Microinverters & Batteries Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
- Transparency Market Research
Microinverters and batteries are the next breakthrough solution for residential and commercial based photovoltaic systems. Microinverters facilitate independent use of each solar panel within a solar system ensuring maximum energy output of renewable and clean source of energy for houses and businesses. Microinverters are small and compact in size and are designed to match single module or panel installation and thus help overcome difficulties involved with small roof accommodations. These are highly advantageous as they operate solely on independent DC to AC inverters and are very useful when panels require to be adjusted in more than one direction. Microinverters are far more superior to central or string inverters. Microinverters are characterized by flexibility, clean source of energy, safety and redundancy. Batteries are used to provide energy backup to photovoltaic systems at night time or at the time where solar energy is not sufficient to produce electricity. Popularly lead acid batteries due to their cost effectiveness, ability to recycle and safety are used in photovoltaic systems. Nevertheless, due to increased energy storage requirements lithium-ion batteries being compact in size, having longer life and less maintenance find increased application for use in residential and commercial areas. Microinverters and batteries are applicable to both battery-based and off-grid photovoltaic systems.
Large numbers of solar panels are in operation worldwide and there increasing awareness of renewable energy to minimize power bills and reduce carbon footprint has increased adoption from various businesses and households. Due to characteristics such as precise monitoring of individual modules, improved holistic readout of system production and operation at lower voltage has led to increased adoption of micro-invertors worldwide, which has intensified the growth of microinverters and batteries. As microinverters are clean and economical source of energy, have long term benefits and more features as compared to conventional inverters, they have found growing demand in foreign market which has fueled growth of microinverter and battery market. Microinverters and battery market find increased opportunities in developing regions like France, Switzerland, the U.K. and Australia that open to adoption and implementation of newer technologies.
Microinverters and batteries face challenge in their installation pertaining to the high cost of installation and the restriction on energy production and storage for use to facilitate greater electricity demand. However companies like Enphase Energy and Vine fresh are coming up with large scale projects with capacities ranging between 2.30 MW to 3.1 MW. Additionally, microinvertors have growth opportunities in regards to geographical expansion and installation of commercial sized photovoltaic installations. Companies strive to remain competitive in the market through acquisition, mergers with photovoltaic module suppliers, launch of cost effective models, enhancing product offering and increasing their R&D expenditure. Moreover, newest trend adopted by companies in this market is offering the entire solar panel with integrated microinverters known as AC module which is a big step ahead for this technology.
Some of the key market players include Solaray Energy Pty Ltd., Enphase Energy, Schneider Electric SE, PowerSmart Solar, Panasonic Electric Works Europe AG, SolarBridge Technologies, Vine Fresh Produce, Ltd., SMA Solar Technology AG, ABB (ASEA Brown Boveri) Ltd., Enecsys Ltd., and others.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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