Wilmington, Delaware, United States, March 13, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The market size of solar micro inverters was worth US$ 2.0 billion in 2022. A CAGR of 18.9% is expected from 2023 to 2031, resulting in a market value of US$ 11.6 billion at the end of 2031. Micro inverter systems are modular, resulting in simplified installation and potential cost savings. Monitoring and diagnosing issues remotely can reduce maintenance costs by enabling more efficient troubleshooting and maintenance activities.
Ongoing technological advances are improving the efficiencies, durability, and performance of micro inverters. The advancement of technology generally leads to more cost-effective and reliable solutions, which contributes to the growth of the use of micro inverters. Solar micro inverters are more likely to be adopted when the government offers rebates, incentives, and policies that promote solar energy.
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Solar micro inverter demand has increased with increasing awareness of the environmental benefits of solar energy. Solar micro inverters may contribute to the overall efficiency and intelligence of electricity grids with the development of smart grids. Enhanced communication capabilities in micro inverters can enable better grid integration and management.
Key Findings of Market Report
- Due to its ability to handle a larger power output, the three phase segment accounted for a significant portion of the solar micro inverter market share.
- Industrial/utility applications are likely to drive solar micro inverter demand.
- In terms of distribution channels, online sales will continue to drive demand for solar micro converters.
- Globally, Asia Pacific is expected to hold the largest share of the market.
Global Solar Micro Inverter Market: Growth Drivers
- An individual solar panel's direct current (DC) is converted to alternating current (AC) at the inverter level to achieve greater energy efficiency. Thus, shading and panel mismatches are minimized, resulting in optimized power production.
- Solar panels equipped with micro inverters can be monitored individually for performance. As issues with specific panels can be identified and addressed in real time, this granular monitoring makes optimizing the entire solar power system easier.
- A solar array's overall energy production can be substantially reduced by partial shading. The micro inverters minimize the impact of shading on the entire system by operating at the panel level. In both residential and commercial installations, shading poses a common challenge.
- Using solar micro inverters for solar installations is a cost-effective, flexible solution. Solar panels and micro inverters can be easily added to expand a system. The scalability is especially good for homeowners and businesses who want to start small and grow.
- The inverters isolate each solar panel from the rest, enhancing safety and reliability. Using this design, a single panel failure has a minimal impact on the entire system, ensuring optimal performance for all the panels.
Global Solar Micro Inverter Market: Regional Landscape
- Micro inverters are expected to dominate the global market in the Asia Pacific region. Continuous technological advancements to improve productivity and micro inverters' advantages over traditional solar inverters are driving the market for solar panel installation and management using micro inverters.
- As Asia Pacific's population grows and electricity needs rise, the demand for micro inverters increases. Solar systems have been widely adopted in countries like China and Japan, which has resulted in a higher demand for micro inverters.
- Renewable energy sources, including solar power, are supported and encouraged by governments throughout Asia Pacific. Regulations and policies that favor the micro inverter market contribute to its growth.
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Global Solar Micro Inverter Market: Key Players
Solar micro inverter makers are trying to meet customers' needs by developing new products. They aim to consolidate their position in the market by introducing more energy-efficient and technologically advanced solar micro inverters at reasonable prices.
As a result of the presence of several regional, local, and international players in the solar micro inverter business, it is highly fragmented. To increase revenue in the near future, prominent companies are implementing various marketing strategies. The following players have been profiled in Transparency Market Research’s report:
- Enphase Energy
- Solar edge
- Leadsolar
- NingBo Deye Inverter Technology Co.
- Hoymiles
- Altenergy Power System Inc.
- Sparq System
- Chilicon Power
- Northern electric and Power Ltd
- SMA Solar Technology
Key Developments
- In August 2023, Enphase Energy began shipping Enphase IQ Microinverters, produced by Salcomp, its third domestic contract manufacturer, to customers in Arlington, Texas. Enphase Energy is manufacturing in the United States thanks to the Inflation Reduction Act (IRA), which contributes to the expansion of the clean energy economy in the country.
- In February 2024, Sparq Systems Inc., a leading technology company in India that is a subsidiary of Jio Platforms Limited (JPL), the premier digital service provider in India, executed a manufacturing and supply agreement. Jio Things Limited has its headquarters in Kingston, Ontario, Canada. The agreement combines Sparq's advanced micro inverter technology with Jio Things' global solutions for developing, producing, and distributing micro inverters.
Global Solar Micro Inverter Market: Segmentation
By Type
- Single Phase
- Three Phase
By Power Rating
- Below 250 w
- 250 w to 500 w
- Above 500 w
By Application
- Residential
- Commercial
- Industrial/Utility
By Distribution Channel
- Online
- Offline
- Direct Sales
- Indirect Sales
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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