On Grid Residential Micro Inverter Market
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The global on grid residential micro inverter market size was valued at USD 1.6 billion in 2023 and is estimated to grow at a CAGR of 9.1% from 2024 to 2032. It is a type of solar inverter used in residential solar energy systems that are connected to the public electricity grid. Each microinverter is installed directly at the back of individual solar panels, converting the direct current generated by the panel into alternating current that can be used by household appliances or exported to the grid.
Rising demand for microinverters having the ability to improve the overall efficiency of residential solar systems coupled with offering superior monitoring capabilities, allowing homeowners to track the performance of individual panels in real-time will augment the product adoption. Increasing focus on the adoption of safer and more reliable solar solutions to eliminate the need for high-voltage DC wiring will foster the market growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| On Grid Residential Micro Inverter Market size in 2023: | USD 1.6 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 9.1 |
| 2023 Value Projection: | USD 3.6 Billion |
| Historical Data for: | 2021 - 2023 |
| No of Pages: | 120 |
| Tables, Charts & Figures: | 20 |
| Segments Covered: | Phase and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Growing shift towards highly scalable and flexible solutions will make the product an ideal choice for homeowners looking to expand their solar systems in the coming times. Increasing requirement of independent panels, offering easy integration without impacting the performance of the existing system will drive the industry outlook. Rising government incentives and policies to promote residential solar adoption will make grid tied micro inverters an attractive option for those looking to maximize the return on investment from these incentives.
Increasing integration of energy storage solutions and electric vehicle (EV) chargers with home solar systems will drive product adoption on account of its high compatibility with these new technologies. The rise of electric vehicles (EVs) has increased the demand for residential energy systems capable of supporting the additional power requirements leading to market growth. Rising electricity prices, environmental concerns, and the desire for energy independence additionally foster the product penetration.
Based on phase, the on grid residential micro inverter market is segmented into single phase and three phase. On grid is projected to grow by more than USD 3 Billion by 2032 owing to their ability to optimize the energy output of individual solar panels, leading to higher overall system efficiency, particularly in residential environments where partial shading or uneven roof configurations are common. Increasing demand for flexible designs that can be installed in different orientations and on irregular roof shapes will complement the business landscape. Additionally, growing demand for micro inverters offers easy system expansion, helping owners to add more solar panels in the future without having to upgrade their inverter will contribute to the market growth.
Europe on grid residential micro inverter market is anticipated to grow over USD 1 Billion by 2032. Rising energy prices and growing concerns about energy security and sustainability will boost investment in renewable energy solutions that provide greater energy independence driving the business growth. Presence of key players and their investments in developing advanced technology offering higher efficiency, reliability, and monitoring capabilities will make the product more appealing to European consumers. Furthermore, growing trend of smart homes and energy management systems will stimulate the interest in microinverters, which can integrate seamlessly with other smart technologies leading to the market expansion.
In the U.S., growing solar deployment driven by declining costs and technological advancements will create lucrative opportunities for product adoption. Presence of diverse configuration residential roofs will augment product adoption that can allow for individual panel optimization, making them particularly suitable for homes with complex roof designs or shading challenges. Additionally, rising requirement to reduce dependence on grid electricity and protect against rising energy costs will drive the product adoption, which can maximize the energy produced by solar systems.
Eminent players are pursuing aggressive market expansion strategies to penetrate emerging markets and capitalize on the growing demand for residential solar solutions. This includes exploring opportunities in regions with favorable solar policies, high solar potential, and increasing awareness of renewable energy benefits. Leading microinverter manufacturers are continuously investing in research and development to improve their product offerings. Companies are also investing in developing innovative technology focused on enhancing efficiency, reliability, and performance under varying environmental conditions to target the wider customer range.
Eminent players operating in the On Grid Residential Micro Inverter industry are:
Market, By Phase, 2021 – 2032 (USD Billion & MW)
The above information has been provided for the following regions and countries:
Key players in the industry include Deye Inverter, Darfon Electronics Corporation, Enphase, Fimer Group, Fenice Energy, Sparq System, Sensol, Statcon Energiaa, and SunEvo Solar.
European on-grid residential micro inverter industry is anticipated to grow over USD 1 billion by 2032, fueled by rising energy prices and growing concerns about energy security and sustainability.
The on-grid segment is projected to exceed USD 3 billion by 2032 due to its ability to optimize energy output from individual solar panels, enhancing overall system efficiency in residential environments.
The global on-grid residential micro inverter industry was valued at USD 1.6 billion in 2023 and is estimated to grow at a CAGR of 9.1% from 2024 to 2032, driven by the increasing adoption of residential solar energy systems.