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Residential Micro Inverter Market Trends

Report ID: GMI7827
Published Date: Jan 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of residential micro inverter was worth over USD 2.3 billion in 2023 and is anticipated to exceed USD 6.1 billion by 2032, due to higher adoption to convert the direct current (DC) output from individual solar panels into alternating current (AC) electricity for household use.

The single phase residential micro inverters market will exhibit over 10.5% CAGR through 2032, owing to the higher need to enhance the energy yield by optimizing the performance of individual solar panels.

North America residential micro inverter industry size is expected to witness more than 9.5% CAGR from 2024 to 2032, owing to the upsurge in integration with smart grid technologies along with the growing focus on advanced grid management.

Some of the major residential micro inverter industry players are Darfon Electronics Corp., Enphase Energy, SMA Solar Technology AG, Altenergy Power System, Inc., Fimer Group, Chilicon Power, LLC, Sensata Technologies, Inc., and Sparq Systems.