Global Micro Inverter Market Report and Forecast 2024-2032

Global Micro Inverter Market Outlook

The global micro inverter market attained a value of USD 2,559.1 million in 2023. The market is projected to grow at a CAGR of 14.42% between 2024 and 2032 to reach USD 5,454.7 million by 2032.

Rising Use of Micro inverters in Solar Panels is Pushing the Growth of the Market

Micro inverters provide a number of technical advantages over other types of solar inverters, such as string and central inverters, which is a major factor fuelling the growth of the market. Micro inverters are located beneath each solar panel and convert direct current (DC) power produced by a single solar panel, unlike conventional inverters, which are placed at a distance from the solar array and can monitor a number of solar panels at the same time. This feature allows micro inverters to work independently and improve efficiency of the solar panels. This is providing impetus to the market growth.

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In addition to this,  micro inverters deliver the maximum potential of the photovoltaic (PV) system. The added advantage of micro inverters to maintain a stable and continuous power flow despite shading of one or more of the solar panels  has enhanced their popularity among end users, thereby furthering the growth of the market. As a result, the rising use of micro inverters in solar panels is driving the growth of the market.

Micro Inverter: Market Segmentation

A micro inverter is referred to as a device that converts direct current energy produced by solar panels into usable electricity. Each micro inverter is connected to a single solar panel for maximum control and dependability.

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The market can be broadly categorised on the basis of technology into:

• Wired 
• Wireless

Based on type, the market can be segmented into:

• Single Phase
• Three Phase

The market, based on connection, can be classified into:

• Stand-Alone
• Grid-Connected

On the basis of end use, the market can be divided into:

• Residential
• Commercial

The EMR report looks into the regional markets of micro inverter like North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

The Hardware Components of Micro Inverters are Leading the Growth of the Market

The growth in the market is projected to be driven by the hardware components of micro-inverter, which includes capacitors, sensors, and microcontroller units (MCUs), among other electric components.  As these  components help in converting DC power from a panel to AC power, they are considered as the key components of the micro inverter system. This is providing impetus to the market growth. In addition to this, AC power is delivered through wires and cables for home and commercial applications. Thus, the hardware components of micro inverters are enhancing the growth of the market. Moreover, as solar panels with micro inverters can be directly integrated, and each panel can be monitored, the market is further growing.

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Key Industry Players in the Global Micro Inverter Market

The report presents a detailed analysis of the following key players in the global micro inverter market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Enphase Energy, Inc.
• Siemens AG
• Chilicon Power, LLC
• Sparq Systems Inc.
• Darfon Electronics Corporation
• Altenergy Power System Inc.
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

Micro Inverter Market Report Snapshots

Micro Inverter Market Size

Micro Inverter Market Growth

Micro Inverter Companies