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

Micro Inverter Market Size

Micro Inverter Market Size in 2023 was valued at USD 2.51 million and is estimated to surpass USD 6.48 million by 2032. A microinverter is a device used in solar power systems to convert the direct current (DC) generated by individual solar panels into alternating current (AC). IT is suitable for use in homes and commercial businesses. Unlike traditional solar inverters, a microinverter is designed to be installed on each solar panel separately.

Microinverters offer better monitoring capabilities, as they can provide real-time data on the performance of individual solar panels, allowing easier maintenance and troubleshooting. Further, shading or issues with one solar panel do not affect the output of the entire solar array, thereby augmenting the product adoption. Changing consumer preferences in line with advancements in product and technology development.

COVID– 19 Impact

The COVID- 19 disrupted global supply chains and caused a significant decline in the manufacturing and installation processes. Travel restrictions and workforce limitations also led to various delayed or cancelled solar projects. Further, economic hardships faced by individuals and businesses during the pandemic may have impacted consumer spending and investments in solar energy systems, including microinverters. However, governments' continued support for renewable energy initiatives along with growing awareness of solar energy's benefits.

Micro Inverter Market Trends

Micro Inverter industry will witness an appreciable momentum owing to factors including improved energy harvesting efficiency in comparison to traditional string inverters coupled with real-time monitoring and data collection at the individual panel level. Technological advancements in the semiconductor technology and power electronics will lead to improved efficiency and reduced costs for microinverters. Ongoing proliferation of renewable energy sources including solar, has posed challenges to grid stability owing to their intermittent nature. However, microinverters with their ability to operate independently, contribute to grid stability by reducing voltage fluctuations and reactive power issues. In addition, they can be integrated into smart grid systems, thereby enabling advanced demand-response capabilities and grid management.

Micro Inverter Market Analysis

Based on phase, the micro inverter market is segmented into single phase and three phase. The single phase market holds a market share of over 91% in 2022. The microinverters allow each solar panel to operate independently. Thus shading, soiling, or performance issues do not affect the overall output of the entire solar array and maximize the system's efficiency. It allows homeowners and installers to access detailed data on each panel's performance, allowing easier maintenance and early detection of any potential issues with specific panels. Moreover, Single-phase microinverters operate at a lower DC voltage improves safety during installation, maintenance, and in case of emergencies.

On Grid micro inverter market is set to grow over 9% CAGR by 2032 on account of various advantages comprising higher energy yield, simplified design and installations and enhanced safety of the solar systems during installation, maintenance, and emergencies. On-grid microinverter systems seamlessly interact with the utility grid. Excess electricity generated by the system can be fed back into the grid, allowing homeowners to receive credits for the surplus energy through net metering programs. This feature can lead to cost savings and even financial incentives for solar system owners. In addition, improved grid stability by providing reactive power support and voltage regulation will support offset voltage fluctuations making them beneficial for grid operators.

Residential micro inverter market is set to grow more than USD 6 Billion by the year 2032. Greater flexibility in system design makes the systems easier to accommodate across the varying orientations and sizes of rooftops, allowing the homeowners for custom solar installation. The units also lead to a more aesthetically pleasing installation compared to large, centralized arrays. Further, In a microinverter-based system, if one apartment's microinverter fails, the rest of the apartments' solar panels can continue to function independently. This inherent system redundancy ensures a more reliable and resilient solar energy system for the entire apartment complex. Additionally, Apartments with microinverter systems can benefit from grid interaction and net metering programs.

The U.S. Micro Inverter market was valued at over USD 1.1 billion in 2022. Shifting consumer focus toward solar energy's benefits, including its positive environmental impact and potential cost savings will foster the industry landscape. Advancements in the microinverter technology have led to increased efficiency and reduced costs, thereby enhancing traction as a more efficient and reliable option to maximize the energy production. The residential solar market has been expanding rapidly in the U.S., driven by various factors, including declining solar panel costs, government incentives, and a greater focus on renewable energy.

Europe Micro Inverter industry is set to grow on account of surge in solar installations, both in residential and commercial sectors. Greater emphasis on energy efficiency measures owing to increasing concerns about climate change and energy sustainability will contribute to the demand for efficient and reliable solar solutions, including microinverters. Government incentives, feed-in tariffs, and supportive policies. Furthermore, integration of solar energy systems with energy storage solutions, including batteries, is gaining momentum across the region. Microinverters can support enhance the compatibility and efficiency of such systems.

Micro Inverter Market Share

The major players operating in the micro inverter market includes :

• Darfon Electronics Corp.
• Enphase Energy
• SMA Solar Technology AG
• Altenergy Power System, Inc.
• Fimer Group
• Chilicon Power LLC
• AEconversion GmbH & Co.
• KG, Envertech (Zhejiang Envertech Corporation Limited)
• Sensata Technologies, Inc.
• Northern Electric Power Technology Inc.
• Sparq System
• Yotta Energy
• Growatt New Energy
• NingBo Deye Inverter Technology Co., Ltd.
• Hoymiles
• LeadSolar Energy
• Shenzhen Sako Solar Co., Ltd.
• Dongguan Kaideng Energy Technology Co., Ltd.
• TSUNESS Co., Ltd.
• Chisageess
• Dongguan Maywah Co., Ltd.
   

Micro Inverter Industry News

• In June 2023, Enphase Energy started delivering IQ8 Microinverters with 330 W, 366W & 384 W of peak output AC power in Germany. The product is designed to support high powered solar modules (up to 560 WDC) by increased energy harvesting. It also features easy installation, customization, high efficiency, reliability, and app monitoring. The company will strengthen its position by continuously meeting the high growing demand for home energy solutions across the country.
   
• In March 2023, Altenergy Power System Inc. signed a distribution agreement with OSW to deliver APsystems product across the U.S and Europe. The strategic partnership aims to expand business in the global market with Apsystems’ innovative multi-module microinverters (QT2 microinverters) and OSW’s solar products distribution capabilities. Thereby, the company will be able to develop its presence and stimulate product portfolio across the micro inverter industry.
   

Micro Inverter market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW & USD Million” from 2019 to 2032, for the following segments:

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By Phase, 2019 – 2032 (MW & USD)

• Single phase
• Three phase

By Connectivity, 2019 – 2032 (MW & USD)

• Stand Alone
• On Grid

By Application, 2019 – 2032 (MW & USD)

• Residential
• Commercial

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

• 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