The micro inverter market is expected to experience significant growth, with sales projected to increase at a robust CAGR of 9.6% from 2022 to 2032, reaching a total of over USD 4.36 Billion by the end of 2032.
In 2021, the global micro inverter market reached a valuation of USD 1.59 Billion, and it is anticipated to surpass USD 3 Billion by 2028. This growth is driven by increased investments in renewable power generation technologies to address energy shortages and a growing recognition of the technical benefits offered by micro inverters compared to traditional solar inverters.
Despite optimistic growth forecasts, the global micro inverter market encounters several challenges that significantly impede its expansion. Key factors contributing to these hurdles include the high installation expenses associated with solar panels and the growing preference for string inverters.
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A micro inverter is a compact inverter specifically crafted for individual solar panels, as opposed to a string of solar modules. This user-friendly device, often utilized in photovoltaics, transforms the direct current (DC) produced by a single solar module into alternating current (AC).
It presents several advantages, such as straightforward installation processes, enhanced optimization, flexible design options, and heightened safety measures. Additionally, it aids in generating optimal power by executing maximum power point tracking (MPPT) for the attached module.
Regionally, North America, spearheaded by the USA, is emerging as a promising market for micro inverters owing to the presence of leading market players like Enphase Energy, increasing government investments in expanding solar infrastructure, and availability of advanced micro inverter products.
Competitive Landscape
Leading micro inverter manufacturers are continuously adopting various strategies such as new product launches, partnerships, acquisitions, collaborations, mergers, price reduction, and strengthening of distribution channels to gain a competitive edge in the global micro inverter market. Further, they are putting various efforts to educate people about the advantages of using clean energy technologies on the environment.
Darfon Electronics Corp., Siemens, Solar Edge Technologies, Inc., Alternative Power System, Inc., Enphase Energy, Sensata Technologies, Inc., TMEIC, Fimer Group, Chilicon Power, LLC, AEconversion GmbH & Co. KG, Sparq Systems, Yotta Energy are the Leading Players
For instance:
- In October 2021, Enphase Energy, the USA based micro-inverter manufacturer, launched Enphase IQ8+, the industry’s first microgrid-forming microinverter capable of forming a microgrid during a power outage using only sunlight, providing backup power even without a battery.
- In 2021, Generac acquired Chilicon Power, a designer, and provider of grid-interactive microinverter and monitoring solutions for the solar market.
- In June 2021, Yotta Energy, a cutting-edge energy storage solutions provider, partnered with APsystems.
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Key Segments
By Phase:
- Single Phase
- Three Phase
By Connectivity:
- Standalone
- On-grid
By Application:
- Residential
- Commercial
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
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