What are the development prospects of microinverters


 

Driven by factors such as the development of new energy vehicles, policy support, and technological innovation, the microinverter market will usher in broader development space and prospects. But at the same time, upstream and downstream companies in the microinverter industry also need to face issues such as cost, technology, and quality. Taking into account various pros and cons, what is the market prospect of microinverters?

Photovoltaic inverters can be divided into four types: centralized inverters, string inverters, distributed inverters, micro-inverters, etc. Different inverter types differ in many aspects such as power level and safety level, and have different main application scenarios. At present, what we call distributed photovoltaics is mostly used in the industrial and commercial fields. Micro-inverters are mainly used in distributed scenarios such as households and small industrial and commercial applications due to the relatively low power level of a single inverter and high safety factor.

In recent years, the country has introduced a series of policies to support the development of distributed photovoltaics. The "14th Five-Year Plan" renewable energy development plan proposes to actively promote the development of distributed photovoltaics such as rooftop photovoltaics, agricultural photovoltaic complementation, and fishery photovoltaic complementation, and enhance the ability of on-site green power supply in rural areas. The development of distributed photovoltaics has driven the rapid growth of the microinverter market.

1. By 2025, the global microinverter market will exceed 80 billion yuan. By the end of 2021, among the newly added distributed photovoltaics, household photovoltaics will exceed 20 million kilowatts in 2021 after exceeding 10 million kilowatts for the first time in 2020, reaching approximately 21.5 million kilowatts. Household photovoltaics have become an important force for my country to achieve carbon peak and carbon neutrality goals as scheduled and implement the rural revitalization strategy.

In 2022, the newly installed household photovoltaic capacity will reach 25.25 million kilowatts, accounting for approximately 29% of all new photovoltaic installed capacity, becoming a new highlight in the development of new energy.

However, currently domestic distributed photovoltaics are mainly used in industrial and commercial fields. They have relatively large power and are not considered micro-inverters in the true sense. From a global perspective, the development of microinverters is still in its infancy, with its penetration rate in 2021 being only 4.60%, and it is mainly concentrated in overseas markets.

2. In the past five years, microinverter shipments have increased steadily, with shipments reaching a record high in 2021, reaching 3.61GW, a year-on-year increase of 58.3%. However, due to the slightly higher cost per watt and limitations in application scenarios, the penetration rate of global microinverters in the distributed market has remained between 2% and 5% in the past.

At the economic level, the initial investment cost is high. The initial investment cost of household photovoltaics is mainly divided into two parts: equipment and construction: equipment costs mainly include components, brackets, inverters, grid-connected boxes, cables, etc., and component costs account for approximately the total cost. About 70% of the total; installation costs mainly include construction and installation costs, power grid access, etc., as well as operating costs and financial costs. According to calculations by Future Think Tank, the internal rate of return on capital for household photovoltaic projects is 12.8%, and the static payback period is 6.4 years, with significant economic benefits.

Traditional micro-inverter companies mainly adopt a B2B business model, that is, providing micro-inverter products to distributed photovoltaic power stations. However, with the development of the market, micro-inverter companies have gradually shifted to the B2C model, that is, providing products and services to home photovoltaic users. This business model can better meet the needs of home photovoltaic users and provide more personalized and all-round services.

With the continuous innovation of technology, micro-inverter companies are also constantly launching new products and new technologies. For example, micro-inverter companies have launched micro-inverter products with energy storage functions, which can realize energy storage and peak shaving of photovoltaic power generation systems, and improve the stability and reliability of the system. In addition, some companies have also begun to launch micro-inverter products with intelligent functions, which can realize remote monitoring and control of photovoltaic power generation systems through technologies such as the Internet of Things and cloud computing.

Taken together, microinverters are a market full of potential and opportunities. Driven by factors such as new energy vehicles going to the countryside, policy support, and technological innovation, the microinverter market will usher in broader development space and prospects. . But at the same time, upstream and downstream companies in the microinverter industry also need to face issues such as cost, technology, and quality. Companies should strengthen technological innovation, quality control, and service system construction to improve market competitiveness and user satisfaction to achieve sustainable development. .

 

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