Dublin, June 03, 2024 (GLOBE NEWSWIRE) -- The "Global Micro-inverter Market by Offering, Communication Technology (Wired, Wireless), Type (Single Phase, Three Phase), Power Rating (Below 250 W, Between 250 & 500 W, Above 500 W), Connection Type, Sales Channel, Application - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global micro-inverter market was valued at USD 4.9 billion in 2024 and is estimated to reach USD 14.5 billion by 2029, registering a CAGR of 24.1% during the forecast period. Reduced costs of solar energy systems, technical advantages over conventional inverter, and increasing energy prices. These trends are leading to the growth of the micro-inverter market. 
Single phase is expected to grow at the highest CAGR during the forecast period
Single Phase segment is growing at the highest CAGR in the micro-inverter market. Compact and well-suited for residential and commercial applications, single-phase micro-inverters are particularly effective in electricity transmission within the residential segment. Notably, countries like the United States, Australia, and the European Union are increasingly embracing the adoption of single-phase micro-inverters. Additionally, key industry players such as Enphase Energy and Altenergy Power Systems provide a range of single-phase micro-inverter options to cater to the growing demand in the market.
Power rating between 250 and 500 W segment is dominating the micro-inverter market
The power rating between 250 and 500 W segment is dominating the micro-inverter market. This power range proves particularly well-suited for residential installations and small to medium-sized commercial setups. Given that many solar panels intended for residential use fall within this power rating category, micro-inverters in this segment are considered ideal for home solar systems. Moreover, they efficiently support the power outputs of moderately sized commercial installations. The diverse applications within this power rating range contribute significantly to micro-inverters' growth between 250W and 500W.
The US is projected to dominate the North American region for the micro-inverter market
The US has experienced significant growth in solar installations, driven by a combination of government incentives, falling solar panel prices, and increasing environmental awareness. As solar installations expand, the demand for microinverters, especially in residential and small commercial applications, has risen. Moreover, the residential solar market in the US has seen substantial growth. Microinverters are particularly well-suited for residential installations because they offer individual panel optimization, scalability, and ease of installation benefits. These factors collectively serve as pivotal drivers for the expansion of the micro-inverter market within the country.
The report provides insights on the following:
- Analysis of key drivers (Increasing investments in solar energy, Technical advantages over conventional solar inverters, Increasing energy Prices contributing towards installations of solar panels, Rising energy demand is fueling the growth of microinverters), restraints (Limited Power Handling Capacity, High installations and maintenance costs), opportunities (Government incentives and policies for renewable energy, Corporate sustainability initiatives by businesses), and challenges (Complexity during the installations, Safety risks associated with high DC voltages) influencing the growth of the micro-inverter market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the micro-inverter market
- Market Development: Comprehensive information about lucrative markets - the report analyses the micro-inverter market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the micro-inverter market
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Enphase Energy (US), Altenergy Power Systems (US), Hoymiles (China), Ningbo Deye Inverter Technology Co Ltd (China), Chilicon Power LLC (US), AEconversion GmbH & CO. KG (Germany), Envertech (China), ZJBENY (China), Bluesun Solar Co., Ltd. (China), and Solar Panels Plus (US) among others in the micro-inverter market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 198 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $4.9 Billion |
| Forecasted Market Value (USD) by 2029 | $14.5 Billion |
| Compound Annual Growth Rate | 24.1% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- Single-Phase Micro-Inverters to Account for Larger Market Share in 2024
- Micro-Inverters with Power Ratings Between 250 and 500 W to Record Highest CAGR During Forecast Period
- Residential Applications to Exhibit Highest CAGR in Micro-Inverter Market from 2024 to 2029
- Asia-Pacific to be Fastest-Growing Market for Micro-Inverters During Forecast Period
Premium Insights
- Attractive Opportunities for Players in Micro-Inverter Market - Government Subsidies and Incentives for Renewable Energy to Fuel Demand for Micro-Inverters in Coming Years
- Micro-Inverter Market, by Connection Type - Grid-Tied Segment to Exhibit Faster Growth Rate in Micro-Inverter Market During Forecast Period
- Micro-Inverter Market, by Communication Technology - Wired Segment Dominated Micro-Inverter Market in 2023
- Micro-Inverter Market, by Application and Region - Residential Segment and North America to be Largest Market Shareholders in 2029
- Micro-Inverter Market, by Region - India to Register Highest CAGR in Global Micro-Inverter Market Between 2024 and 2029
Key Market Dynamics
Drivers
- Escalating Influx of Investments in Solar Energy
- Rising Preference for Technologically Advanced Solar Inverters Over Conventional Ones
- Increasing Solar Panel Installations due to Surge in Energy Prices
- Rising Energy Demand
Restraints
- Complex Micro-Inverter Installation Process
- Safety Concerns for High DC Voltages in Micro-Inverters
Opportunities
- Government Incentives and Policies Encouraging Adoption of Renewable Energy
- Corporate Sustainability Initiatives by Businesses
Challenges
- Limited Power Handling Capacity of Micro-Inverters
Case Study Analysis
- Vine Fresh Produce Ltd. Installed Micro-Inverters by Enphase Energy to Power Rooftop Solar Systems
- Pharmacare Limited Deployed Micro-Inverters from Hoymiles in Solar Power Installation Project
- Haleakala Solar in Hawaii Installed Enphase Energy's Micro-Inverters That Remain Functional in Harsh Environmental Conditions
- Convergence Energy Chose Enphase Energy's Micro-Inverters for Rooftop Installations to Meet Energy Demand
- Pivot Energy Installed Enphase Energy's Micro-Inverters in Busch Stadium to Reduce Energy Consumption
Companies Profiled
- Enphase Energy
- Altenergy Power System Inc.
- Hoymiles
- Ningbo Deye Inverter Technology Co. Ltd.
- Chilicon Power, LLC.
- Aeconversion GmbH & Co. KG.
- Envertech
- Zjbeny
- Bluesun Solar Co. Ltd
- Solar Panels Plus
- Northern Electric Power Technology Inc.
- Sparq Systems
- U R Energy
- Leadsolar Energy
- Grace Renewable Energy
- Zhejiang Sandi Electric Co. Ltd
- Sunrover Power Co. Ltd
- Yotta Energy
- Crystal Solar Energy
- Huayu(Ningbo)New Energy Technologies Co. Ltd.
- Chisageess
- Tsuness Co. Ltd.
- Shenzhen Wocor Poweray Technology Co. Ltd.
- Ningbo Austa Solar Tech Co. Ltd.
- Sunsights Energy Llp
For more information about this report visit https://www.researchandmarkets.com/r/ob0muo
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