On Grid Micro Inverter Market
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The global on grid micro inverter market size was valued at more than USD 1.8 billion in 2023 and is anticipated to register more than 9.2% CAGR from 2024 to 2032. Micro inverters are handheld devices that typically are attached or located in close proximity to photovoltaic modules within a photovoltaic system. The micro inverter functions in a more direct manner unlike the usual string inverters which work on multiple solar panels and convert its output to direct current. They further connect directly to solar panels and simultaneously convert the direct current generated by the solar panel into alternating current for the power grid.
Growing emphasis on environmental sustainability coupled with ongoing innovation to improve performance and increase efficiency will drive the business growth. For instance, In June 2023, Growatt New Energy launched its NEO 600-1000M-X micro inverter in Europe. The product is applicable for balcony PV installations and features safety, power system performance and flexibility in one system. Further, the ability to monitor and control the performance of each solar panel independently enabling optimized maintenance in line with key features including shading and mismatch tolerance will boost the product demand.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| On Grid Micro Inverter Market size in 2023: | USD 1.8 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 9.2 |
| 2023 Value Projection: | USD 4.1 Billion |
| Historical Data for: | 2019 to 2022 |
| No of Pages: | 200 |
| Tables, Charts & Figures: | 530 |
| Segments Covered: | Phase, Application and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Capability to harvest optimum power by performing maximum power point tracking for its connected module aligned with growing importance of resilient and decentralized energy systems will drive the business dynamics. Moreover, simple system design and stock management in conjunction with low amperage wires and additional safety will stimulate the product penetration. For instance, in October 2023, Havells India introduced a dual mode micro inverter suitable for on grid mode. Its integration under the solar module eliminated the need for DC wiring, thereby enhancing safety.
Based on phase, the single phase on grid micro inverter industry will grow at a rate of over 8.5% through 2032. Key advantages including improved energy harvest, increased reliability, simplified installation, and maintenance processes in line with increasing interest in small-scale solar installations will drive the industry scenario. In addition, compatibility of these systems with single-phase electrical grids coupled with continuous improvement in monitoring and communication features will foster the business potential.
Based on application, the residential on grid micro inverter market will cross USD 3.7 billion by 2032. Increasing adoption of residential solar PV systems along with integration with smart home systems will sway the industry growth. For instance, according to IEA, in 2023, solar photovoltaic (PV) installations alone represented 75% of the total additions to global renewable energy capacity. In addition to, providing cost-effective solutions for homeowners, making solar energy more financially feasible coupled with favorable net metering policies to receive credits for excess energy will increase product adoption.
North America on grid micro inverter market will grow at a CAGR of more than 8.5% through 2032. Strong commitments to reduce carbon footprint and contributing to a cleaner environment coupled with supportive incentives such as tax credits and rebates will propel to business demand. For instance, in 2023, U.S. Department of Energy (DOE) introduced Advanced Manufacturing Production Tax Credit (45X MPTC). The clean energy components that qualify for the 45X MPTC include the PV module and some of its subcomponents, inverters, tracking system components, batteries, and certain critical minerals. Furthermore, continuous technological advancements in micro inverter technology coupled with major industry players focusing on innovations will complement the industry trends.
Merging with or acquiring technology-focused companies can bring in-house expertise, accelerating product development and improving the technological capabilities of on-grid micro inverters. Distribution agreements with global partners expand the reach while shared research and development efforts can lead to cost-efficient solutions. Collaborative efforts contribute to the growth of on-grid micro inverters by fostering innovation, expanding market reach, optimizing operations, and providing the necessary resources to stay competitive in the dynamic renewable energy market.
Eminent players operating in the on grid micro inverter industry are:
Market, By Phase
Market, By Application
The above information has been provided for the following regions and countries:
AP Systems, Delta, Enphase Energy, Fronius International GmbH, Generac Holdings Inc., Ginglong, Hoymiles, Huawei Technologies Co. Ltd., and SMA Solar Technology AG are some of the prominent on grid micro inverter firms.
North America on grid micro inverter industry size is anticipated to witness more than 8.5% CAGR from 2024 to 2032, due to strong commitment to reduce carbon footprint and coupled with supportive incentives such as tax credits and rebates.
The market size of on grid micro inverter was reached USD 1.8 billion in 2023 and is anticipated to cross USD 4.1 billion by 2032, led by the growing emphasis on environmental sustainability and the ongoing innovations to improve performance and increase efficiency.
On grid micro inverter market from the single phase segment will grow at over 8.5% CAGR through 2032, due to benefits, including improved energy harvest, increased reliability, simplified installation, and maintenance processes in line with the increasing interest in small-scale solar installations.
Demand for residential on grid micro inverter is anticipated to reach USD 3.7 billion by 2032, on account of the increasing adoption of residential solar PV systems along with the higher integration with smart home systems.