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

Global 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).

The global market for microinverters has seen significant growth in recent years. The market is driven by various factors that have been involved and shaped its introduction and widespread adoption. Distinct traditional string inverters, which are connected to multiple solar panels, microinverters are installed on individual panels, allowing for better energy harvesting and system performance. One of the key factors contributing to the introduction and popularity of microinverters is their enhanced efficiency and energy yield. By having an inverter attached to each solar panel, microinverters optimize the power output of each individual panel, regardless of shading or soiling issues. It ensures maximum power generation from the entire PV array, leading to higher energy production compared to string inverters. Another factor driving the growth of the microinverter market is the improved safety and reliability they offer. In traditional string inverter systems, the entire solar array is connected in series, meaning that if one panel experiences a malfunction or shading, it affects the performance of the entire array. With microinverters, each panel operates independently, minimizing the impact of any individual panel failure on the overall system. This increased reliability reduces maintenance costs and enhances the overall safety of the system.

Microinverters also offer scalability and flexibility in system design. When we are using a typical inverter, the inverter's capacity sets the maximum system size. On the other hand, microinverters enable modular system growth since more panels may be added without having to replace the entire inverter system. In residential and commercial installations, this scaling capability is particularly useful in situations where energy consumption may vary over time. The microinverter market has expanded as a result of the increase in home solar systems. Solar energy is becoming more and more popular among homeowners as a means of lowering electricity costs and lowering their carbon footprint. Based on their better performance, ease of installation, and ability to monitor individual panels, microinverters are a more alluring choice for residential installations.

US Microinverters Market is poised to grow at a sustainable CAGR for the next forecast year.