Overview and Scope
Micro inverter refers to a small inverter that converts the direct current (DC) electricity generated by solar panels into alternating current (AC) electricity and is connected to each solar module in an array.
Sizing and Forecast
The micro inverter market size has grown exponentially in recent years. It will grow from <b>$2.87 billion in 2023 to $3.5 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. </b> The growth in the historic period can be attributed to government incentives, solar energy expansion, efficiency improvements, module-level monitoring, grid stability.
The micro inverter market size is expected to see exponential growth in the next few years. It will grow to <b>$7.27 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. </b> The growth in the forecast period can be attributed to reduced installation costs, agricultural applications, floating solar, hybrid microgrids, energy transition. Major trends in the forecast period include smart grid integration, micro inverter innovation, rural electrification, electrification of transportation, energy storage integration.
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Segmentation & Regional Insights
The micro inverter market covered in this report is segmented –
1) By Type: Single Phase, Three Phase
2) By Offering: Hardware, Software And Services
3) By Power Rating: Below 250 W, Between 250 W and 500 W, Above 500 W
4) By Application: Residential, Commercial, PV Power Plant
<b>North America</b> was the largest region in the micro inverter market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the micro inverter market share during forecast period. The regions covered in the micro inverter market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increase in residential solar rooftop installations is expected to propel the growth of the micro inverter market. Microinverters are installed behind each solar panel, to convert the direct current into an alternating current. These microinverters operate independently and perform at their fullest potential compared to conventional or string inverters. For instance, according to the study published by Solar Energy Industries Association, residential solar installations in the United States increased from 19,190.5 megawatts of direct current (MWdc) in 2020 to 23,315.3 MWdc in 2021. Thus, the rise in residential solar rooftop installation and shift in interest towards highly effective power conversion technologies is expected to boost the growth of the microinverters market during the forecast period.
Key Industry Players
Major companies operating in the micro inverter market include <b> Enphase Energy Inc., APsystems Co. Ltd., Canadian Solar Inc., Chilicon Power LLC, Darfon Electronics Corp., FIMER S.p.A., Loom Solar Pvt. Ltd., P&P Energy Technology Co. Ltd., ReneSola Ltd., Sensata Technologies Holding plc, SPARQ Systems Inc., ABB Ltd., AEconversion GmbH, CyboEnergy Inc., Delta Electronics Inc., Eaton Corporation plc, Fronius International GmbH, GoodWe Power Supply Technology Co. Ltd., HiQ Solar, Huawei Technologies Co. Ltd., KACO new energy GmbH, Kostal Solar Electric GmbH, Magnum Energy Solutions LLC, Omnik New Energy Co. Ltd., Pika Energy Inc., Power-One LLC, Redback Technologies Pty Ltd., SMA Solar Technology AG, SolarBridge Technologies Inc., SolarEdge Technologies Inc., Yaskawa America Inc., Sungrow Power Supply Co. Ltd., Sunmagic Solar and Electronics Pvt. Ltd., SunPower Corporation, Tabuchi Electric Co. Ltd. </b>
The micro inverter market report table of contents includes:
1. Executive Summary
2. Micro Inverter Market Characteristics
3. Micro Inverter Market Trends And Strategies
4. Micro Inverter Market – Macro Economic Scenario
5. Global Micro Inverter Market Size and Growth
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31. Global Micro Inverter Market Competitive Benchmarking
32. Global Micro Inverter Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Micro Inverter Market
34. Micro Inverter Market Future Outlook and Potential Analysis
35. Appendix
Top Major Players:
Enphase Energy Inc.
APsystems Co. Ltd
Canadian Solar Inc
Chilicon Power LLC
Darfon Electronics Corp.
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