What is the global market size of the Microinverters Market?

Global Microinverters Market size was valued at USD 3.5 billion in 2021 and is poised to grow from USD 4.3 billion in 2022 to USD 7.47 billion by 2030, with the CAGR of 8.2% in the forecast period (2023-2030).

Microinverters Market Size, Share, Growth Analysis, By Type(Hardware and Software), By End-User(Residential and Commercial), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45I2084 | Region: Global | Published Date: April, 2024
Pages: 197 | Tables: 59 | Figures: 75

Microinverters Market Dynamics

Microinverters Market Drivers

Increasing adoption of renewable energy sources

The global micro-inverters market is increasing because of the desire of accepting renewable energy sources such as solar power among the people. As the world is shifting toward cleaner and greener energy choices, micro-inverters are showing its popularity because it improves the performance of solar panels along with enhanced and effective solar power systems. In addition, the growing trend of distributing energy systems is also driving the demand for microinverters. It offers advanced monitoring capabilities and safety enhancement of solar panels by keeping their electrical outputs isolated.

Microinverters Market Restraints

High cost of microinverter systems

The main restraints for the global micro-inverters market is the high cost of these micro-inverter systems. The high cost can hamper the growth of the market. However, these systems offer better efficiency and safety features. It is usual that the cost of manufacturing and installing will be high. While the regions where the electricity cost is low, the market will be downgraded in these regions because of its high cost.

Microinverters Market Report Snapshots

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Microinverters Market size was valued at USD 4.3 Billion in 2022 and is poised to grow from USD 4.65 Billion in 2023 to USD 8.74 Billion by 2031, growing at a CAGR of 8.20% in the forecast period (2024-2031).

Microinverters Market Top Player’s Company Profiles 'Enphase Energy', 'SolarEdge Technologies', 'SMA Solar Technology', 'ABB ', 'Huawei Technologies Co., Ltd. ', 'SunPower Corporation ', 'Tigo Energy ', 'Chilicon Power ', 'Delta Electronics ', 'Fronius International GmbH ', 'Ginlong Technologies ', 'KACO new energy GmbH ', 'Omron Corporation ', 'Schneider Electric ', 'Siemens AG ', 'SolarBridge Technologies ', 'Solaredge', 'Sparq Systems, Inc. ', 'TMEIC Corporation ', 'Yaskawa Electric Corporation '

The main restraints for the micro-inverters market is the high cost of these micro-inverter systems. The high cost can hamper the growth of the market. However, these systems offer better efficiency and safety features. It is usual that the cost of manufacturing and installing will be high. While the regions where the electricity cost is low, the market will be downgraded in these regions because of its high cost.

The increasing adoption of advanced monitoring and control features is the key trend in the microinverter market. The rise of Internet of Things (IoT) and the availability of cloud-based platforms are enhancing the demand of microinverters by equipping them with them. By equipping them, it increases the performance of the microinverter by providing real time data on energy output. Additionally, the integration of artificial intelligence (AI) and machine learning (ML) type technologies is also enhancing the market growth in coming years.

For the Microinverters market, North America currently dominates the market. There are several major players in the region who are pushing the market upward in coming years, key players such as Enphase Energy and SolarEdge Technologies, and has a well-established renewable energy infrastructure. In North America, the United States is the largest market for microinverters, with a high level of solar energy adoption and government policies supporting the growth of the market.

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Microinverters Market Size, Share, Growth Analysis, By Type(Hardware and Software), By End-User(Residential and Commercial), By Region - Industry Forecast 2024-2031

Microinverters Market Dynamics

Microinverters Market Report Snapshots

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