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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.
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.
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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.
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.
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The market can be broadly categorised on the basis of technology into:
Based on type, the market can be segmented into:
The market, based on connection, can be classified into:
On the basis of end use, the market can be divided into:
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 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.
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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:
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 | 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:
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Breakup by Technology |
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Breakup by Type |
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Breakup by Connection |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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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 (2018-2023)
8.3 Global Micro Inverter Market Forecast (2024-2032)
8.4 Global Micro Inverter Market by Technology
8.4.1 Wired
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Wireless
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Micro Inverter Market by Type
8.5.1 Single Phase
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Three Phase
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Micro Inverter Market by Connection
8.6.1 Stand-Alone
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Grid-Connected
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Micro Inverter Market by End Use
8.7.1 Residential
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Commercial
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Micro Inverter Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Micro Inverter Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Micro Inverter Market Analysis
10.1 France
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Spain
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Poland
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 The Netherlands
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.6 Others
11 Asia Pacific Micro Inverter Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Micro Inverter Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Micro Inverter Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 South Africa
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
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 Sparq Systems 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 Darfon Electronics Corporation
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Altenergy Power System Inc.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 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 2032
2. Global Micro Inverter Historical Market: Breakup by Technology (USD Billion), 2018-2023
3. Global Micro Inverter Market Forecast: Breakup by Technology (USD Billion), 2024-2032
4. Global Micro Inverter Historical Market: Breakup by Type (USD Billion), 2018-2023
5. Global Micro Inverter Market Forecast: Breakup by Type (USD Billion), 2024-2032
6. Global Micro Inverter Historical Market: Breakup by Connection (USD Billion), 2018-2023
7. Global Micro Inverter Market Forecast: Breakup by Connection (USD Billion), 2024-2032
8. Global Micro Inverter Historical Market: Breakup by End Use (USD Billion), 2018-2023
9. Global Micro Inverter Market Forecast: Breakup by End Use (USD Billion), 2024-2032
10. Global Micro Inverter Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Micro Inverter Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Micro Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Micro Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Micro Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Micro Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Micro Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Micro Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Micro Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Micro Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Micro Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Micro Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Micro Inverter Market Structure
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.
The global micro inverter market attained a value of about USD 2,559.1 million in 2023, 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 2024-2032, growing at a CAGR of 14.42% to reach approximately USD 5,454.7 million by 2032.
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, Sparq Systems Inc., Darfon Electronics Corporation, Altenergy Power System 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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