Global Micro Inverter Market Size Study, By Type, By Components, By Communication Technology, By Application, and Regional Forecasts 2022-2032

Description

The Global Micro Inverter Market was valued at approximately USD 3.95 billion in 2023 and is anticipated to grow at a CAGR of 24.1% over the forecast period 2024-2032. Micro inverters revolutionize solar energy systems by converting the direct current (DC) generated by individual solar panels into alternating current (AC) effectively and reliably. Unlike conventional string inverters, micro inverters offer enhanced modularity, efficiency, and flexibility for diverse applications.

The increasing adoption of renewable energy sources, combined with governmental policies promoting solar energy, is propelling the market forward. For instance, Enphase Energy's acquisition of GreenCom Networks in 2022 highlights industry efforts to integrate advanced IoT-enabled home energy management systems. The residential segment is particularly poised for rapid growth, driven by aesthetic design considerations, efficient utilization of rooftop space, and compatibility with varying rooftop conditions.

North America is anticipated to experience robust growth due to the increased uptake of solar energy solutions in residential and commercial spaces. Asia Pacific, however, dominated the market in 2023, attributed to surging residential solar installations in nations like China, India, and Japan. Innovation in power electronics, enhanced communication protocols, and lightweight designs have significantly contributed to the widespread adoption of micro inverters.

Major market players included in this report are:

Enphase Energy
Hoymiles
Altenergy Power Systems
Ningbo Deye Inverter Technology Co Ltd
Solar Panels Plus
Chilicon Power LLC
Bluesun Solar Co., Ltd.
Envertech
AEconversion GmbH & CO. KG
ZJBENY

The detailed segments and sub-segments of the market are explained below:

By Type:

Single Phase
Three Phase

By Components:

Hardware
Software
Services

By Communication Technology:

Wired
Wireless

By Application:

Residential
Commercial
PV Power Plant
Others

By Region:

North America: U.S., Canada
Europe: Germany, UK, France, Italy, Spain, Russia, Netherlands, Rest of Europe
Asia Pacific: China, India, Japan, South Korea, Indonesia, Malaysia, Australia, Rest of Asia Pacific
Latin America: Argentina, Brazil, Mexico, Rest of Latin America
Middle East & Africa: UAE, Saudi Arabia, Israel, South Africa, Rest of MEA

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional-level analysis for each market segment.
Detailed geographical landscape analysis with country-level data for major regions.
Competitive landscape with insights on major players in the market.
Key business strategies and future market recommendations.
Analysis of market dynamics, competitive structure, and demand-supply trends.

Chapter 1. Global Micro Inverter Market Executive Summary

1.1. Global Micro Inverter Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Type
- 1.3.2. By Components
- 1.3.3. By Communication Technology
- 1.3.4. By Application
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Micro Inverter Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory Frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Micro Inverter Market Dynamics

3.1. Market Drivers
- 3.1.1. Adoption of solar photovoltaics in residential sectors
- 3.1.2. Technological advancements in micro inverters
3.2. Market Challenges
- 3.2.1. High costs associated with micro inverters
- 3.2.2. Complexity of integration
3.3. Market Opportunities
- 3.3.1. Increasing investment in renewable energy projects
- 3.3.2. Rising demand for home energy management systems

Chapter 4. Global Micro Inverter Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top Investment Opportunities
4.4. Top Winning Strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Micro Inverter Market Size & Forecast by Type (2022-2032)

5.1. Segment Dashboard
5.2. Global Micro Inverter Market: Type Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 5.2.1. Single Phase
- 5.2.2. Three Phase

Chapter 6. Global Micro Inverter Market Size & Forecast by Components (2022-2032)

6.1. Segment Dashboard
6.2. Global Micro Inverter Market: Components Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 6.2.1. Hardware
- 6.2.2. Software
- 6.2.3. Services

Chapter 7. Global Micro Inverter Market Size & Forecast by Communication Technology (2022-2032)

7.1. Segment Dashboard
7.2. Global Micro Inverter Market: Communication Technology Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 7.2.1. Wired
- 7.2.2. Wireless

Chapter 8. Global Micro Inverter Market Size & Forecast by Application (2022-2032)

8.1. Segment Dashboard
8.2. Global Micro Inverter Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 8.2.1. Residential
- 8.2.2. Commercial
- 8.2.3. PV Power Plant
- 8.2.4. Others

Chapter 9. Global Micro Inverter Market Size & Forecast by Region (2022-2032)

9.1. North America Micro Inverter Market
- 9.1.1. U.S. Micro Inverter Market
- 9.1.2. Canada Micro Inverter Market
9.2. Europe Micro Inverter Market
- 9.2.1. UK Micro Inverter Market
- 9.2.2. Germany Micro Inverter Market
- 9.2.3. France Micro Inverter Market
- 9.2.4. Spain Micro Inverter Market
- 9.2.5. Italy Micro Inverter Market
- 9.2.6. Rest of Europe Micro Inverter Market
9.3. Asia Pacific Micro Inverter Market
- 9.3.1. China Micro Inverter Market
- 9.3.2. India Micro Inverter Market
- 9.3.3. Japan Micro Inverter Market
- 9.3.4. South Korea Micro Inverter Market
- 9.3.5. Indonesia Micro Inverter Market
- 9.3.6. Rest of Asia Pacific Micro Inverter Market
9.4. Latin America Micro Inverter Market
- 9.4.1. Brazil Micro Inverter Market
- 9.4.2. Mexico Micro Inverter Market
- 9.4.3. Rest of Latin America Micro Inverter Market
9.5. Middle East & Africa Micro Inverter Market
- 9.5.1. UAE Micro Inverter Market
- 9.5.2. Saudi Arabia Micro Inverter Market
- 9.5.3. South Africa Micro Inverter Market
- 9.5.4. Rest of Middle East & Africa Micro Inverter Market

Chapter 10. Competitive Intelligence

10.1. Key Company SWOT Analysis
- 10.1.1. Enphase Energy
- 10.1.2. Hoymiles
- 10.1.3. Altenergy Power Systems
10.2. Top Market Strategies
10.3. Company Profiles
- 10.3.1. Enphase Energy
- 10.3.2. Hoymiles
- 10.3.3. Altenergy Power Systems

Chapter 11. Research Process

11.1. Research Process Overview
- 11.1.1. Data Mining
- 11.1.2. Data Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
11.2. Research Attributes
11.3. Primary Research
11.4. Secondary Research