Navigating the Growth Path: Micro Inverter Market Size and Trends

It is projected that the value of the global Micro Inverter Market would increase significantly, from USD 4.9 billion in 2024 to USD 14.5 billion in 2029. From 2023 to 2028, this translates into a strong compound annual growth rate (CAGR) of 24.1%.

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Due to its advantages over conventional string inverters, micro inverters—which transform direct current (DC) generated by solar panels into alternating current (AC) for use in home and commercial applications—are becoming more and more popular. Enhanced energy yield, increased safety, and better system efficiency are some of these advantages. Furthermore, the need for micro inverters is being fueled by the growing popularity of solar photovoltaic (PV) systems, which is being driven by government incentives and the global trend towards renewable energy. 

The market for micro-inverters is expanding due to rising energy costs that are causing a spike in solar panel installations and an increase in energy consumption worldwide. Micro-inverters are gaining popularity as a viable alternative for solar PV systems in both residential and commercial settings due to its benefits, which include increased energy yield and system efficiency. The market's growth is, nevertheless, restrained by a few obstacles. The reduced power handling capability of micro-inverters in comparison to regular inverters is a notable constraint that may limit their application in bigger installations. Furthermore, prospective users may be discouraged by the high expenses of micro-inverter system installation and maintenance.

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

The micro-inverter market's wireless segment is expected to develop at a solid compound annual growth rate (CAGR) throughout the forecast period, making it a promising area for growth. The growing use of wireless communication technologies, including Wi-Fi and Zigbee, which have a number of benefits over conventional wired options, is responsible for this increase in demand. The greater flexibility that wireless systems provide is one of their main advantages; it makes installation procedures simpler and does away with the necessity for intricate wiring configurations. Moreover, wireless communication makes solar installations more scalable, especially in situations where adding more components or growing the system's size is required. This scalability fits particularly well with the emerging trend of distributed energy resources, which distributes energy generation across several small-scale installations in a decentralised manner. Furthermore, micro-inverters with wireless capabilities are becoming more and more popular due to consumers' growing need for intelligent and networked energy systems, which is made feasible by wireless communication. These technologies improve the overall performance and efficiency of the system by enabling real-time monitoring, control, and optimisation of solar energy generation. As a result, in the context of the micro-inverter industry, the wireless segment is set to become a significant growth engine.

The grid-tied segment in micro-inverter is anticipated to dominate during the forecast period.

In the micro-inverter market, the grid-tied sector is expected to continue to dominate throughout the duration of the projected period. The vast majority of micro-inverter installations nowadays are tightly linked with the electrical grid. These installations can be found in a variety of applications, such as residential, commercial, and photovoltaic (PV) power plants. This grid integration is especially common in urban and suburban settings where homes and businesses depend on constant grid electricity supply. The capacity of grid-tied micro-inverters to promote energy sustainability without the need for extra energy storage solutions is one of its main advantages. When the sun is shining brightly, excess energy from solar panels that have micro-inverters connected to the grid can be easily returned to the grid.

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North America to dominate the micro-inverter market during the forecast period.

Due to the large number of installations in nations like the United States and Canada, North America is expected to continue to dominate the micro-inverter industry throughout the duration of the forecast. The United States has been a leader in the extensive implementation of micro-inverters due to its increasing focus on sustainable practices and renewable energy. Additionally, North America benefits from the existence of a number of significant competitors in the micro-inverter market, such as Chilicon Power, Altenergy Power System, and Enphase Energy. These businesses support the region's technological innovation and breakthroughs, which strengthens its standing as a pioneer in the world of micro-inverters.

Micro-inverter Companies:

  • 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),
  • Solar Panels Plus (US),
  • Northern Electric Power Technology Inc. (US),
  • Sparq Systems Inc. (Canada),
  • U R Energy (US),
  • Leadsolar (US),
  • Grace Renewable Energy (India),
  • Zhejiang Sandi Electric Co., Ltd. (China),
  • Sunrover Power Co Ltd. (China),
  • Yotta Energy (US),
  • Crystal Solar Energy (India),
  • Huayu (Ningbo)
  • New Energy Technologies Co., Ltd. (China),
  • Chisageess (China),
  • Tsuness Co Ltd. (China),
  • Shenzhen WoCor Poweray Technology Co., Ltd. (China),
  • Ningbo Austa Solar Tech Co., Ltd. (China),
  • Sunsights Solar (India).

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