Micro Inverter Market Growth $33.27 Billion By 2032, CAGR: 25.5%

Micro Inverter Market Size Worth $33.27 Billion By 2032 | CAGR: 25.5%


The global micro inverter market size is expected to reach USD 33.27 billion by 2032, according to a new study by Polaris Market Research. The report Micro Inverters Market Share, Size, Trends, Industry Analysis Report, By Type (Single Phase and Three Phase); By Components; By Communication Technology; By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Micro inverters are components used in solar power systems that change the electricity produced by individual solar panels from direct current (DC) to alternating current (AC). A single central inverter is used to convert the DC power from each solar panel in a standard solar power system's string of several panels connected in series into AC power.

Ongoing research and development efforts lead to continuous technological advancements in microinverter design and functionality. Innovation in areas such as power electronics, communication protocols, and materials contributes to improved performance and reliability.

Significant sales prospects are emerging in developing countries across the North American region. The escalating adoption of solar photovoltaics in the residential sector of the USA is predominantly propelled by cost savings in electricity, rising demand for alternative energy sources, and the pressing need to mitigate the risks of climate change. In August 2022, Enphase Energy Inc. made a strategic move by acquiring GreenCom Networks, a provider of Internet of Things software solutions based in Germany. This acquisition is poised to offer installers a comprehensive range of home energy management systems and streamline the integration of green electric vehicle charging solutions.

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The abundant availability of solar energy and its significant potential are further catalyzing the shift towards solar energy over conventional power sources in the USA. This shift is expected to drive the sales of solar microinverters. Projections indicate that the USA will contribute approximately 34.8% to the global market share of solar microinverters during the envisaged timeframe.

Furthermore, governments establish renewable portfolio Standards or renewable energy targets, requiring a certain percentage of energy generation to come from renewable sources, including solar power. These standards create a market demand for solar energy and drive investment in solar projects. Furthermore, this application of micro inverters is supposed to see tremendous growth in the upcoming years.

Micro Inverters Market Report Highlights

  • In 2023, the single-phase segment accounted for the largest market share due to increasing demand for industries and a growing population. A single-phase inverter can use the single-phase electricity produced by the solar modules to connect to single-phase appliances or the grid. Single-phase inverters come in two varieties: full-bridge and half-bridge.
  • The residential segment is projected to grow at the fastest rate during the forecast period. Micro inverters are generally compact and lightweight, contributing to a cleaner and more aesthetically pleasing solar installation. In residential neighborhoods, where visual appeal is a consideration, the compact design of micro inverters is advantageous. Additionally, their smaller size allows for efficient use of available roof space.
  • In 2023, Asia Pacific accounted for the largest market share due to a surge in residential solar installations. The modularity, scalability, and compatibility of microinverters with the often-varying rooftop conditions in residential areas have made them popular among homeowners.
  • North America is expected to witness the fastest market during the forecast period; due to beyond residential installations, there has been an increased interest in solar energy adoption by commercial and industrial entities.
  • The global key market players AEconversion GmbH & CO. KG, Altenergy Power Systems, Bluesun Solar Co., Ltd., Chilicon Power LLC, Enphase Energy, Envertech, Hoymiles, Ningbo Deye Inverter Technology Co Ltd, Solar Panels Plus, ZJBENY.

Polaris Market Research has segmented the micro inverters market report based on type, components, communication technology, application and region:

Micro Inverters, Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Single Phase
  • Three Phase

Micro Inverters, Components Outlook (Revenue - USD Billion, 2019 - 2032)

  • Hardware
  • Software
  • Services

Micro Inverters, Communication Technology Outlook (Revenue - USD Billion, 2019 - 2032)

  • Wired
  • Wireless

Micro Inverters, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Residential
  • Commercial
  • PV Power Plant
  • Others

Micro Inverters, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of APAC
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of MEA

Micro Inverter Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 5.40 billion

Revenue forecast in 2032

USD 33.27 billion

CAGR

25.5% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024– 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments Covered

By Type, By Components, By communication technology, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization

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  • Industry outlook
  • Competitive landscape
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