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On Grid Residential Micro Inverter Market Trends

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

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On Grid Residential Micro Inverter Market Trends

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.

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.