Residential Micro Inverter Market
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The global residential micro inverter market size was valued at more than USD 2.3 billion in 2023 and is anticipated to register more than 11.1% CAGR from 2024 to 2032. A residential micro inverter is a small-scale power electronics device designed for use in residential solar photovoltaic (PV) systems. Its primary function is to convert the direct current (DC) output from individual solar panels into alternating current (AC) electricity suitable for household use.
Ability to monitor the performance of each solar panel in real-time along with focused innovations on improving efficiency, enhancing monitoring capabilities, and integrating advanced safety features will augment to business growth. For instance, in January 2023, Hoymiles introduced new HMS-C and HMS-D series of microinverters with the aim to lower upfront costs for the end users and maintain overall performance.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Residential Micro Inverter Market size in 2023: | USD 2.3 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 11.1 |
| 2023 Value Projection: | USD 6.2 Billion |
| Historical Data for: | 2019 to 2022 |
| No of Pages: | 150 |
| Tables, Charts & Figures: | 534 |
| Segments Covered: | Phase, Connectivity and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The COVID- 19 pandemic resulted in delays to projects and disruptions in the supply chain for essential components, equipment, and materials, affecting the growth of the HVAC industry. However, the financial support for substantial infrastructure projects, combined with increasing emphasis on environmental sustainability and addressing climate change issues will continue to stimulate the business landscape.
Homeowners seeking for high-performance and reliable solar energy systems combined with decentralized nature of micro inverters allowing system reliability will accelerate the product adoption. Gradual shift from traditional string inverters to micro inverters across the solar installations coupled with increasing demand for rooftop installations will further sway the business statistics. For instance, in September 2022, according to the IEA’s Net Zero by 2050 Roadmap, around 100 million residents will be dependent on rooftop solar by 2030.
Based on phase, the market is segmented as single phase and three phase. The single phase segment will grow at a CAGR over 10.5% through 2032 owing to capability to enhance the energy yield by optimizing the performance of individual solar panels coupled with ongoing efforts by manufacturers to develop cost-effective solutions. Growing customer requirement to integrate these systems with residential energy storage along with continuous technological advancements including smart connectivity will proliferate the business scenario.
Based on connectivity, the on grid residential micro inverter market is anticipated to reach over USD 3.7 billion by 2032. Key features including benefits to the homeowners from both solar power generation and grid connectivity along with shifting consumer preferences towards maximizing the energy production and reducing reliance on the grid will enhance the business potential. Additionally, rising net metering policies and feed-in tariffs offered by utilities coupled with supportive policies and regulatory frameworks that encourage grid-tied solar systems will influence the product penetration.
North America residential micro inverter market is set to grow at a CAGR of more than 9.5% through 2032. Upsurge in integration of the inverters with smart grid technologies along with growing focus on advanced grid management will foster the industry growth. Strategic agreements and acquisitions for large-scale residential developments and community solar projects coupled with inverters offering grid services, contributing to a more flexible and resilient energy infrastructure will augment the business landscape. For instance, in December 2023, Summit Ridge Energy acquired 19 community solar projects of total 100 MW across Virginia, thereby impacting the solar penetration across the region.
The leading players in the market are concentrating on mergers & acquisitions, expanding their facilities, and forming strategic partnerships to broaden their product range, reach more customers, thereby strengthen their market position. Companies prioritizing an acquisition strategy, alongside the geographic expansion of key players, are expected to increase market competition throughout the forecast period.
Eminent players operating in the residential micro inverter industry are:
Market, By Phase
Market, By Connectivity
The above information has been provided for the following regions and countries:
Some of the major residential micro inverter industry players are Darfon Electronics Corp., Enphase Energy, SMA Solar Technology AG, Altenergy Power System, Inc., Fimer Group, Chilicon Power, LLC, Sensata Technologies, Inc., and Sparq Systems.
North America residential micro inverter industry size is expected to witness more than 9.5% CAGR from 2024 to 2032, owing to the upsurge in integration with smart grid technologies along with the growing focus on advanced grid management.
The single phase residential micro inverters market will exhibit over 10.5% CAGR through 2032, owing to the higher need to enhance the energy yield by optimizing the performance of individual solar panels.
The market size of residential micro inverter was worth over USD 2.3 billion in 2023 and is anticipated to exceed USD 6.2 billion by 2032, due to higher adoption to convert the direct current (DC) output from individual solar panels into alternating current (AC) electricity for household use.