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Global Micro-Inverter Market to Grow at a CAGR of 27.8% During 2022-2027, Driven by the Rising Adoption of Solar Panels by Various End-Use Segments

According to a new report by EMR titled, ‘Global Micro-Inverter Market Report and Forecast 2022-2027, the global micro-inverter industry attained a value of nearly USD 2.11 billion in 2021. The market is further expected to grow in the forecast period of 2022-2027 at a CAGR of 27.8% to reach about USD 9.2 billion by 2027.

The rise in the global market for micro-inverters can be attributed to the increased popularity of micro inverters among end-users. Micro inverts have gained consumer traction for their ability to efficiently maintain a robust and consistent flow of power. In addition, micro-inverters are emerging as an alternative to other solar inverts for their ability to operate individually. Even if one of the panels is shaded, the other panels remain unaffected and produce maximum energy, hence saving costs and thus driving the growth of the market. The residential sector is expected to dominate market growth over the forecast period due to micro-inverters cost efficiency.

Furthermore, rapid developments in major economies in the energy sector and government initiatives to spread awareness regarding solar energy utilisation are positively influencing the market growth. In addition, robust investments to build a photovoltaic (PV) infrastructure is another factor that is invigorating market growth. As a result, the Asia Pacific region is expected to dominate the market growth in the coming years due to the rapid shift towards solar energy utilisation in countries like India, China, and Japan with favourable government measures such as microinverter producers in Japan receiving Japan Electrical Safety & Environment Technology Laboratories (JET) certificates.

Enphase Energy, Inc (NASDAQ: ENPH), a global leader in energy technology and the world’s leading supplier of solar microinverters, recently, in August 2020, announced the availability of Enphase IQ 7A microinverters in the international market. The IQ 7A micro inverters are software-driven, leverage semiconductor integration for high reliability and economies of scale and are compatible with high power solar modules. IQ 7A micro inverters coupled with high power solar modules allows solar installers to reduce the number of modules required. The availability of Enphase IQ 7A microinverters in the European region and Australia opened wide gates for expanding the company across continents. The expansion is also expected to boost the overall market growth of micro inverts.

Market Analysis by Technology, Type, Connection, End-Use, and Region:

  • On the basis of technology, the market can be divided into wired and wireless.
  • Based on type, the market segmentations include single-phase and three-phase.
  • The market, based on connection, can be bifurcated into stand-alone and grid connected.
  • Based on end-use, the market can be categorised into residential and commercial.
  • The major regional markets for microinverter are North America, Latin America, Europe, the Asia Pacific and the Middle East and Africa.

Key Findings of the Report:

  • The market is being driven by robust awareness regarding solar energy utilisation among end-users.
  • The ability of micro-inverters to operate individually without being affected by other panels to generate maximum output is bolstering the growth of the market.
  • The residential sector is expected to dominate the market growth by deploying microinverters in the coming years due to the energy efficiency and cost-cutting benefits of solar energy. 
  • Government measures such as favourable policies and investments for microinverter manufacturers are propelling the market growth of micro inverters.

Key Offerings of the Report:

  • The EMR report gives an overview of the micro-inverter industry for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) markets for technologies, types, connections, end-uses, and regions of microinverter. 
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global micro-inverter market are Enphase Energy, Inc., Siemens AG, Chilicon Power, LLC, and Sensata Technologies, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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