
For instance, General Electric entered the U.S. residential solar inverter sector in December 2021 with an inverter technology that already has established itself in Brazil and Australia. This new hybrid inverter for solar panels, equipped with integrated AC and DC separation, 9.6-kW of power in backup, and four MPPTs, was designed to give homeowners more confidence to power their homes with solar energy.
- APsystems’ DS3 microinverter series for commercial and residential applications
As a part of the commitment to powerful innovation with global solar power capability, renewable technology solutions providers are increasingly launching new product lines for solar applications. A notable example is APsystems’ introduction of the DS3 series, which is a single-phase, dual-module, microinverter product line, for commercial and residential solar applications in the Netherlands in September 2021.
This DS3 solar microinverter series was designed to build on the company’s line of multi-module microinverters, providing reduced logistics costs, improved communication and connection features, faster installation, and a high MPPT voltage range to ensure greater energy harvesting during low-light conditions.
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- Generac Power Systems’ PWRmicros microinverter launch
As solar power is steadily becoming a major energy source, solar microinverter brands are undertaking renewable solutions launch activities. Such initiatives were geared towards helping homeowners take advantage of the potential output of solar arrays, adding impetus to micro inverter market demand.
For example, in September 2021, Generac Power Systems unveiled its new PWRmicros microinverter range. Having acquired Chilicon Power, a microinverter and solar monitoring solutions provider earlier in 2021, this introduction of the new product range was intended to bolster its presence in the microinverter segment and simplify the installation process.
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