Solar Micro Inverter Market Synopsis:
Solar Micro Inverter Market Size Was Valued at USD 31.13 Billion in 2023, and is Projected to Reach USD 158.23 Billion by 2032, Growing at a CAGR of 19.8 % From 2024-2032.
The Solar Micro Inverter Market is concentrated on the category of equipment that transform direct current (DC) given out by the solar panel to an alternating current (AC) on the panel level and provides a denser and more flexible system as compared to string inverters. These are essential for the operation of residential and commercial solar power system, for efficient generation of energy.
The global solar micro inverter market is growing rapidly due to rising demand for the solar energy system for residential, commercial and industrial uses. With policies created by governments of various countries regarding usage of renewable energy and reduction of carbon footprints, solar micro inverters have come out to be the vital tool to enhance the efficacy of photovoltaic systems. New features of solar micro inverters including higher power strength and increased monitoring features are the other factors that are still boosting the market even further.
As well as the necessity of microinverters due to the tendencies to decentralized energy systems and need in more effective solar solutions. Owing to their capacity to improve the overall efficiency of energy return by reducing loss through variety of factors including shading, soiling or due to panel orientation and mismatch, they are ideal for both new constructional applications as well as for retrofitting applications.
Solar Micro Inverter Market Trend Analysis:
Growing Demand for Smart Solar Solutions
- In the current market, increased incorporation of smart technologies for solar micro inverters is apparent. The micro inverters that are currently in use have special features that allow continuous monitoring of the functions of the system. Through these features, the user can determine proper methods to ensure maximum production of energy as well as identify areas that need to be fixed within the system. Amid increasing usage of IoT and AI the capabilities of solar micro inverters are likely to bolster with their elevation in adoption.
Expansion of Residential Solar Installations
- The Solar Micro Inverter Market is expected to grow at an exuberant rate in the forecast period owing to the growing use of solar power in residential sector. As costs of electrical energy increases, and governments encourage residents to install home solar systems, homeowners are acquiring effective and affordable solar systems. The relatively small size and extremely high efficiency of micro inverters makes them suitable for residential applications, making up the main market for these devices.
Solar Micro Inverter Market Segment Analysis:
Solar Micro Inverter Market Segmented on The Basis of Type, Application, Power Rating, And Region.
By Type, Single Phase segment is expected to dominate the market during the forecast period
- Single Phase segment is anticipated to hold the largest share in the Solar Micro Inverter Market through the forecast period. Single phase micro inverters are preferred in small homes DC system as they are cheaper and apt for small amounts of solar energy production. Such inverters are easy to install, use and maintain hence they are common among homeowners and small business.
By Application, Residential segment expected to held the largest share
- Within the Distribution segment, the residential segment holds a promise of occupying the largest market share major due to the increasing use of rooftop solar systems in homes. Government incentives, a recent increase in electricity tariff rates, and environmental consciousness are reasons why homeowners are embracing solar power. Residential systems are going to especially benefit from micro inverters due to the ability of the technology to fine tune the maximum power point at the panel level.
Solar Micro Inverter Market Regional Insights:
North America is Expected to Dominate the Market Over the Forecast period
- The Solar Micro Inverter Market is expected to be dominated by North America due to its rapid shift towards the solar energy systems in the United States and the Canada. The interest in sustainable power generation sources such as tax credits and rebates for solar power plants has compelled the growth of complex solar options like the micro inverter. Also important, the geographical concentration of large PV industry players and a relatively long-standing solar market assist North America.
- Specifically, the residential segment has emerged as the most nascent area for solar deployment across the region due to the growing consciousness towards sustainability and escalating rates of electricity. North America has consistently topped the world in solar energy sales, partly due to the stability of distribution coupled with improvements in micro inverter systems.
Active Key Players in the Solar Micro Inverter Market:
- ABB Ltd. (Switzerland)
- Altenergy Power System (APS) (United States)
- Delta Energy Systems (Taiwan)
- Enphase Energy Inc. (United States)
- Huawei Technologies Co., Ltd. (China)
- KACO New Energy GmbH (Germany)
- Luminous Power Technologies (India)
- Microtek International Pvt. Ltd. (India)
- Outback Power Inc. (United States)
- Redback Technologies (Australia)
- Renesola Ltd. (China)
- Schneider Electric SE (France)
- SMA Solar Technology AG (Germany)
- SolarEdge Technologies Inc. (Israel)
- Sungrow Power Supply Co., Ltd. (China), and Other Active Players.
|
Global Solar Micro Inverter Market |
|||
|
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
|
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 31.13 Billion |
|
Forecast Period 2024-32 CAGR: |
19.8 % |
Market Size in 2032: |
USD 158.23 Billion |
|
Segments Covered: |
By Type |
|
|
|
By Application |
|
||
|
By Power Rating |
|
||
|
By Region |
|
||
|
Key Market Drivers: |
|
||
|
Key Market Restraints: |
|
||
|
Key Opportunities: |
|
||
|
Companies Covered in the report: |
|
||
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Solar Micro Inverter Market by Type (2018-2032)
4.1 Solar Micro Inverter Market Snapshot and Growth Engine
4.2 Market Overview
4.3 Single Phase
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
4.3.3 Key Market Trends, Growth Factors, and Opportunities
4.3.4 Geographic Segmentation Analysis
4.4 Three Phase
Chapter 5: Solar Micro Inverter Market by Application (2018-2032)
5.1 Solar Micro Inverter Market Snapshot and Growth Engine
5.2 Market Overview
5.3 Residential
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
5.3.3 Key Market Trends, Growth Factors, and Opportunities
5.3.4 Geographic Segmentation Analysis
5.4 Commercial
5.5 PV Power Plant
Chapter 6: Solar Micro Inverter Market by Power Rating (2018-2032)
6.1 Solar Micro Inverter Market Snapshot and Growth Engine
6.2 Market Overview
6.3 Below 250 W
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
6.3.3 Key Market Trends, Growth Factors, and Opportunities
6.3.4 Geographic Segmentation Analysis
6.4 Between 250 W-500 W
6.5 Above 500 W
Chapter 7: Company Profiles and Competitive Analysis
7.1 Competitive Landscape
7.1.1 Competitive Benchmarking
7.1.2 Solar Micro Inverter Market Share by Manufacturer (2024)
7.1.3 Industry BCG Matrix
7.1.4 Heat Map Analysis
7.1.5 Mergers and Acquisitions
7.2 3M HEALTHCARE (UNITED STATES)
7.2.1 Company Overview
7.2.2 Key Executives
7.2.3 Company Snapshot
7.2.4 Role of the Company in the Market
7.2.5 Sustainability and Social Responsibility
7.2.6 Operating Business Segments
7.2.7 Product Portfolio
7.2.8 Business Performance
7.2.9 Key Strategic Moves and Recent Developments
7.2.10 SWOT Analysis
7.3 AMBU A/S (DENMARK)
7.4 BOSTON SCIENTIFIC CORPORATION (UNITED STATES)
7.5 CONMED CORPORATION (UNITED STATES)
7.6 DYMEDIX DIAGNOSTICS INC. (UNITED STATES)
7.7 GE HEALTHCARE (UNITED STATES)
7.8 JOHNSON & JOHNSON (UNITED STATES)
7.9 MEDTRONIC PLC (IRELAND)
7.10 NIHON KOHDEN CORPORATION (JAPAN)
7.11 OLYMPUS CORPORATION (JAPAN)
7.12 PHILIPS HEALTHCARE (NETHERLANDS)
7.13 RHYTHMLINK INTERNATIONAL LLC (UNITED STATES)
7.14 STRYKER CORPORATION (UNITED STATES)
7.15 UTAH MEDICAL PRODUCTS INC. (UNITED STATES)
7.16 ZOLL MEDICAL CORPORATION (UNITED STATES)
7.17 OTHER ACTIVE PLAYERS
Chapter 8: Global Solar Micro Inverter Market By Region
8.1 Overview
8.2. North America Solar Micro Inverter Market
8.2.1 Key Market Trends, Growth Factors and Opportunities
8.2.2 Top Key Companies
8.2.3 Historic and Forecasted Market Size by Segments
8.2.4 Historic and Forecasted Market Size by Type
8.2.4.1 Single Phase
8.2.4.2 Three Phase
8.2.5 Historic and Forecasted Market Size by Application
8.2.5.1 Residential
8.2.5.2 Commercial
8.2.5.3 PV Power Plant
8.2.6 Historic and Forecasted Market Size by Power Rating
8.2.6.1 Below 250 W
8.2.6.2 Between 250 W-500 W
8.2.6.3 Above 500 W
8.2.7 Historic and Forecast Market Size by Country
8.2.7.1 US
8.2.7.2 Canada
8.2.7.3 Mexico
8.3. Eastern Europe Solar Micro Inverter Market
8.3.1 Key Market Trends, Growth Factors and Opportunities
8.3.2 Top Key Companies
8.3.3 Historic and Forecasted Market Size by Segments
8.3.4 Historic and Forecasted Market Size by Type
8.3.4.1 Single Phase
8.3.4.2 Three Phase
8.3.5 Historic and Forecasted Market Size by Application
8.3.5.1 Residential
8.3.5.2 Commercial
8.3.5.3 PV Power Plant
8.3.6 Historic and Forecasted Market Size by Power Rating
8.3.6.1 Below 250 W
8.3.6.2 Between 250 W-500 W
8.3.6.3 Above 500 W
8.3.7 Historic and Forecast Market Size by Country
8.3.7.1 Russia
8.3.7.2 Bulgaria
8.3.7.3 The Czech Republic
8.3.7.4 Hungary
8.3.7.5 Poland
8.3.7.6 Romania
8.3.7.7 Rest of Eastern Europe
8.4. Western Europe Solar Micro Inverter Market
8.4.1 Key Market Trends, Growth Factors and Opportunities
8.4.2 Top Key Companies
8.4.3 Historic and Forecasted Market Size by Segments
8.4.4 Historic and Forecasted Market Size by Type
8.4.4.1 Single Phase
8.4.4.2 Three Phase
8.4.5 Historic and Forecasted Market Size by Application
8.4.5.1 Residential
8.4.5.2 Commercial
8.4.5.3 PV Power Plant
8.4.6 Historic and Forecasted Market Size by Power Rating
8.4.6.1 Below 250 W
8.4.6.2 Between 250 W-500 W
8.4.6.3 Above 500 W
8.4.7 Historic and Forecast Market Size by Country
8.4.7.1 Germany
8.4.7.2 UK
8.4.7.3 France
8.4.7.4 The Netherlands
8.4.7.5 Italy
8.4.7.6 Spain
8.4.7.7 Rest of Western Europe
8.5. Asia Pacific Solar Micro Inverter Market
8.5.1 Key Market Trends, Growth Factors and Opportunities
8.5.2 Top Key Companies
8.5.3 Historic and Forecasted Market Size by Segments
8.5.4 Historic and Forecasted Market Size by Type
8.5.4.1 Single Phase
8.5.4.2 Three Phase
8.5.5 Historic and Forecasted Market Size by Application
8.5.5.1 Residential
8.5.5.2 Commercial
8.5.5.3 PV Power Plant
8.5.6 Historic and Forecasted Market Size by Power Rating
8.5.6.1 Below 250 W
8.5.6.2 Between 250 W-500 W
8.5.6.3 Above 500 W
8.5.7 Historic and Forecast Market Size by Country
8.5.7.1 China
8.5.7.2 India
8.5.7.3 Japan
8.5.7.4 South Korea
8.5.7.5 Malaysia
8.5.7.6 Thailand
8.5.7.7 Vietnam
8.5.7.8 The Philippines
8.5.7.9 Australia
8.5.7.10 New Zealand
8.5.7.11 Rest of APAC
8.6. Middle East & Africa Solar Micro Inverter Market
8.6.1 Key Market Trends, Growth Factors and Opportunities
8.6.2 Top Key Companies
8.6.3 Historic and Forecasted Market Size by Segments
8.6.4 Historic and Forecasted Market Size by Type
8.6.4.1 Single Phase
8.6.4.2 Three Phase
8.6.5 Historic and Forecasted Market Size by Application
8.6.5.1 Residential
8.6.5.2 Commercial
8.6.5.3 PV Power Plant
8.6.6 Historic and Forecasted Market Size by Power Rating
8.6.6.1 Below 250 W
8.6.6.2 Between 250 W-500 W
8.6.6.3 Above 500 W
8.6.7 Historic and Forecast Market Size by Country
8.6.7.1 Turkiye
8.6.7.2 Bahrain
8.6.7.3 Kuwait
8.6.7.4 Saudi Arabia
8.6.7.5 Qatar
8.6.7.6 UAE
8.6.7.7 Israel
8.6.7.8 South Africa
8.7. South America Solar Micro Inverter Market
8.7.1 Key Market Trends, Growth Factors and Opportunities
8.7.2 Top Key Companies
8.7.3 Historic and Forecasted Market Size by Segments
8.7.4 Historic and Forecasted Market Size by Type
8.7.4.1 Single Phase
8.7.4.2 Three Phase
8.7.5 Historic and Forecasted Market Size by Application
8.7.5.1 Residential
8.7.5.2 Commercial
8.7.5.3 PV Power Plant
8.7.6 Historic and Forecasted Market Size by Power Rating
8.7.6.1 Below 250 W
8.7.6.2 Between 250 W-500 W
8.7.6.3 Above 500 W
8.7.7 Historic and Forecast Market Size by Country
8.7.7.1 Brazil
8.7.7.2 Argentina
8.7.7.3 Rest of SA
Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies
Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research
|
Global Solar Micro Inverter Market |
|||
|
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
|
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 31.13 Billion |
|
Forecast Period 2024-32 CAGR: |
19.8 % |
Market Size in 2032: |
USD 158.23 Billion |
|
Segments Covered: |
By Type |
|
|
|
By Application |
|
||
|
By Power Rating |
|
||
|
By Region |
|
||
|
Key Market Drivers: |
|
||
|
Key Market Restraints: |
|
||
|
Key Opportunities: |
|
||
|
Companies Covered in the report: |
|
||
Frequently Asked Questions :
The forecast period in the Solar Micro Inverter Market research report is 2024-2032.
Enphase Energy, SMA Solar Technology, Huawei Technologies, SolarEdge Technologies, Sungrow Power Supply, and Other Active Players
The Solar Micro Inverter Market is segmented into Type, Application, Power Rating and region. By Type, the market is categorized into Single Phase Three Phase. By Application, the market is categorized into Residential Commercial PV Power Plant. By Power Rating, the market is categorized into Below 250 W Between 250 W-500 W Above 500 W . By region, it is analyzed across North America (U.S., Canada, Mexico), Eastern Europe (Russia, Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe), Western Europe (Germany, UK, France, The Netherlands, Italy, Spain, Rest of Western Europe), Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC), Middle East & Africa (Turkiye, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa), South America (Brazil, Argentina, Rest of SA).
The Solar Micro Inverter Market is concentrated on the category of equipment that transform direct current (DC) given out by the solar panel to an alternating current (AC) on the panel level and provides a denser and more flexible system as compared to string inverters. These are essential for the operation of residential and commercial solar power system, for efficient generation of energy.
Solar Micro Inverter Market Size Was Valued at USD 31.13 Billion in 2023, and is Projected to Reach USD 158.23 Billion by 2032, Growing at a CAGR of 19.8 % From 2024-2032.
