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On Grid Residential Micro Inverter Market Size

Report ID: GMI11965
Published Date: Oct 2024
Report Format: PDF

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On Grid Residential Micro Inverter Market Size

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.

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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.

On Grid Residential Micro Inverter Market Report Attributes
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 2024 to 2032 CAGR:	9.1%
2032 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:	Supportive policy frameworks and incentives Growing shift towards safe and reliable micro inverters Technological advancements
Pitfalls & Challenges:	High maintenance requirement

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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.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

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.

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.

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.

Key players in the industry include Deye Inverter, Darfon Electronics Corporation, Enphase, Fimer Group, Fenice Energy, Sparq System, Sensol, Statcon Energiaa, and SunEvo Solar.