Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Micro Inverter Market Outlook

The global micro inverter market attained a value of USD 2,559.1 million in 2023. The market is projected to grow at a CAGR of 14.42% between 2024 and 2032 to reach USD 5,454.7 million by 2032.

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.

Global Micro Inverter Market

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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.

Global Micro Inverter Market

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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
  • Sparq Systems Inc.
  • Darfon Electronics Corporation
  • Altenergy Power System 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.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
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
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
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
  • Sparq Systems Inc.
  • Darfon Electronics Corporation
  • Altenergy Power System 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.

Micro Inverter Market Report Snapshots

Micro Inverter Market Size

Micro Inverter Market Growth

Micro Inverter Companies

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The global micro inverter market attained a value of nearly USD 2,559.1 million in 2023.

The market is projected to grow at a CAGR of 14.42% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 5,454.7 million by 2032.

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 market.

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 market 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 market are Enphase Energy, Inc., Siemens AG, Chilicon Power, LLC, Sparq Systems Inc., Darfon Electronics Corporation, Altenergy Power System Inc., among others.

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