Micro Inverters Market
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The global micro inverter market Size was valued at USD 2.5 billion in 2023 and is estimated to grow at a CAGR of over 11.3% from 2024 to 2032. Microinverters are devices that turn the direct current (DC) that each solar panel generates, into alternating current (AC). It is a device that is required within a solar power system and can satisfactorily be used in both commercial terminals and household. Microinverters are connected to every solar panel and therefore enhance the energy produced significantly as opposed to traditional inverters which are required to be fitted to the buildings.
Microinverters are more appealing as they allow a greater monitoring range as they are capable of showing the user electricity data of different solar panels and are much easier to repair. Moreover, one solar panel being shaded or broken will not cut the output of all solar panels in a solar array, thus, boosting the product adoption. Key factors, such as shifting technologies and product and equipment development will extend the industry perspective.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Micro Inverter Market Size in 2023: | USD 2.5 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 11.3 |
| 2023 Value Projection: | USD 6.48 Billion |
| Historical Data for: | 2019 to 2023 |
| No of Pages: | 250 |
| Tables, Charts & Figures: | 740 |
| Segments Covered: | Phase, Connectivity, Application and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Micro inverter industry will witness an appreciable momentum owing to factors including improved energy harvesting efficiency in comparison to traditional string inverters coupled with real-time monitoring and data collection at the individual panel level. Technological advancements in the semiconductor technology and power electronics will lead to improved efficiency and reduced costs for microinverters, stimulating the market growth. The continuous spread of renewable energy resources, like solar energy, will ensure grid reliability considering their variability. Microinverters aid in maintaining grid stability by mitigating voltage changes and reactivity issues as they function individually. Furthermore, they fit well with smart grid technologies which allow for improved demand-response management systems and control of the grid.
Based on phase, the single phase segment held 91% share in 2022. The microinverters allow each solar panel to operate independently, thereby optimizing the energy production of each panel. This enables both homeowners and installers to obtain specific information on the operation of each individual panel, thus providing for better service and early detection of failures of particular panels. Furthermore, single-phase microinverters work on a safer lower DC voltage which increases safety during installation, maintenance and emergencies, therefore making these units more readily adopted.
The on grid micro inverters markets is set to grow at over 9% CAGR till 2032 on account of various advantages comprising higher energy yield, simplified design and installations and enhanced safety of the solar systems during installation, maintenance, and emergencies. These systems can also return surplus electricity to the grid which can be compensated by homeowners through net metering programs. Additionally, increased grid reliability through reactive power compensation and enhanced voltage control will help minimize voltage swings and thus be advantageous to the grid operators, thereby enhancing the product landscape.
Residential micro inverter market is set to surpass USD 6 Billion by 2032. Greater flexibility in system design makes the systems easier to accommodate across the varying orientations and sizes of rooftops, allowing the homeowners for custom solar installation when compared to large, centralized arrays, driving the product installation. Moreover, the solar panels in the system can operate independently if the system at one of the dwelling stops working. Such an evolution in the system design provides greater reliability and robustness to the solar energy system o. Additionally, apartments with microinverter systems can benefit from grid interaction and net metering programs, thereby driving the industry scenario.
The U.S. micro inverter market size exceeded USD 1.1 billion in 2022, propelled by the shifting consumer perception that solar power reduces electricity bills as well as enhances the environment. Modernization of the microinverter technology has improved its efficiency which enables costs reduction, thus gaining traction as an even more efficient and reliable device to optimize. The decreasing cost of solar panels, growing government support, and increasing interest in renewable energy sources has caused the boom of the residential solar market in US which will aid in the development of the business.
Europe micro inverter market is set to grow on account of surge in solar installations, both in residential and commercial sectors. Greater emphasis on energy efficiency measures owing to increasing concerns about climate change and energy sustainability will contribute to the demand for efficient and reliable solar solutions. Conditions such as government incentives, feed in tariffs, and policies have been crucial in advancing the solar market. In addition, the region is also witnessing increased adoption of solar energy systems integrated with energy storage systems which also includes the use of batteries. Moreover, as microinverters will help improve the efficiency and compatibility of systems will encourage the industry growth.
The major players operating in the micro inverter industry includes:
Market, By Phase
Market, By Connectivity
Market, By Application
The above information has been provided for the following regions and country:
Darfon Electronics Corp., Enphase Energy, SMA Solar Technology AG, Altenergy Power System, Inc., Fimer Group, Chilicon Power, LLC, AEconversion GmbH & Co. KG, Envertech (Zhejiang Envertech Corporation Limited), Sensata Technologies, Inc., Northern Electric Power Technology Inc., among others.
Europe market is set to grow on account of surge in solar installations, both in residential and commercial sectors.
On Grid micro inverters market is set to grow over 9% CAGR through 2032 on account of various advantages comprising higher energy yield, simplified design & installations, and enhanced safety of the solar systems during installation, maintenance, and emergencies.
Global market size for micro inverter in 2023 was valued at USD 2.51 billion and is estimated to surpass USD 6.48 million by 2032.