USD 2.2 billion
Micro Inverter Market Size, Share, Growth Analysis, By Phase(Single Phase, Three Phase), By Connectivity(Standalone, On-grid), By Application(Residential, Commercial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55E2032 |
Region:
Global |
Published Date: March, 2024
Pages:
182
|Tables:
87
|Figures:
76
Micro Inverter Market Insights
Global Micro Inverter Market size was valued at USD 2.2 billion in 2022 and is poised to grow from USD 2.42 billion in 2023 to USD 5.1 billion by 2031, growing at a CAGR of 9.8% in the forecast period (2024-2031).
The global micro inverter market demonstrates a dynamic landscape shaped by various influential factors that contribute to its growth and progression. A prominent catalyst driving this market is the escalating adoption of renewable energy sources, particularly within solar photovoltaic (PV) systems. Micro inverters, in this context, play a pivotal role by offering distinct advantages, including individual module-level power optimization, heightened system efficiency, and enhanced flexibility in system design. These attributes significantly augment their attractiveness across residential, commercial, and utility-scale solar installations.
The ongoing shift towards decentralized energy generation and the increasing preference for distributed energy systems further amplify the demand for micro inverters.
The trajectory of market expansion is further accentuated by technological advancements. Manufacturers of micro inverters are diligently concentrating on enhancing the efficiency, dependability, and longevity of their offerings.
In essence, the global micro inverter market showcases a complex interplay of factors that contribute to its growth and development. The rise in the adoption of renewable energy, especially in the realm of solar PV systems, remains a pivotal driving force.
US Micro Inverter Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Single Phase
Fastest Growth
Single Phase
Growth Rate
9.8% CAGR
Global Micro Inverter Market ($ Bn)
Country Share for North America Region (%)
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Micro Inverter Market Segmental Analysis
The global micro inverter market is segmented on the basis of phase, connectivity, application, region. By phase, the market is segmented into single phase, three phase. By application, the market is segmented into residential, commercial. By connectivity, the market is segmented into standalone, on-grid. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Micro Inverter Market Analysis By Phase
In the context of the global micro inverter market's phase-based segmentation, it is noteworthy that the single phase category takes the lead as the dominant player. This suggests that a significant portion of the market demand is currently met by single-phase micro inverters. The choice of single-phase micro inverters is driven by their suitability for various applications, particularly in residential and smaller-scale commercial settings.
In contrast, the three phase category is experiencing growth, indicating a rising interest in larger-scale solar setups and commercial installations. Three-phase micro inverters cater to systems with higher power requirements, making them well-suited for larger commercial, industrial, and utility-scale projects. As the adoption of renewable energy continues to expand, the demand for three-phase micro inverters is gaining traction due to their capacity to efficiently manage higher power loads and provide enhanced performance in more extensive energy generation scenarios.
Micro Inverter Market Analysis By Application
Within the global micro inverter market's application-based segmentation, the residential category holds the dominant share. This indicates that a significant portion of the market demand is driven by residential applications, where micro inverters play a pivotal role in optimizing solar energy generation. The dominance of the residential segment is attributed to micro inverters that offer a higher level of flexibility and efficiency for residential solar installations. The trend towards residential solar adoption has been growing globally, driven by increasing awareness of renewable energy benefits, government incentives, and a desire for energy independence. As a result, the residential segment remains a significant driver of the micro inverter market.
On the other hand, the commercial segment also contributes to the market's growth, albeit to a lesser extent. Commercial installations, including businesses, institutions, and small-scale industrial operations, are recognizing the value of micro inverters in maximizing energy production and efficiency for their solar arrays. However, the residential sector's dominance reflects the widespread adoption of micro inverters among homeowners seeking to harness the benefits of solar energy while ensuring optimal performance and reliability.
Global Micro Inverter Market By Phase
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Micro Inverter Market Regional Insights
North America stands as a significant player in the micro inverter market. The United States has witnessed robust growth in the adoption of solar photovoltaic (PV) systems, both in residential and commercial sectors. Favorable government policies, such as tax incentives and net metering programs, have incentivized solar adoption, propelling the demand for micro inverters. Moreover, the trend towards decentralized energy generation and the increased focus on sustainability further drive the adoption of micro inverters in this region. Canada, too, has embraced solar energy, contributing to the growth of the North American micro inverter market.
In Europe, countries like Germany, the United Kingdom, and the Netherlands have embraced renewable energy sources, including solar, as part of their efforts to transition towards cleaner energy systems. Government incentives and policies promoting renewable energy adoption have led to increased installations of solar PV systems, thereby driving the demand for micro inverters. Moreover, the European Union's emphasis on reducing carbon emissions and achieving energy independence has fueled the growth of the micro inverter market across the continent.
The Asia-Pacific region is also witnessing substantial growth in the micro inverter market. Countries such as China, Japan, South Korea, and Australia are investing in renewable energy projects to meet their energy demands while reducing carbon emissions. In China, government initiatives to promote solar energy, along with an expanding residential sector, have contributed to the market's growth. In Japan, where space for solar installations is limited, micro inverters' ability to optimize energy production from individual panels has become crucial. Emerging economies in the Asia-Pacific, such as India and Southeast Asian nations, are also gradually adopting solar energy technologies, which in turn drives the demand for micro inverters. The region's focus on electrification and access to clean energy further contributes to the micro inverter market's expansion.
Latin America and the Middle East are experiencing increased interest in renewable energy, including solar PV systems. Governments in these regions are investing in renewable energy projects to diversify their energy mix and reduce dependence on fossil fuels. These efforts have led to the growth of the micro inverter market in these regions as well.
Global Micro Inverter Market By Region
- Largest
- Fastest
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Micro Inverter Market Dynamics
Micro Inverter Market Drivers
Growing Adoption of Solar Energy
- The increasing global shift towards renewable energy sources, particularly solar photovoltaic (PV) systems, drives the demand for micro inverters. Micro inverters enable individual panel-level optimization, enhancing the efficiency and performance of solar installations.
Improved Efficiency and Flexibility
- Micro inverters offer benefits such as improved system efficiency, flexibility in system design, and individual module-level power optimization. These advantages are appealing to residential, commercial, and utility-scale solar installations, driving market growth.
Decentralized Energy Generation
- The trend towards decentralized energy generation and distributed energy systems is fueling the demand for micro inverters. These devices allow for module-level monitoring and fault detection, making maintenance more efficient and enhancing system reliability.
Micro Inverter Market Restraints
Higher Initial Cost
- Micro inverters are generally more expensive than traditional central inverters, contributing to higher upfront costs for solar installations. This can be a deterrent for cost-sensitive markets.
Complexity of Installation
- The installation of micro inverters requires careful consideration of module compatibility and electrical design. The complexity of installation may increase labor costs and installation time.
Maintenance and Repairs
- While micro inverters offer module-level monitoring, identifying and repairing faults in a distributed system can be challenging. Maintenance and repairs can be more intricate compared to central inverters.
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Micro Inverter Market Competitive Landscape
The global micro inverter market presents a competitive landscape characterized by several prominent players striving for market share and innovation. Companies such as Enphase Energy, SolarEdge Technologies, SMA Solar Technology AG, and ABB Ltd. are at the forefront of the market. These key players focus on product development, technological advancements, strategic collaborations, and mergers and acquisitions to maintain their competitive edge.
Innovation plays a pivotal role in gaining a competitive advantage. Companies are consistently investing in research and development to enhance the efficiency, reliability, and performance of micro inverters. Furthermore, partnerships with solar panel manufacturers, integrators, and energy storage providers are crucial for expanding their customer base and market reach.
Micro Inverter Market Top Player’s Company Profiles
- SMA Solar Technology AG (Germany)
- Chilicon Power LLC (USA)
- APsystems (USA)
- Solis Energy Solutions Inc. (USA)
- Delta Electronics Inc. (Taiwan)
- Ginlong Technologies (China)
- Darfon Electronics Corp. (Taiwan)
- SunPower Corporation (USA)
- Yaskawa - Solectria Solar (USA)
- Huawei Technologies Co., Ltd. (China)
- Altenergy Power System Inc. (USA)
- SolaX Power (China)
- Fronius International GmbH (Austria)
- Green Power Technologies (USA)
- Growatt New Energy Technology Co., Ltd. (China)
- Sungrow Power Supply Co., Ltd. (China)
- Power Electronics (Spain)
Micro Inverter Market Recent Developments
-
In February 2024, Sparq Systems Inc., headquartered in Canada, announced the execution of a manufacturing and supply agreement with Jio Things Limited, a prominent technology entity in India and a subsidiary of Jio Platforms Limited (JPL). This collaboration entails joint efforts in the development, production, and global distribution of microinverters in India, integrating Sparq’s advanced microinverter technology into Jio Things’ solutions worldwide.
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In January 2024, Enphase Energy began shipping its updated IQ8 microinverters: the IQ8HC and IQ8X. Both have a peak power output of 384 WAC and can pair with solar modules with ratings up to 540 WDC.
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In December 2023, Spitzer Energy, the innovative developer of affordable residential and commercial solar energy products, announced a new line of microinverters with increased AC production capability that reduces clipping, allows for longer daytime production, and provides greater DC to AC throughput.
Micro Inverter Key Market Trends
- Emergence of ML and AI: Machine learning (ML) and artificial intelligence (AI) are being employed to optimize the performance of micro inverters. ML algorithms can predict and prevent faults, enhancing system reliability.
- Residential Sector Growth: The residential sector is witnessing significant growth in micro inverter adoption. Homeowners are increasingly recognizing the benefits of individual module optimization and reliable monitoring for their solar systems.
- Global Market Expansion: As solar adoption spreads across the globe, the micro inverter market is expanding into various regions, including emerging economies. Government incentives and supportive policies further stimulate market growth
Micro Inverter Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global micro inverter market analysis, the global micro inverter market is witnessing a robust growth trajectory driven by the increasing adoption of renewable energy sources, particularly solar photovoltaic systems. The prominence of single-phase micro inverters and their dominance in the residential segment underscores the growing interest in decentralized energy generation and enhanced system efficiency. However, the three-phase micro inverter segment is also showing potential for growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.2 billion |
| Market size value in 2031 | USD 5.1 billion |
| Growth Rate | 9.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Micro Inverter Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Micro Inverter Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Micro Inverter Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Micro Inverter Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Micro Inverter Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Micro Inverter Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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