The global solar microinverter market size is expected to grow at a CAGR of 18.1% from 2022 to 2032, reaching a valuation of US$ 5,716.0 Mn by 2032. By system type, the integrated system category is set to make up over 8% of the global solar microinverter market share in 2022.
In 2016, the market for solar micro inverters is anticipated to grow 11.4 percent annually, reaching a value of US$ 488.2 Mn. A DC to AC inverter used with photovoltaic systems is called a solar micro inverter. A micro inverter operates on Module Level Power Electronics, which means that power conversion happens at the module level as opposed to conventional string/central inverters.
The need to increase overall system efficiency and safety, as well as the number of photovoltaic (PV) installations, are both expected to increase demand for solar micro inverters.
Due to falling prices and new products, the growing demand for solar micro inverters will continue to penetrate the market for module-level power electronics.
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The higher adoption of photovoltaic installations is a key factor driving the growth of the global solar micro inverters market. Moreover, rising preference for fully integrated PV modules or AC Modules, is anticipated to fuel the demand for solar micro inverters. The U.S. National Electric Code (NEC) also favours the usage of micro inverter technology and is driving the demand for micro inverters in the North American market. However, the use of power optimisers as an alternative to micro inverters can restrain the growth of the global solar micro inverter market.
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On the basis of system type, the global market for solar micro inverters is expected to be dominated by Stand Alone system sales, followed by micro inverter systems sold for developing AC Modules, named as integrated systems. In 2015, the stand alone solar micro inverter systems procured global market share of 96.7%, and are expected to attain estimated revenues of US$ 471 Mn by 2016-end.
By end-user type, the residential segment of the global market will continue dominance over the commercial segment by attaining a market share of 76.2% in 2016. Among residential end-users, changing consumer preference for more efficient and safe inverter alternative will prompt the replacement of conventional inverters with solar micro inverters. Dropping prices and rising commercial scale PV installations will incite extensive growth in the demand for solar micro inverters among the commercial segment as well.
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Due to the varying use of micro inverters across the world, global players are concentrating on regions where awareness about using renewable energy resources is higher. Robust adoption of PV storage systems in the U.S. will continue to fuel demand for solar micro inverters in North America, and the region is expected to attain market value of US$ 282.2 Mn in 2016.
Moreover, Asia Pacific excluding Japan (APEJ) is expected to be a lucrative region for the growth of the global market. The growing trade of inexpensive inverters in China and India will boost the demand for solar micro inverters in APEJ region. The key players contributing to the growth of the global solar micro inverters market include, SMA, Darfon Electronics, ABB, APSytems, Chilicon Power, iEnergy, Enphase, NEP, SunPower, and Sparq Systems among others.
Long-term Outlook: The global solar micro inverters market is expected to expand at a CAGR of 16.6% during the forecast period 2016-2026. Over the forecast period, North America and APEJ will continue to be the most profitable regions for the growth of the global market for solar micro inverters.
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Key Segments Covered
By System Type
- Stand-Alone
- Integrated
By End Use Type
- Residential (0-20Kw)
- Commercial (20Kw-1Mw)
- Utility (1Mw and above)
Key Regions/Countries Covered
- North America
- U.S.
- Canada
- Latin America
- Chile
- Brazil
- Mexico
- Rest of Latin America
- Western Europe
- Germany
- Italy
- France
- U.K.
- Spain
- Belgium
- Netherlands
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- China
- India
- ASEAN
- Australia
- Rest of APEJ
- Japan
- Middle East & Africa
- GCC
- South Africa
- Rest of MEA
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