Residential Micro Inverter Market Size - By Phase (Single Phase, Three Phase), By Connectivity (Standalone, On Grid), Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2024 – 2032

Residential Micro Inverter Market Size

Residential Micro Inverter Market was valued at USD 2.3 billion in 2023 and is projected to grow at a CAGR of over 11.1% between 2024 and 2032. A residential micro inverter is a small-scale power electronics device designed for use in residential solar photovoltaic (PV) systems. Its primary function is to convert the direct current (DC) output from individual solar panels into alternating current (AC) electricity suitable for household use.
 

Ability to monitor the performance of each solar panel in real-time along with focused innovations on improving efficiency, enhancing monitoring capabilities, and integrating advanced safety features will augment to business growth. For instance, in January 2023, Hoymiles introduced new HMS-C and HMS-D series of microinverters with the aim to lower upfront costs for the end users and maintain overall performance.
 

COVID- 19 Impact

The COVID- 19 pandemic resulted in delays to projects and disruptions in the supply chain for essential components, equipment, and materials, affecting the growth of the HVAC industry. However, the financial support for substantial infrastructure projects, combined with increasing emphasis on environmental sustainability and addressing climate change issues will continue to stimulate the business landscape.
 

Residential Micro Inverter Market Trends

Homeowners seeking for high-performance and reliable solar energy storage systems combined with decentralized nature of micro inverters allowing system reliability will accelerate the product adoption. Gradual shift from traditional string inverters to micro inverters across the solar installations coupled with increasing demand for rooftop installations will further sway the business statistics.
 

Residential Micro Inverter Market Analysis

The single phase segment will register gains at nearly 10.5% up to 2032, owing to capability to enhance the energy yield by optimizing the performance of individual solar panels coupled with ongoing efforts by manufacturers to develop cost-effective solutions. Growing customer requirement to integrate these systems with residential energy storage along with continuous technological advancements including smart connectivity will proliferate the business scenario.
 

The on grid residential micro inverter market is anticipated to reach USD 3.7 billion by 2032. Key features including benefits to the homeowners from both solar power generation and grid connectivity along with shifting consumer preferences towards maximizing the energy production and reducing reliance on the grid will enhance the business potential. Additionally, rising net metering policies and feed-in tariffs offered by utilities coupled with supportive policies and regulatory frameworks that encourage grid-tied solar systems will influence the product penetration.
 

North America residential micro inverter market will showcase 9.5% growth rate from 2024 to 2032. Upsurge in integration of the inverters with smart grid technologies along with growing focus on advanced grid management will foster the industry growth. Strategic agreements and acquisitions for large-scale residential developments and community solar projects coupled with inverters offering grid services, contributing to a more flexible and resilient energy infrastructure will augment the business landscape.
 

Residential Micro Inverter Market Share

The leading players in the market are concentrating on mergers & acquisitions, expanding their facilities, and forming strategic partnerships to broaden their product range, reach more customers, thereby strengthen their market position. Companies prioritizing an acquisition strategy, alongside the geographic expansion of key players, are expected to increase market competition throughout the forecast period.
 

Residential Micro Inverter Market Companies

Eminent players operating in the residential micro inverter industry are:

• Darfon Electronics Corp
• Enphase Energy
• SMA Solar Technology AG
• Altenergy Power System, Inc
• Fimer Group
• Chilicon Power, LLC
• Envertech (Zhejiang Envertech Corporation Limited)
• Sensata Technologies, Inc
• Sparq Systems
• Yotta Energy
• Growatt New Energy
• NingBo Deye Inverter Technology Co., Ltd
• Hoymiles
• LeadSolar Energy
• TSUNESS Co., Ltd
• Chisageess
   

Residential Micro Inverter Industry News

• In May 2023, Enphase Energy Enphase Energy launched IQ8 Microinverters with 330 W, 366W & 384 W of peak output AC power in Poland. The latest technology enables flexibility and help residential customers to reduce energy costs. The company provides high quality services with this product which can support high powered solar modules. Therefore, the rollout of the new product reinforced the company’s position across the industry.
   
• In September 2022, Altenergy Power System Inc. unveiled the QT2 series, a 4 module, 3-phase microinverter for residential, commercial, and industrial 3-phase solar applications. The series were being launched in the U.S., Latin America, Australia, and Europe which was suitable for commercial PV modules ranging between 450W - 600W+ and comply with UL 1741 SA. The introduction of the new product strengthened company’s portfolio, thereby accelerating its presence across the market.
   

This market research report on residential micro inverter includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW & USD Million’ from 2024 to 2032 for the following segments:

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Market, By Phase

• Single Phase
• Three Phase

Market, By Connectivity

• Standalone
• On Grid

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada 
• Europe
  • Germany
  • Italy
  • Poland
  • Netherlands
  • Austria
  • UK
  • France
  • Spain
  • Belgium
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
• Middle East & Africa
  • Israel
  • Saudi Arabia
  • UAE
  • South Africa
  • Egypt
  • Nigeria
• Latin America
  • Brazil
  • Chile
  • Mexico