Global Micro Inverter Market

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 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

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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 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. 'Enphase Energy (USA)', 'SolarEdge Technologies (Israel)', 'ABB Ltd. (Switzerland)', '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)'

The increasing 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.

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.

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.

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Global Micro Inverter Market

Report ID: SQMIG55E2032

$5,300
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