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Global Micro Inverter Market: By Technology: Wired, Wireless; By Type: Single Phase, Three Phase; By Connection: Stand-Alone, Grid-Connected; By End Use: Residential, Commercial; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics: SWOT Analysis; Competitive Landscape; Industry Events and Developments

Global Micro Inverter Market Outlook

The global micro inverter market attained a value of nearly USD 2.11 billion in 2021. The market is further expected to grow in the forecast period of 2023-2028 at a CAGR of 27.8% to reach about USD 9.2 billion by 2027.

 

Rising Use of Micro inverters in Solar Panels is Pushing the Growth of the Market

Micro inverters provide a number of technical advantages over other types of solar inverters, such as string and central inverters, which is a major factor fuelling the growth of the market. Micro inverters are located beneath each solar panel and convert direct current (DC) power produced by a single solar panel, unlike conventional inverters, which are placed at a distance from the solar array and can monitor a number of solar panels at the same time. This feature allows micro inverters to work independently and improve efficiency of the solar panels. This is providing impetus to the market growth.

 

Global Micro Inverter Market

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In addition to this,  micro inverters deliver the maximum potential of the photovoltaic (PV) system. The added advantage of micro inverters to maintain a stable and continuous power flow despite shading of one or more of the solar panels  has enhanced their popularity among end users, thereby furthering the growth of the market. As a result, the rising use of micro inverters in solar panels is driving the growth of the market.

 

Micro Inverter: Market Segmentation

A micro inverter is referred to as a device that converts direct current energy produced by solar panels into usable electricity. Each micro inverter is connected to a single solar panel for maximum control and dependability.

The market can be broadly categorised on the basis of technology into:

  • Wired 
  • Wireless

Based on type, the market can be segmented into:

  • Single Phase
  • Three Phase

The market, based on connection, can be classified into:

  • Stand-Alone
  • Grid-Connected

On the basis of end use, the market can be divided into:

  • Residential
  • Commercial

The EMR report looks into the regional markets of micro inverter like North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

 

The Hardware Components of Micro Inverters are Leading the Growth of the Market

The growth in the market is projected to be driven by the hardware components of micro-inverter, which includes capacitors, sensors, and microcontroller units (MCUs), among other electric components.  As these  components help in converting DC power from a panel to AC power, they are considered as the key components of the micro inverter system. This is providing impetus to the market growth. In addition to this, AC power is delivered through wires and cables for home and commercial applications. Thus, the hardware components of micro inverters are enhancing the growth of the market. Moreover, as solar panels with micro inverters can be directly integrated, and each panel can be monitored, the market is further growing.

 

Key Industry Players in the Global Micro Inverter Market

The report presents a detailed analysis of the following key players in the global micro inverter market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • Enphase Energy, Inc.
  • Siemens AG
  • Chilicon Power, LLC
  • Sensata Technologies, Inc. 
  • Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

 

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Technology, Type, Connection, End Use, Region
Breakup by Technology Wired, Wireless
Breakup by Type Single Phase, Three Phase
Breakup by Connection Stand-Alone, Grid-Connected
Breakup by End Use Residential, Commercial
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered Enphase Energy, Inc., Siemens AG, Chilicon Power, LLC, Sensata Technologies, Inc., Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Micro Inverter Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Micro Inverter Historical Market (2018-2022) 
    8.3    Global Micro Inverter Market Forecast (2023-2028)
    8.4    Global Micro Inverter Market by Technology
        8.4.1    Wired
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Wireless
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
    8.5    Global Micro Inverter Market by Type
        8.5.1    Single Phase
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Three Phase
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
    8.6    Global Micro Inverter Market by Connection
        8.6.1    Stand-Alone
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Grid-Connected
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022)
            8.6.2.3    Forecast Trend (2023-2028)
    8.7    Global Micro Inverter Market by End Use
        8.7.1    Residential
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2018-2022)
            8.7.1.3    Forecast Trend (2023-2028)
        8.7.2    Commercial
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2018-2022)
            8.7.2.3    Forecast Trend (2023-2028)
    8.8    Global Micro Inverter Market by Region       
        8.8.1    North America
            8.8.1.1    Market Share
            8.8.1.2    Historical Trend (2018-2022) 
            8.8.1.3    Forecast Trend (2023-2028)
        8.8.2    Europe
            8.8.2.1    Market Share
            8.8.2.2    Historical Trend (2018-2022) 
            8.8.2.3    Forecast Trend (2023-2028)
        8.8.3    Asia Pacific
            8.8.3.1    Market Share
            8.8.3.2    Historical Trend (2018-2022) 
            8.8.3.3    Forecast Trend (2023-2028)
        8.8.4    Latin America
            8.8.4.1    Market Share
            8.8.4.2    Historical Trend (2018-2022) 
            8.8.4.3    Forecast Trend (2023-2028)
        8.8.5    Middle East and Africa
            8.8.5.1    Market Share
            8.8.5.2    Historical Trend (2018-2022) 
            8.8.5.3    Forecast Trend (2023-2028) 
9    North America Micro Inverter Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022) 
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022) 
        9.2.3    Forecast Trend (2023-2028)
10    Europe Micro Inverter  Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022) 
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022) 
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022) 
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022) 
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Micro Inverter Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022) 
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022) 
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022) 
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022) 
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022) 
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Micro Inverter Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022) 
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022) 
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022) 
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa  Micro Inverter Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022) 
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022) 
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022) 
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022) 
        13.4.3    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape

    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    Enphase Energy, Inc.
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Siemens AG
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Chilicon Power, LLC
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Sensata Technologies, Inc.
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Others
17    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Micro Inverter Market: Key Industry Highlights, 2018 and 2028
2.    Global Micro Inverter Historical Market: Breakup by Technology (USD Billion), 2018-2022
3.    Global Micro Inverter Market Forecast: Breakup by Technology (USD Billion), 2023-2028
4.    Global Micro Inverter Historical Market: Breakup by Type (USD Billion), 2018-2022
5.    Global Micro Inverter Market Forecast: Breakup by Type (USD Billion), 2023-2028
6.    Global Micro Inverter Historical Market: Breakup by Connection (USD Billion), 2018-2022
7.    Global Micro Inverter Market Forecast: Breakup by Connection (USD Billion), 2023-2028
8.    Global Micro Inverter Historical Market: Breakup by End Use (USD Billion), 2018-2022
9.    Global Micro Inverter Market Forecast: Breakup by End Use (USD Billion), 2023-2028
10.    Global Micro Inverter Historical Market: Breakup by Region (USD Billion), 2018-2022
11.    Global Micro Inverter Market Forecast: Breakup by Region (USD Billion), 2023-2028
12.    North America Micro Inverter Historical Market: Breakup by Country (USD Billion), 2018-2022
13.    North America Micro Inverter Market Forecast: Breakup by Country (USD Billion), 2023-2028
14.    Europe Micro Inverter Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    Europe Micro Inverter Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Asia Pacific Micro Inverter Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Asia Pacific Micro Inverter Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Latin America Micro Inverter Historical Market: Breakup by Country (USD Billion), 2018-2022
19.    Latin America Micro Inverter Market Forecast: Breakup by Country (USD Billion), 2023-2028
20.    Middle East and Africa Micro Inverter Historical Market: Breakup by Country (USD Billion), 2018-2022
21.    Middle East and Africa Micro Inverter Market Forecast: Breakup by Country (USD Billion), 2023-2028
22.    Global Micro Inverter Market Structure

Key Questions Answered in the Report

The global micro inverter market attained a value of nearly USD 2.11 billion in 2021.

The market is projected to grow at a CAGR of 27.8% between 2023 and 2028.

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about USD 9.2 billion by 2027.

The ability of micro-inverters to operate individually without being affected by other panels to produce maximum output is invigorating the growth of the market.

The market is being determined by the technological innovations in the industry.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The major technologies of micro inverters are wired and wireless.

The different types of micro inverters in the industry are single phase and three phase.

Based on connection, the different types of micro-inverters are  stand -alone and grid-connected.

The major end uses of micro inverters include residential and commercial.

The major players in the industry are Enphase Energy, Inc., Siemens AG, Chilicon Power, LLC, and Sensata Technologies, Inc., among others.

Analyst Review

The global micro inverter market attained a value of about USD 2.11 billion in 2021, driven by the technical advances of micro inverters.  Aided by the hardware components of micro-inverters,  the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 27.8% to reach approximately USD 9.2 billion by 2027.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. On the basis of technology, the market can be divided into wired and wireless. Based on type, the  market can be segmented into single phase and three phases.  On the basis of connection, the market is segmented into stand-alone and grid-connected. The market, based on end use, can be categorised into into residential and commercial. The major regional markets for micro inverter are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Enphase Energy, Inc., Siemens AG, Chilicon Power, LLC, and Sensata Technologies, Inc., among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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