Enphase Energy, Inc. ENPH recently launched its latest IQ8X Microinverters in the solar market of Australia. The IQ8X Microinverters, which come with peak output alternating current (AC) power of 384 watts (W), can support higher-powered solar modules. This launch reflects yet another effort of Enphase Energy to expand its footprint in the rising global solar market.
Significance of Enphase’s IQ8X Microinverters
ENPH’s IQ8X are the first microgrid-forming microinverters in the industry that can effectively convert direct current (DC) power to AC power through split-phase power conversion capabilities. It is intended to support high-efficiency photovoltaic (PV) modules and accommodate higher-powered solar modules up to 505 W DC. This microinverter may also handle modules with larger cell counts, such as 96 cells and 88 or 80 half-cut cells.
Enphase is providing a 25-year limited warranty on IQ8X Microinverters, with the longest standard residential warranty that has been recently launched in Australia, effective Oct. 1, 2024.
ENPH’s Global Expansion Efforts
Factors like supportive government policies in favor of solar installations and the declining cost of solar panels, along with the rising adoption of clean power resources, have been boosting the global solar energy market. Per a report from the Mordor Intelligence firm, the global solar energy market size in terms of the installed base is expected to witness a CAGR of 31.9% during the 2024-2029 period.
Such an impressive market projection offers solid growth opportunities for prominent solar players like Enphase Energy. The company has been strategically expanding its footprint in the global solar market, as evidenced by its latest launch in Australia.
In August and May 2024, ENPH launched its IQ8 Microinverters in the Caribbean and Finland, and in April 2024, it introduced this product in France and Spain. In addition to bringing its microinverters to the solar market of varied nations, the company has been making its other solar products available in the market to expand its footprint.
In July 2024, ENPH launched its Solargraf software platform in the Netherlands. It also unveiled its IQ Battery 5P in France in July, in Canada in June and in Mexico in May 2024.
Such frequent product launches should significantly boost the shipment of Enphase’s products, bolstering its revenue growth in the coming quarters.
Peers to Benefit
Other prominent solar players like Canadian Solar CSIQ, SolarEdge Technologies SEDG and Emeren Group SOL are also expanding their footprint to reap the benefits of the expanding global solar energy market.
In March 2024, Canadian Solar’s subsidiary, Recurrent Energy, declared the purchase of a solar photovoltaic portfolio with a capacity of more than 420 megawatt-peak (MWp) in southern Spain. This acquisition enhanced CSIQ’s solar project pipeline in Spain, wherein the company is expected to have begun building more than 1 gigawatt of solar projects by the end of 2024. As of June 30, 2024, CSIQ’s Recurrent Energy had a global solar development project pipeline of 27.370 megawatt-peak globally.
In September 2024, SolarEdge introduced its next-generation single-phase solar and storage solution. The new product will incorporate a scalable battery and a new solar inverter of up to 11.5kW to provide highly adaptable whole-house backup for various homes across the United States. The company launched its high-power SolarEdge TerraMax Inverter and H1300 Power Optimizers in Italy in July 2024 and in Germany in June. These launches should expand SEDG’s footprint in the global solar market.
In September 2024, Emeren declared the sale of a 57 MWp solar portfolio of five projects to Trina Solar (France) Systems. In July 2024, the company announced the sale of a ready-to-build solar project portfolio of 42 MWp in Spain to CVE Espana. The company generates solid revenues from building and selling such solar projects across the globe. SOL plans to monetize approximately 400-450 MW of solar projects in 2024.
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