PARIS Ė Microinverters and power optimizers represent the fastest growing segment of the global photovoltaic inverter market, according to IMS Research.
In its latest report, The World Market for Microinverters & Power Optimizers Ė 2012, IMS Research indicated that shipments of microinverters and power optimizers grew by more than 180 percent in 2011and revenues increased by 160 percent, to more than $200 million.
IMS Research said it anticipates that combined shipments will grow by 70 percent in 2012, to about 900 MW, despite the weak state of the PV industry as a whole. They are expected to capture more than 10 percent of the PV inverter market in 2016, generating revenues of $1.5 billion.
This year, IMS Research said microinverters are expected to maintain a greater share than power optimizers. Optimizer shipments, however, are set to accelerate over the next five years, outpacing microinverters.
"Whilst microinverters are likely to remain limited to mainly residential and small commercial systems, optimizers will more likely be used in even larger installations, expanding their addressable market. Suppliers of the devices are also working closely with manufacturers of junction boxes, modules and inverters to offer several new routes to market that will help to further accelerate adoption," stated Research Director Ash Sharma.
IMS Research report outline that five of the most attractive markets for microinverters and power optimizers will be the U.S., Canada, U.K., Australia and Japan.
In 2011, the market was dominated by three suppliers: Enphase Energy, SolarEdge and Tigo that accounted for more than 90 percent of shipments. The market is, however, expected to fragment significantly, IMS Research concluded.
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