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Micro-inverter Market Size By Phase (Single Phase, Three Phase), By Connectivity (Standalone, On-grid), By Application (Residential, Commercial), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI5202
  • Base Year: 2021
  • Report Format: PDF

Industry Trends

Micro-inverter Market size surpassed USD 1.54 billion in 2021 and is projected to grow at a CAGR of over 9.8% between 2022 and 2028. A surging need for clean & sustainable energy on account of rising concerns regarding destructive GHG emissions will propel the market growth. Additionally, several governments as well as private sectors have taken initiatives to deploy renewable energy units to reduce carbon emission, driving the market expansion.
 

Micro Inverter Market

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In the recent years, the outbreak of coronavirus has been massively obstructed global economy. The COVID-19 impacted on the transportation as well as supply chain, which has amplified the cost of raw materials. However, the micro-inverter market has observed a growth in its installation trend in 2020 owing to favorable government schemes including Feed-in Tariffs along with rising solar product installations.
 

Reliability, multiple application, high power output in large scale projects

Microinverters offer better efficiency, easier installation, the potential to produce higher electricity, and consistency. Three-phase microinverters are typically appropriate for larger-scale PV application purposes. Moreover, these inverters reduce the chances of appliance failure as it manages the voltage rise.
 

The micro-inverter market players are focusing on product deployment and providing technologically updated products for the customers. For instance, in May 2021, Hoymiles Power Electronics launched its new HY3 microinverter series that is energy efficient, provides maximum Return on Investment (ROI), and has better flexibility. The product is designed to lower the energy costs, increase self-consumption, and remote O&M for better service quality.
 

Flexibility combined with a higher energy conversion rate will accelerate micro-inverter market demand

Micro Inverter Market Size, By Connectivity

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Standalone systems are poised to observe a significant growth of 15.1% during the forecast period, owing to its compact size as it eradicates the requirements for large transformer combined with electrolyte capacitor. Numerous market players are inclined to R&D, production, as well as installation to sustain their business.
 

On-grid solar microinverters were valued at USD 1.1 billion in 2021. Flexibility combined with a higher energy conversion rate will cater to the industry demand. Major companies are focused on manufacturing in line with shipments to expand their business worldwide.
 

Capability of to yield grid-matching power directly over the back of each solar panels will thrust the micro-inverter market demand in residential sector

Micro Inverter Market Size, By Application

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Installation of microinverters across residential sector will witness a growth rate of 9.5% through 2028. Enduring efforts toward the implementation of competent PV systems to save home power bills will stimulate the product deployment. For instance, in February 2021, SolarEdge Technologies has signed a strategic supply agreement with Sunrun, a leading manufacturer of residential solar energy storage management systems. According to the agreement, SolarEdge’s next generation solar inverter will be offered by Sunrun for its residential customers in the U.S.
 

Combining feed-in-tariffs along with net metering schemes will accommodate product deployment in Europe

  Micro Inverter Market Size, By Europe

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Europe micro-inverter market revenue will exceed USD 670 Million by 2028, impelled by increasing amount of solar power plants installation combined with decreasing the usage of fossil fuels.
 

Government authorities are focusing on determining the future potential and taking initiatives according to that. For instance, in December 2021, Irish government announced a scheme to support deployment renewable energy-based generator, within the range of 50KW in size. It further proposes to assign solar power with the capacity of around 380 MW. In addition, projects offered a maximum rebate of USD 2,742.43 (€2,400), which are not surpassing 6 kW in size.
 

Companies are engrossed on the sustainability of the product quality to significantly increase their competitive market share

The prominent companies operating across the micro-inverter market include Enphase Energy, SolarEdge Technologies, Inc., Siemens, Canadian Solar, SMA Solar Technology AG, Darfon Electronics Corp., Renesola, Chilicon Power, LLC, AEconversion GmbH & Co. KG, Zhejiang Envertech Corporation Limited, Sensata Technologies, Inc., Northern Electric Power Technology Inc., Sparq Systems, and Fimer Group.
 

Major producers across the globe are inclined toward strategic collaborations, joint ventures, acquisitions as well as partnerships to further gain a competitive advantage in the market. Also, companies are engrossed on the sustainability of the product quality to significantly increase their competitive market share. Crucial industry participants across the North America, Asia Pacific and Europe region are concentrating on the diminishing of harmful emission through product development.
 

The micro-inverter market research report includes in-depth coverage of the industry with estimates & forecast in terms of MW & ‘USD Million’ from 2018 to 2028 for the following segments:

Market, By Phase

  • Single Phase
  • Three Phase

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

 

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The global market size of micro inverter surpassed USD 1.54 billion in 2021 and is projected to grow at a CAGR of over 9.8% between 2022 and 2028.

Installation of microinverters across residential sector will witness a growth rate of 9.5% through 2028. Enduring efforts toward the implementation of competent PV systems to save home power bills will stimulate the product deployment.

Europe market revenue will exceed USD 670 Million by 2028, impelled by increasing amount of solar power plants installation combined with decreasing the usage of fossil fuels.

The prominent companies include Enphase Energy, SolarEdge Technologies, Inc., Siemens, Canadian Solar, SMA Solar Technology AG, Darfon Electronics Corp., Renesola, Chilicon Power, LLC, AEconversion GmbH & Co. KG, Zhejiang Envertech Corporation Limited, Sensata Technologies, Inc., Northern Electric Power Technology Inc., Sparq Systems, and Fimer Group.

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Premium Report Details

  • Published Date: Feb 2022
  • Companies covered: 21
  • Tables & Figures: 473
  • Countries covered: 28
  • Pages: 300

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