What Is The Current and Historic Market Size Analysis Of The Micro Inverter Market?
The micro inverter market has seen considerable growth due to a variety of factors.
• The dimension of the micro inverter market has seen rapid expansion in the past few years. The market, valued at $3.45 billion in 2024, is forecasted to swell to $4.17 billion in 2025, experiencing a compound annual growth rate (CAGR) of 21.0%.
This growth in the previous years is mainly due to government incentives, the widespread adoption of solar energy, increased efficiency, module level surveillance, and grid stability.
What Are The Predictions for The Micro Inverter Market Size In The Coming Years?
The micro inverter market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the micro inverter market size is projected to experience accelerated growth, ballooning to a staggering $8.44 billion in 2029 with a compound annual growth rate (CAGR) of 19.3%.
This upward trajectory can be ascribed to factors such as lower installation costs, agricultural applications, floating solar technologies, hybrid microgrids, and energy transition. Key trends expected to shape the growth during the forecast period are the integration of smart grids, innovation of micro inverters, rural electrification, increased electrification of transportation, and energy storage integration.
What Are The Essential Drivers Behind The Growth Of The Micro Inverter Market?
Expected expansion in home solar rooftop set ups is likely to fuel the progression of the micro inverter market. These microinverters, which are positioned behind each solar panel to transform direct current into alternating current, operate on their own and are more effective than traditional or string inverters. For example, a report by the France-based International Energy Agency disclosed that in July 2023, solar photovoltaic (PV) production increased impressively by 270 terawatt-hours (26%), reaching about 1,300 terawatt-hours in 2022. The report predicts that solar PV's installed power capacity will likely exceed that of coal by 2027, making it the largest power capacity source globally. Moreover, the report anticipates the combined capacity of solar PV will almost triple in the forecast, increasing by roughly 1,500 gigawatts within the given time frame, outperforming natural gas by 2026 and coal by 2027. Therefore, the upward trend in home solar rooftop setups and increased interest in efficient power conversion methods are poised to stimulate the expansion of the microinverters market during the projected timeframe.
How Is The Global Micro Inverter Market Divided Into Key Segments?
The micro inverter market covered in this report is segmented –
1) By Type: Single Phase, Three Phase
2) By Offering: Hardware, Software And Services
3) By Power Rating: Below 250 W, Between 250 W and 500 W, Above 500 W
4) By Application: Residential, Commercial, PV Power Plant
Subsegments:
1) By Single Phase: Grid-Tied Single Phase Micro Inverters, Off-Grid Single Phase Micro Inverters
2) By Three Phase: Grid-Tied Three Phase Micro Inverters, Off-Grid Three Phase Micro Inverters
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What Trends Are Reshaping The Future Of The Top Major Players Market?
Leading firms in the microinverters sector are concentrating on developing innovative products like the IQ8 microinverters, to ensure dependable service offerings. IQ8 microinverters serve as potent microinverters designed particularly for residential solar solutions aimed at customers. For example, Enphase Energy Inc., a US-based energy technology enterprise, introduced IQ8 microinverters in October 2023. These are specifically engineered to optimize energy generation, capable of handling a constant direct current (DC) of 14 amperes, and can facilitate more energy gathering for high-powered solar modules. Moreover, IQ8 microinverters come in two models, namely, IQ8HC and IQ8P, with power outputs of 384 Watts (W) and 480 Watts (W) respectively.
Who Are the Key Players in the Micro Inverter Market?
Major companies operating in the micro inverter market include:
• Enphase Energy Inc.
• APsystems Co. Ltd.
• Canadian Solar Inc.
• Chilicon Power LLC
• Darfon Electronics Corp.
• FIMER S.p.A.
• Loom Solar Pvt. Ltd.
• P&P Energy Technology Co. Ltd.
• ReneSola Ltd.
• Sensata Technologies Holding plc
• SPARQ Systems Inc.
• ABB Ltd.
• AEconversion GmbH
• CyboEnergy Inc.
• Delta Electronics Inc.
• Eaton Corporation plc
• Fronius International GmbH
• GoodWe Power Supply Technology Co. Ltd.
• HiQ Solar
• Huawei Technologies Co. Ltd.
• KACO new energy GmbH
• Kostal Solar Electric GmbH
• Magnum Energy Solutions LLC
• Omnik New Energy Co. Ltd.
• Pika Energy Inc.
• Power-One LLC
• Redback Technologies Pty Ltd.
• SMA Solar Technology AG
• SolarBridge Technologies Inc.
• SolarEdge Technologies Inc.
• Yaskawa America Inc.
• Sungrow Power Supply Co. Ltd.
• Sunmagic Solar and Electronics Pvt. Ltd.
• SunPower Corporation
• Tabuchi Electric Co. Ltd.
What are the Regional Insights into the Micro Inverter Market?
North America was the largest region in the micro inverter market in 2024. Asia-Pacific is expected to be the fastest-growing region in the micro inverter market share during forecast period. The regions covered in the micro inverter market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
