Single Phase Micro Inverter Market Size - By Connectivity (Standalone, On Grid), By Application (Residential, Commercial), & forecast, 2024 – 2032

Single Phase Micro Inverter Market Size

Single Phase Micro Inverter Market was valued at USD 2.3 billion in 2023 and is projected to expand at around 11.1% CAGR between 2024 and 2032. Advancements in materials, cooling systems, and overall design to enhance the lifespan of the inverters and ensure consistent performance over the years along with increasing number of solar development facilities across economies will fuel the business dynamics.
 

Rising electricity demand along with a positive outlook to support renewable energy solutions will stimulate the industry landscape. Growing carbon emission concerns coupled with stringent government norms to achieve climate action goals have shifted the consumer inclination toward sustainable sources, thereby driving the product adoption.
 

COVID- 19 Impact

The COVID- 19 pandemic has impacted the market owing to strict government lockdowns, restricted industry operations, reduced workforce management and supply chain delays. The industry witnessed disruptions in project completions on account of obstructed delivery of solar components including micro inverters, modules and others, thereby affecting the overall market growth.
 

Single Phase Micro Inverter Market Trends

Introduction of favorable norms, tax credits, mandates, and schemes by the governing authorities will further complement the industry outlook. For instance, in 2023, the U.S. Department of Energy (DOE) introduced the Advanced Manufacturing Production Tax Credit (45X MPTC).  It is a per-unit tax credit for each clean energy component domestically produced and sold by a manufacturer including inverters. Key features including individual panel optimization, ease of installation, and improved energy harvest combined with continuous efforts to reduce the overall cost of single-phase micro inverters will increase the business potential.
 

Single Phase Micro Inverter Market Analysis

Based on connectivity, the on grid segment will observe gains at nearly 11% through 2032, owing to ability to optimize the performance of each solar panel independently in line with modular nature of these system simplifying installation process. Further, the ability to maximize the overall output of the solar PV system by addressing factors including shading or soiling at the individual panel level, will increase the energy yield across residences. Additionally, introduction of advanced technologies by major industry players will complement the business statistics.
 

The residential sector is anticipated to reach USD 5.5 billion by 2032. Favorable government efforts to improve upon the grid reliability and ensure clean energy supply along with the presence of robust roadmaps and plans for clean energy adoption across the residential sector will enhance the business scenario. Furthermore, growing government legislations and schemes to expand the solar energy infrastructure and reduce dependency on fossil-based power supply across households will sway the business trends.
 

North America single phase micro inverter market is estimated to attain 9.5% CAGR between 2024 and 2032. Growing emphasis on establishing strong supply chain of components & materials for project development along with favorable technological advancements by major industry players will augment the product installation. In addition, integration of these equipment with smart grid technologies allowing better grid management, improved efficiency, and enhanced communication between the solar PV system and the utility grid will continue to drive the business scenario.
 

Single Phase Micro Inverter Market Share

Eminent players operating in the single phase micro inverter industry are:

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

Single Phase Micro Inverter Industry News

• In May 2023, Altenergy Power System Inc. introduced EZ1 Microinverter series with Wi-Fi & Bluetooth. It is a single-phase micro inverter addresses DIY PV and balcony systems and enables plug and play option with safe and reliable solutions. Furthermore, the product allows to connect solar systems with the mobile devices and operate it online. Therefore, the company will be able to showcase its capabilities and significantly drive the zero-carbon future.
   
• In September 2022, Yotta Energy has launched new microinverter product with dual power module, applicable for commercial rooftop PV systems. The product has the capacity range of 500 kWh to 1 MWh of storage, claiming that it can be used without battery. In addition, it is available as single phase as well as three phase offering MPPT efficiency of 99.5%.
   

This single phase micro inverter market research report 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 Connectivity

• Standalone
• On Grid

Market, By Application

• Residential
• Commercial

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
  • Australia
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Israel
  • Saudi Arabia
  • UAE
  • South Africa
  • Egypt
  • Nigeria
• Latin America
  • Brazil
  • Chile
  • Mexico