The global market for microinverters will expand by a factor of four from 2013-2017 as microinverters are adopted in greater numbers outside the US while new markets also rush to take advantage of the devices' improved efficiency and features compared to conventional inverters, according to IMS Research.
Photovoltaic (PV) microinverter shipments worldwide are set to increase to 2.1GW in 2017, up from around 500 megawatts in 2013. Shipments during the period are forecast to rise fourfold, expanding at a 306% rate, said IMS.
Microinverters are devices that convert direct current (DC) electricity from a single solar module into alternating current (AC). Although they are more costly than conventional inverters, microinverters can increase the energy harvest of a system compared to conventional string or central inverter devices, which convert power from multiple solar panels.
Until now, microinverter demand has largely been confined to the US residential market. However, the emphasis is shifting to commercial solar systems and other regions, the firm said.
"Microinverters have reached very high adoption rates in the US, particularly in the residential market, where penetration will reach more than 40% in 2013," said Cormac Gilligan, PV market analyst at IHS.
A number of new market entrants are releasing products, including the two largest PV inverter vendors, SMA and Power-One. This intensifying competition will result in microinverter prices dropping by 16% in 2013.
Despite this double-digit price decrease, strong shipment growth will drive microinverter market revenues to increase to more than US$250 million in 2013. And although prices will continue to fall in the coming years, IMS Research predicts that revenues will reach US$700 million in 2017, the firm added.
Almost one-third of global microinverter shipments in 2017 will be going to commercial systems compared to 9% in 2012. The majority of these shipments in 2017 will be for systems sized between 10-100 kilowatts, IMS Research believes.
The US in 2012 accounted for 72% of global microinverter shipments. However, the US share will fall to 50% by 2017 as a result of microinverters penetrating into new markets in Europe and Asia.
