Micro Inverter Market Size Worth USD 23.09 Billion in 2032 | Emergen Research

Rising demand for micro inverters owing to their remote monitoring capacities in commercial and residential sectors is a major factor driving Micro Inverter market revenue growth

Vancouver, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The global micro inverter market size is expected to reach USD 23.09 Billion in 2032 and register a steady revenue CAGR of 19.8% during the forecast period, according to the latest analysis by Emergen Research. Technological advancements in micro inverter technology is a key factor driving market revenue growth. Micro inverters are useful for installations with panels on many planes and facing different directions since these help to monitor the performance of individual panels. Advancements in inverter technologies are making these smarter and more important for the success of solar power generation.

For instance, on 14 July 2023, We Do Solar, Berlin-based producer of self-installation balcony announced the launch of its first 5G smart micro-inverter, which was made specifically for easy self-installation and can turn solar-panel-equipped balconies into little solar hubs via an app. We Do Solar introduced a product that emphasizes efficiency and safety while also having a pleasing appearance. The gadget is called WDS 5G 800, and it places a high priority on adhering to all security rules that the market mandates while still being simple to set up, use, and maintain.

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In addition, rising demand for micro inverters owing to their remote monitoring capacities in commercial and residential sectors is another key factor driving revenue growth of the market. A micro-inverter is a device that connects to a single solar panel, converting direct current from the panel into alternating current, which can power household appliances or be sent into the grid for energy credits. Micro-inverters optimize for each solar panel individually, which allows solar panels to perform to their full capacity regardless of weather, shade, or other external variables. Micro inverters find the optimal voltage for each system to generate the maximum Peak Power Voltage (VPP). Moreover, Maximum Power Point Tracking (MPPT) controller embedded inside the micro inverter, monitors real-time solar intensity throughout the day, hence driving market revenue growth. However, high initial cost of micro inverters is the key factor, which could restrain market revenue growth. Extra monitoring devices are required since each inverter is separately installed below a solar panel, while a communication bus and shared monitoring system are needed.

Micro Inverter Report Summary

Report DetailsOutcome
Market Size in 2022USD 3.80 Billion
CAGR (2023–2032)19.8%
Revenue Forecast To 2032USD 23.09 Billion
Base Year For Estimation2022
Historical Data2019–2021
Forecast Period2023–2032
Quantitative UnitsRevenue in USD Billion and CAGR in % from 2023 to 2032
Report CoverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments CoveredType of phase, communication technology, application, power rating, distribution channel, and region
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country ScopeU.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled Enphase Energy, SolarEdge, ABB, SMA Solar Technology AG, Altenergy Power System Inc., SunPower Corporation, Chilicon Power, LLC, DARFON, Tigo Energy, Inc., Growatt New Energy, TransX, Huawei Cloud, CyboEnergy, Inc., ENF Ltd, RENESOLA, Reliable Power, Inc., Envertech, KACO New Energy, Siemens, and Solantro
Customization Scope10 hours of free customization and expert consultation

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Micro Inverter Top Companies and Competitive Landscape

The global micro inverter market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective inverters in the market.

Some major players included in the global micro inverter market report are:

  • Enphase Energy
  •  SolarEdge
  • ABB
  • SMA Solar Technology AG
  •  Altenergy Power System Inc.
  • SunPower Corporation
  • Chilicon Power, LLC.
  • Tigo Energy, Inc.
  • Growatt New Energy
  •  TransX
  • Huawei Cloud
  • CyboEnergy, Inc.
  • ENF Ltd.
  • Reliable Power, Inc.
  • Envertech
  • KACO New Energy
  • Siemens
  • Solantro

Micro Inverter Latest Industry News

  • On 30 March 2023, Enphase Energy, Inc., a worldwide energy technology business and the world's leading supplier of micro inverter-based solar and battery solutions, announced the first shipments of Enphase micro inverters manufactured in Timisoara, Romania, in collaboration with global diversified manufacturer Flex. The IQ7TM line of micro inverters was the first to be shipped from Flex's Romania manufacturing.

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Some Key Highlights From the Report

  • The single-phase micro inverters segment accounted for largest revenue share in the global micro inverter market in 2022. This is attributed to rising demand for single-phase micro inverters since these do not require regular monitoring, hence are utilized as backup systems and are ideal for household applications. Micro inverters operate at low Direct Current (DC) voltages, which is safer for installers and maintenance personnel, as it reduces the risk of electric shock or fire hazards during installation or maintenance. Moreover, increasing strategic initiatives taken by companies is also expected to drive market revenue growth during the forecast period.
  • The online retail segment is expected to register steadily fast revenue growth rate in the global micro inverter market during the forecast period. This is attributed to factors such as no additional costs as products can be shipped directly from sellers. Online retail platforms offer a wide range of micro inverter options from different manufacturers, which allows customers to choose the best micro inverter that suits their specific needs, whether it is for a residential or commercial solar installation. Consumers are turning to e-commerce websites to purchase from a large selection of options and take advantage of advantageous offers and discounts to avoid the inconvenience of physical shopping, hence driving revenue growth of this segment.
  • The North America market accounted for largest revenue share in the global micro inverter market during the forecast period. This is due to rising demand for micro inverters as these provide real-time data on the performance of each individual solar panel. In addition, rising adoption of solar energy in commercial sectors and increasing strategic initiatives taken by companies are also expected to drive market revenue growth of this region during the forecast period.

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For the purpose of this report, Emergen Research has segmented the global micro inverter market on the basis of type of phase, communication technology, application, power rating, distribution channel, and region:

  • Type of Phase Outlook (Revenue, USD Billion; 2019–2032)
    • Single-Phase Micro Inverters
    • Three-Phase Micro Inverters
  • Communication Technology Outlook (Revenue, USD Billion; 2019–2032)
    • Power Line Communication (PLC)
    • Radio Frequency (RF) Communication
    • Wired Communication
    • Wireless Communication
  • Application Outlook (Revenue, USD Billion; 2019–2032)
    • Residential
    • Commercial
    • Industrial
  • Power Rating Outlook (Revenue, USD Billion; 2019–2032)
    • Low Power Micro Inverters
    • Medium Power Micro Inverters
    • High Power Micro Inverters
  • Distribution Channel Outlook (Revenue, USD Billion; 2019–2032)
    • Direct Sales
    • Distributors
  • Regional Outlook (Revenue, USD Billion, 2019–2032)
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • UK
      • France
      • Spain
      • BENELUX
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Rest of APAC
    • Latin America
      • Brazil
      • Rest of LATAM
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Rest of Middle East & Africa
    • Online Retail

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