LONDON--(BUSINESS WIRE)--Technavio’s research report on the global solar microinverter market offers an analysis of the most important trends that are expected to impact the market outlook through 2022. Technavio predicts an emerging trend as a key factor, which has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio research analysts, the global solar microinverter market will grow at a CAGR of almost 16% during the forecast period, 2018-2022. One of the key factor driving the market’s growth is the increasing solar energy installation. In the recent years, the solar energy industry has gained momentum and grown drastically. This is mainly because of the initiatives were undertaken by governments around the world that encourage the use of renewable resources. Many industrialized or developed nations have integrated significant quantity of solar power into their electrical grids to provide an alternative to conventional energy sources. Alternatively, developing nations use solar energy to reduce their dependence on expensive imported fuels.
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In this report, Technavio has predicted the increasing deployment of microgrids as one of the key trends in the global solar microinverter market:
Increasing deployment of microgrids
Multiple power generation from energy sources such as biomass, solar, wind, geothermal, and fossil fuels can be combined in microgrids. Microgrids can function self-sufficiently as well as a hybrid to supply power to a local community, military bases, or a university. A microgrid is connected to the grid as a single point of load and is generally accompanied by energy storage systems to handle the intermittency of renewables.
“Microgrids are driven by the need to overcome the challenges faced by traditional grids and introduce a new level of superiority in their functioning in a highly controlled environment. An energy management system manages the entire network. When compared with traditional grids, microgrids are more resilient to natural calamities. When the main grid fails, they provide power to limited geography,” says a senior analyst at Technavio for research on power.
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Global solar microinverter market segmentation
This market research report segments the global solar microinverter market into the following end-users (residential and non-residential) and key regions (the Americas, APAC, and EMEA).
The residential segment held the largest market share in 2017, accounting for close to 70% of the market. But, the market share for this end-user is expected to decrease by nearly 5% by 2022. However, this segment will dominate the market through the forecast period.
In 2017, the Americas held the highest market share in the global solar microinverter market, accounting for over 69% of the market share. This region will post steady growth during the period 2018-2022.
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