1 微逆：提高发电效率，彻底解决火灾隐患

微型逆变器：由美国Enphase公司最先推出

微型逆变器由美国Enphase公司最先推出：2009年，Enphase公司推出产业化商业应用的微型逆变器。微型逆变器是 将逆变器直接与光伏组件连接，各组件并联，每块组件都能在最大功率点进行工作，单体容量一般在5KW以下。

系统总体效率更高，发电量更大：集中式或组串式逆变器的光伏功率输出受单块组件的功率制约。微型逆变器能够在 组件级实现最大功率点跟踪（MPPT），通过对各模块的输出功率进行优化，使得整体输出功率最大化。

安全性较高，可彻底解决由高压拉弧引起的火灾

光伏发电系统的风险：运维触电风险、火灾风险和施救风险。集中式或组串式逆变器系统直流电压可达600-1500V， 而微型逆变器采用并联方式接入电网，直流电压一般不超过80V，彻底解决由高压拉弧引起的火灾。

组件级产品主要有微型逆变器、关断器和优化器：组串式+关断器/优化器方案仅解决了触电和施救问题，未彻底消除 火灾隐患，微型逆变器凭借低压接入特性，彻底消除了触电、火灾和施救风险。

微型逆变器渗透率不断上升

因成本降低，全球组件级设备（MLPE）中微逆渗透率上升。在现有成熟组串式逆变器、需要实现组件级关断要求的 市场里，“组串式逆变器+关断器”方案具有一定的性价比优势，“组串式+关断器”的方案主要适用于功率相对较大 的应用场景，微型逆变器方案具有更佳的安全性，在中小功率应用场景中更具性价比优势。

受政策推动，美国户用光伏MPLE厂商渗透率逐年上升。2020年Enphase和Solaredge渗透率合计超过90%。

欧美是微逆最主要市场，拉美地区出货量增速较快

全球逆变器出货量迅速增长：2020年全球逆变器出货量为185GW，同比增幅43%，逆变器市场规模已达71.9亿美 元。微型逆变器出货量为2.28GW，占比1.2%，市场规模已达7.41亿美元，占比10.3%。

北美和欧洲是两个微型逆变器最主要的市场：2016-2020年期间，北美和欧洲市场微型逆变器出货量合计占比均超过 80%，拉美地区微型逆变器的出货量迅速提升，2020年占比8%。

2 分布式占比、渗透率双驱动，微逆市场有望迎来爆发

微逆市场空间=分布式市场*微逆渗透率

分布式市场发展、微逆渗透率提高，二者共同决定了微逆的市场空间。近年来全球分布式光伏新增装机量和微型逆变 器渗透率均有提升，2020年微逆渗透率达5.01%。

未来仍将呈现集中式和分布式共同发展的市场格局：随着分布式光伏发电优势逐渐发挥，中国、巴西、印度等分布式 市场将快速增长，欧美分布式市场保持稳定增长。

Micro inverse: improve the efficiency of power generation, completely solve the fire hazard

Micro inverter: First introduced by Enphase

The micro inverter was first launched by Enphase: In 2009, Enphase launched the micro inverter for industrial commercial application. The micro inverter connects the inverter directly with the photovoltaic module, and the components are connected in parallel. Each module can work at the maximum power point, and the single capacity is generally below 5KW.

The overall efficiency of the system is higher and the power generation is greater: the photovoltaic power output of centralized or cluster inverters is limited by the power of a single block. The micro inverter can realize maximum power point tracking (MPPT) at the component level, and maximize the overall output power by optimizing the output power of each module.

High safety, can completely solve the fire caused by high pressure arc

Risks of photovoltaic power generation system: electric shock risk, fire risk and rescue risk. The DC voltage of the centralized or group series inverter system can reach 600-1500V, while the micro inverter is connected to the power grid in parallel mode, and the DC voltage generally does not exceed 80V, which completely solves the fire caused by high-voltage arc pulling.

Component level products mainly include micro inverters, switch-off and optimizer: the cluster + switch-off/optimizer solution only solves the problem of electric shock and rescue, but does not completely eliminate the fire hazard. The micro inverter completely eliminates the risk of electric shock, fire and rescue with its low-voltage access characteristics.

Micro inverter penetration is increasing

Global inverse penetration rates in component-level equipment (MLPE) are increasing due to cost reductions. In the existing mature group string type inverter, the need to implement the requirements of the component level off the market, "set of string type inverter + shut off" scheme has a certain price advantage, "set of string type + shut off" the scheme is mainly used in the power of relatively large application scenario, the micro inverter scheme has better security, competitive advantage in the medium and small power application scenario.

Driven by policies, the penetration rate of household photovoltaic MPLE manufacturers in the United States is increasing year by year. Combined Enphase and Solaredge penetration rates exceeded 90% in 2020.

Europe and the United States are the most important markets, and Latin America's shipments grow faster

Global inverter shipments are growing rapidly: In 2020, global inverter shipments reached 185GW, up 43% year on year, and the inverter market size has reached US $7.19 billion. Microinverters shipped 2.28GW, accounting for 1.2%, and the market size has reached $741 million, accounting for 10.3%.

North America and Europe are the two most important markets for micro inverters: during 2016-2020, the combined shipments of micro inverters in North America and Europe accounted for more than 80%, while the shipments of micro inverters in Latin America increased rapidly, accounting for 8% in 2020.

2. Driven by distributed proportion and penetration rate, the micro inverse market is expected to usher in an explosion

Micro inverse market space = distributed market * micro inverse penetration

The development of distributed market and the increase of micro inverse penetration determine the market space of micro inverse. In recent years, the newly installed volume of global distributed PV and the penetration rate of micro inverters have been improved, and the micro inverse penetration rate reached 5.01% in 2020.

In the future, the market pattern of centralized and distributed development will still be presented: with the advantages of distributed photovoltaic power generation gradually play, the distributed markets in China, Brazil, India and other countries will grow rapidly, and the distributed markets in Europe and the United States will maintain stable growth.