Growing emphasis on environmental sustainability coupled with ongoing innovation to improve performance and increase efficiency will drive the business growth. Further, the ability to monitor and control the performance of each solar panel independently enabling optimized maintenance in line with key features including shading and mismatch tolerance will boost the product demand.
The market size of on grid micro inverter was reached USD 1.8 billion in 2023 and is anticipated to cross USD 4.1 billion by 2032, led by the growing emphasis on environmental sustainability and the ongoing innovations to improve performance and increase efficiency.
On grid micro inverter market from the single phase segment will grow at over 8.5% CAGR through 2032, due to benefits, including improved energy harvest, increased reliability, simplified installation, and maintenance processes in line with the increasing interest in small-scale solar installations.
Demand for residential on grid micro inverter is anticipated to reach USD 3.7 billion by 2032, on account of the increasing adoption of residential solar PV systems along with the higher integration with smart home systems.
North America on grid micro inverter industry size is anticipated to witness more than 8.5% CAGR from 2024 to 2032, due to strong commitment to reduce carbon footprint and coupled with supportive incentives such as tax credits and rebates.
AP Systems, Delta, Enphase Energy, Fronius International GmbH, Generac Holdings Inc., Ginglong, Hoymiles, Huawei Technologies Co. Ltd., and SMA Solar Technology AG are some of the prominent on grid micro inverter firms.
