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Residential Micro Inverter Market Size

Report ID: GMI7827
Published Date: Jan 2024
Report Format: PDF

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Residential Micro Inverter Market Size

Residential Micro Inverter Market was valued at USD 2.3 billion in 2023 and is projected to grow at a CAGR of over 11.1% between 2024 and 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.

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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.

Residential Micro Inverter Market Report Attributes
Report Attribute	Details
Base Year:	2023
Residential Micro Inverter Market Size in 2023:	USD 2.3 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	11.1%
2032 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:	Increased productivity and economic viability. Positive outlook toward clean energy Favorable regulatory inclination toward sustainable energy
Pitfalls & Challenges:	Availability of auxiliary technologies

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Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of residential micro inverter was worth over USD 2.3 billion in 2023 and is anticipated to exceed USD 6.1 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.

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.

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.

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.