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Single Phase Residential Micro Inverter Market Trends

Report ID: GMI11897
Published Date: Oct 2024
Report Format: PDF

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Single Phase Residential Micro Inverter Market Trends

Rising homeowners shift towards better monitoring and controlling systems, enabling real-time tracking of each panel's power output, allowing users to detect and address issues such as shading, soiling, or malfunctioning panels will complement the product adoption. Furthermore, increasing popularity of smart homes will escalate the demand for smart energy systems that integrate seamlessly with home automation technologies, which will promote the single-phase inverters adoption.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market size of single-phase residential micro inverter was reached USD 2.1 billion in 2023 and is estimated to grow at a 11% CAGR from 2024 to 2032, driven by increasing system reliability and safety.

The on-grid segment is projected to surpass USD 3 billion by 2032, due to its ability to maximize energy efficiency and the rising integration of solar energy by residential users.

The European market for single-phase residential micro inverter is expected to exceed USD 1.8 billion by 2032, fueled by a shift towards decentralized energy production and increasing government support through subsidies and tax credits.

Key players in the market include Deye Inverter, Darfon Electronics Corporation, Chisage Ess, Fimer Group, Growatt New Energy, Hoymiles, Sparq System, Statcon Energiaa, SunEvo Solar, Solis Solar, and Tata Power Solar.