Micro Inverter Market Forecasts to 2028 – Global Analysis By Type (Three Phase, Single Phase), Connection Type (Grid Connected, Stand-Alone), Component (Services, Hardware, Software), Communication Technology (Wireless, Wired), Application (Commercial, Re

Micro Inverter Market Forecasts to 2028 – Global Analysis By Type (Three Phase, Single Phase), Connection Type (Grid Connected, Stand-Alone), Component (Services, Hardware, Software), Communication Technology (Wireless, Wired), Application (Commercial, Residential, PV Power Plant) and Geography

According to Stratistics MRC, the Global Micro Inverter Market is accounted for $3.76 billion in 2022 and is expected to reach $12.92 billion by 2028 growing at a CAGR of 22.8% during the forecast period. Contrary to traditional inverters, which have been installed away from the solar array, micro-inverters offer a number of technological advantages over other types of solar micro-inverters, such as string and central. These micro-grid-tie inverters have the capacity to control and monitor several solar panels at once. The attractiveness of micro inverters among end users has also increased thanks to the fact that they are put underneath each solar panel and maintain consistent power flow although when one or more their panels are shaded.

As per Solar Power Europe's research, the Global Market Outlook for Solar Power/2020–2024, a numerous amount of countries installed above 1 GW of solar panels in 2019, which is in 2018, there were 5 GW of solar panel installations, up from 11 GW in same year.

Market Dynamics:

Driver:

Increasing awareness of renewable energy

The market is anticipated to grow as a result of increased adoption and awareness of the advantages of renewable energy sources. Compared to other solar inverters like string inverters and central inverters, micro-inverters are known to produce more electricity. Each panel is connected to a separate micro-inverter, which allows each panel to operate independently so that any shaded or diseased panels won't have an impact on the system as a whole. As a result, a single micro-average inverter's conversion efficiency is high and somewhat better than that of traditional sources. Therefore, over time, micro-inverters help end customers save a lot of money.

Restraint:

High installation cost

The main barrier to the micro-inverter market is the high installation cost. Installation of micro inverters is more expensive than installation of central and string inverters because it requires more parts, such as terminators, connecting cables, sealing caps, and sealing caps. Additionally, monitoring systems raise the overall cost of installing micro inverter technology. While installation difficulties may make this expense acceptable in some circumstances, partial or complete shade might harm the solar system's overall efficiency.

Opportunity:

Technological benefits of micro inverters

Compared to other solar inverter types like string and central inverters, micro-inverters have a variety of technical advantages. Contrary to traditional inverters, which are placed away from the solar array and may operate and monitor several solar panels at once, micro-inverters are put underneath each solar panel and convert the direct current (DC) power generated by a single solar panel. Users can now work independently thanks to this. The micro-inverter provides the maximum possible output of the photovoltaic (PV) system. The main benefit of micro-inverters, which has enhanced their popularity with end users, is their capacity to maintain a steady and powerful flow of electricity even when one or several of their panels are shaded.

Threat:

Variable environmental conditions

The balance and necessary amount of solar energy supplied by the sun are the only factors on which the solar micro inverter depends. However, there are certain days when it will be bright, cloudy, rainy, or any other type of weather. Thus, under these circumstances, the micro inverter could not be able to operate to its full potential, and many operational operations that depend on the micro inverter would temporarily cease, which would ultimately hurt the organization's performance as a whole. Even on sunny days, the amount of sunshine may vary, which could lead to performance variability in the micro inverter.

Covid-19 Impact

The entire economy, not only the business sector, has been impacted by COVID-19. It is anticipated that economic activity will continue to decrease as more countries impose and maintain lockdowns that will have a detrimental effect on the global economy. Additionally, due to the decline in electricity demand from commercial applications, COVID-19 is anticipated to have a detrimental impact on the micro-inverter market. Lockdowns have reduced power generation in the COVID-19-affected countries. This is due to a decline in the demand for power among business end users in these countries.

The single phase segment is expected to be the largest during the forecast period

The single phase segment is estimated to have a lucrative growth, due to residential sector's strong penetration and its benefits, including flexibility and a simple design. Single-phase micro-inverters are now standard equipment in new houses and small businesses because, in the event of a fault, a single phase's neutral wire generates a path back to the switchboard, cutting off the flow of electricity or blowing a fuse, protecting the end-user from electrocution. As a result, it is best suited for homes and small businesses.

The residential segment is expected to have the highest CAGR during the forecast period

The residential segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the increased use of micro inverters in solar PV systems, rising concerns about energy efficiency, and the introduction of government initiatives. This expansion can be ascribed to a rise in the demand for solar energy for residential use, increased awareness of sustainable energy use, and the affordability of micro inverters. Residential applications make considerable use of the single phase grid connectors. Because it is less expensive and uses less energy, the residential applications market is anticipated to increase quickly.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to an increase in the use of micro inverters in solar energy facilities, a rise in the price of crude oil, and government-provided feed-in subsidies and Renewable Portfolio Standards (RPS). Asia Pacific has numerous operational micro-inverter installations for use in commercial, residential, and PV power plant applications. In Australia and Japan, the micro-inverter technology is widely used. Manufacturers are motivated to address the needs of potential customers in Japan and India by the rising amount of residential rooftop solar PV installation in those nations.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to growing technological developments and investments in renewable energy are to blame for this expansion. It is anticipated that strong government support for solar energy adoption and development in solar power projects would further fuel market expansion in North America.

Key players in the market

Some of the key players profiled in the Micro Inverter Market include ABB Group, Delta Energy Systems GmbH, Enphase Energy, Siemens AG, Sun Power Corporation, Darfon Electronics, Omnik New Energy, Chilicon Power, Saronic (EU) Power Tech, Sensata Technologies, STMicroelectronics N.V. and SolarEdge Technologies, Inc.

Key Developments:

In April 2022, Sensata Technologies took over Dynapower, renowned energy storage, and power conversion provider. This acquisition aimed to deliver energy storage and power conversion systems comprising inverters, rectifiers, converters, and custom transformers for renewable energy generation, electric vehicle charging stations, and green hydrogen production.

In December 2021, STMicroelectronics introduced a new series of GaN power semiconductors in the STPOWER portfolio. This product launch aimed to drastically lower energy consumption and fit slimmer design in a large variety of electronic products. Target applications include consumer equipment like chargers, external power adapters for PCs, LED-lighting drives, and power supplies within home appliances and televisions. This new equipment is generated in high volumes globally, and with higher efficiency can realize significantly CO2 savings.

In June 2020, Enphase Energy entered into a partnership with an Australia-based Company named Excel Power. Under this partnership, Excel Power installed a 50 kW Enphase micro-inverter-based system for Wippells Autos, a Jaguar and Land Rover dealer based in Toowoomba City, Queensland (Australia).

Types Covered:
• Three Phase
• Single Phase

Connection Types Covered:
• Grid Connected
• Stand-Alone

Components Covered:
• Services
• Hardware
• Software

Communication Technologies Covered:
• Wireless
• Wired

Applications Covered:
• Commercial
• Residential
• PV Power Plant

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements