Standalone Micro Inverter Market
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Standalone Micro Inverter Market was valued at more than USD 700 million in 2023 and is anticipated to grow over 15.2% CAGR between 2024 and 2032. A micro inverter is a device used in solar photovoltaic (PV) systems to convert the direct current (DC) generated by individual solar panels into alternating current (AC) for immediate use or feeding into the electrical grid. These are typically installed on a per-panel basis. Each micro inverter works independently, optimizing the performance of each solar panel and providing flexibility in system design.
Growing requirement for energy independence and self-sufficiency among consumers and businesses coupled with expanding solar industry across the residential sector will drive the market growth. The homeowners seeking optimal energy production from the limited rooftop space and those who are dealing with shading challenges will increase the product penetration.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Standalone Micro Inverter Market size in 2023: | USD 700 Million |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2023 - 2032 CAGR: | 15.2 |
| 2023 Value Projection: | USD 2.7 Billion |
| Historical Data for: | 2019 - 2022 |
| No of Pages: | 150 |
| Tables, Charts & Figures: | 500 |
| Segments Covered: | Phase, Application and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The COVID- 19 pandemic led to disruptions in global supply chains, unavailability of components and materials necessary for manufacturing along with delays impacting the production timelines. Restrictions on movement and social distancing measures led to labor shortages at project sites, thereby affecting the product demand. Moreover, increasing investments in clean energy projects in line with renewed focus on distributed energy systems will influence the market trends.
The system providing individual panel optimization, module-level monitoring, and design flexibility aligned with growing emphasis on advanced monitoring solutions will stimulate the business potential. Moreover, innovations in power electronics, communications, and materials along with improved manufacturing processes and robust designs will contribute to the industry dynamics.
The single phase standalone micro inverter industry is projected to witness over 14.5% growth rate from 2024 to 2032, owing to ease of installation and simplicity associated with the systems in conjunction with homeowners seeking to generate their own clean energy with compact and efficient solutions. Growing awareness and emphasis on energy efficiency in line with inclusion of smart inverter capabilities including advanced communication, monitoring, and control functionalities will foster the business potential. The series offers single-phase microinverter, specifically designed for DIY PV systems and balcony.
Based on application, the sector will account for over USD 1.9 billion by 2032. Rising demand for clean and more aesthetically pleasing installations in line with manufacturers focusing on optimizing production processes to make these solutions more affordable for residential customers will complement the business scenario. Surge in residential solar installations coupled with rapid technological advancements will further accelerate the industry landscape. The product is applicable for balcony PV installations and features advanced safety, power system performance and flexibility in the system.
Europe standalone micro inverter market is set to exhibit around 17.5% CAGR up to 2032. Supportive government incentives, subsidies, and investments promoting the adoption of solar energy storage systems along with integration of hybrid solar and storage systems, offering homeowners greater control over their energy consumption which will sway the market trends. For instance, in November 2023, the U.S. Treasury Department and IRS released new rules and guidance for the investment tax credit for standalone energy storage system (ESS) projects.
The standalone micro inverter industry is becoming more competitive, leading to market consolidation. Mergers, acquisitions, and partnerships are shaping the industry landscape as companies seek to strengthen their market positions and offerings. Additionally, collaborations between microinverter manufacturers and solar panel producers will lead to integrated inverter-panel solutions., thereby contributing to innovation and product improvement.
Eminent players operating in the standalone micro inverter industry are:
Market, By Phase
Market, By Application
The above information has been provided for the following regions and countries:
Some of the key standalone micro inverter market participants include AIMS Power, Altenergy Power System Inc., Chilicon Power, Darfon Electronics, Delta Electronics, and Enphase Energy.
The market size of standalone micro inverter was reached USD 700 million in 2023 and is anticipated to record 15.2% CAGR up to 2032, due to the rising requirement for energy independence and self-sufficiency among consumers and businesses.
Standalone micro inverter market from the residential application segment may cross USD 1.9 billion by 2032, due to the rising demand for clean and more aesthetically pleasing installations.
Europe standalone micro inverter market size is expected to witness more than 17.5% CAGR through 2032, owing to the presence of supportive government incentives, subsidies, and investments for the adoption of solar energy systems along with integration of hybrid solar and storage systems.