Global Micro Inverter Market 2023-2030

Global Micro Inverter Market 2023-2030

Global Micro Inverter Market Size, Share & Trends Analysis Report by Type (Single Phase and Three-Phase), by Communication Technology (Wired and Wireless), by Sales Channel (Direct and Indirect), by Application (Residential, Commercial, and Industrial (PV Power Plant)) Forecast Period (2024-2031)

The global micro inverter market is anticipated to grow at a considerable CAGR of 19.5% during the forecast period. A solar micro inverter, or simply micro inverter, is a plug-and-play device used in photovoltaics, that converts direct current (DC) generated by a single solar module to alternating current (AC). The growing demand for clean energy and increased energy prices has propelled the adoption of solar energy. The growing demand for micro inverter in solar panels owing to its increased sales is a key factor driving the growth of the global micro-inverter market. Ongoing R&D activities to make advancement in micro inverters and considerable reductions in the costs of micro inverters are aiding to the market development. The market has received a considerable boost owing to its compact size and versatility. Additionally, the increasing requirement of consumers, based on modularity, safety, and maximum energy harvest are likely to promote the market growth during the forecast period.

Innovative micro inverter launches further contributing to the global market growth. For instance, in July 2023, We Do Solar has launched its first 5G smart micro-inverter WDS 5G 800, specifically designed for easy self-installation, thereby transforming balconies with solar panels into compact solar hubs through an app. However, limited power handling capacity of micro inverters may restrain its market growth. However, government incentives and cohesive policies to support renewable energy is anticipated to offer lucrative opportunities to the growth of the global micro inverter market.

Segmental Outlook

The global micro inverter market is segmented based on type, communication technology, sales channel, and application. Based on type, the market is sub-segmented into single phase and three phase. Based on the communication technology, the market is sub-segmented into wired and wireless. Based on sales channel, the market is sub-segmented into direct and indirect. Based on the application, the market is sub-segmented into residential, commercial, and industrial (PV Power Plant). Residential segment is anticipated to considerable growth in the global market based on application during the forecast period. The growing adoption of residential solar panels owing to favorable government policies is a major factor driving the growth of this market segment.

Three Fold is Expected to Hold Major Share in the Global Micro Inverter Market

Three fold micro inverters to hold a major share in the global micro inverter market in 2023. They are based on identical modular three legs and have simpler control. The segmental growth is driven by the high adoption of three phase micro inverters owing to their ease of use. Looking towards the high demand of this product in the market, in December 2023, Micro inverter manufacturer Enphase has officially launched a new 208 V three-phase offering. Similarly, in April 2023, micro inverter supplier Hoymiles introduced a new line of 4-in-1 three-phase micro inverters to the market, specifically designed for small commercial or industrial solar systems.

Regional Outlook

The global micro inverter market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America).

Asia-Pacific is Anticipated to Exhibit Significant CAGR in the Global Market

The regional market is driven by the high demand for micro inverters in solar panels. Looking towards the high market demand key players of micro inverter are making new product in this region. In October 2023, Havells India Ltd. unveiled the Dual Mode MicroInverter (DMMI), backed by four US patents. DMMI is equipped with an MPPT-based Solar Charge Controller, which converts DC current from solar panelels into AC current. It is available in two models, DMMI-800 and DMMI-1600. The growing adoption of residential solar panels across the region owing to offered benefits along with cohesive subsidy schemes is further driving the regional market growth.

Market Players Outlook

The major companies serving the global micro inverter market includes Enphase Energy Inc., Altenergy Power System Inc., Siemens AG, ABB Group, and DARFON among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and advancement in their cloud offerings to stay competitive in the market. For instance, in November 2023, Fenice Energy, formerly SunEdison, has launched single-phase and three-phase micro-inverters for residential and commercial solar installations, respectively. With a maximum input current of 20A, the micro-inverters support up to 670 Wp+ PV modules.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global micro inverter market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.