Micro Inverter Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024

Description

The Global Micro Inverter Market reached USD 2.5 billion in 2023 and is projected to grow at a CAGR of 11.3% from 2024 to 2032. Microinverters are critical components in solar power systems, converting DC generated by individual solar panels into AC for use in homes and businesses. Unlike traditional inverters that connect to an entire solar panel array, microinverters are installed on each panel, enabling optimized energy production. This design allows for better performance in systems where panels face varying orientations or environmental conditions, making microinverters a preferred choice for residential and commercial installations.

The growing adoption of renewable energy, coupled with advancements in solar technology, is driving the demand for microinverters. Their ability to enhance energy efficiency, improve system reliability, and provide real-time monitoring has positioned them as a key solution in the solar energy market. Additionally, the increasing focus on sustainability and government incentives for renewable energy adoption are further fueling market growth. As solar installations continue to rise globally, the micro inverter market is expected to witness significant expansion during the forecast period.

Market Scope
Start Year	2023
Forecast Year	2024-2032
Start Value	$2.5 Billion
Forecast Value	$6.48 Billion
CAGR	11.3%

In 2022, the single-phase segment accounted for 91% of the market share. Microinverters in this segment allow each solar panel to operate independently, which not only increases energy efficiency but also enables real-time monitoring of individual panel performance. This capability ensures quicker fault detection and enhances overall system reliability. Single-phase microinverters also operate at lower DC voltages, improving safety during installation and maintenance. These features make them particularly appealing for residential and small-scale commercial applications, driving their widespread adoption across various regions.

The residential segment of the micro inverter market is anticipated to generate USD 6 billion by 2032. The flexibility of microinverter systems makes them ideal for rooftop installations of different sizes and orientations, allowing homeowners to customize their solar setups. This adaptability ensures that individual panels can continue functioning even if one panel fails, enhancing the system's reliability and resilience. The growing interest in residential solar installations, driven by rising electricity costs and environmental concerns, is a major factor contributing to the segment's growth. Homeowners are increasingly turning to solar energy as a sustainable and cost-effective solution, further boosting the demand for micro inverters in this segment.

U.S. micro inverter market generated USD 1.1 billion in 2022, reflecting the increasing popularity of solar power as a means to reduce electricity bills and promote environmental sustainability. Technological advancements in microinverters have improved their efficiency and reduced costs, making them more accessible to a broader audience. Government incentives and policies supporting renewable energy adoption are also playing a crucial role in driving the market. As the residential solar market continues to expand, the demand for microinverter solutions in the United States is expected to grow significantly, solidifying the country's position as a key player in the global market.

Product Code: 5202

Chapter 1 Methodology & Scope

1.1 Market scope & definitions
1.2 Market estimates and forecast parameters
1.3 Research Rationale
1.4 Forecast calculations
1.5 Data sources
- 1.5.1 Primary
- 1.5.2 Secondary
  - 1.5.2.1 Paid
  - 1.5.2.2 Public

Chapter 2 Executive Summary

2.1 Micro inverter industry 360⁰ synopsis, 2019 - 2032
- 2.1.1 Business trends
- 2.1.2 Phase trends
- 2.1.3 Connectivity trends
- 2.1.4 Application trends
- 2.1.5 Regional trends

Chapter 3 Micro Inverter Industry Insights

3.1 Industry ecosystem analysis
- 3.1.1 Vendor Matrix
3.2 Regulatory landscape
- 3.2.1 North America
  - 3.2.1.1 U.S.
    - 3.2.1.1.1 National Fire Protection Association (NFPA)
    - 3.2.1.1.2 UL 1741 Standard
    - 3.2.1.1.3 IEEE 1547-2018
    - 3.2.1.1.4 IEC 62109 Standard
    - 3.2.1.1.5 Federal Investment Tax Credit (ITC)
  - 3.2.1.2 Canada
    - 3.2.1.2.1 Canadian Electrical Code (CEC)
- 3.2.2 Europe
  - 3.2.2.1 Germany
    - 3.2.2.1.1 VDE AR-N 4105
    - 3.2.2.1.2 BDEW Medium Voltage Directive
    - 3.2.2.1.3 DIN VDE 0100-551
  - 3.2.2.2 Poland
  - 3.2.2.3 Austria
  - 3.2.2.4 UK
  - 3.2.2.5 France
- 3.2.3 Asia Pacific
  - 3.2.3.1 China
  - 3.2.3.2 Australia
    - 3.2.3.2.1 AS/NZS 5033:2021
  - 3.2.3.3 India
  - 3.2.3.4 Japan
- 3.2.4 Middle East & Africa
  - 3.2.4.1 Egypt
- 3.2.5 Latin America
  - 3.2.5.1 Brazil
    - 3.2.5.1.1 Convenio ICMS 16/2015
  - 3.2.5.2 Chile
  - 3.2.5.3 Mexico
3.3 Industry impact forces
- 3.3.1 Growth drivers
  - 3.3.1.1 Higher output and cost-efficiency
  - 3.3.1.2 Favorable regulatory inclination toward sustainable energy
  - 3.3.1.3 Positive outlook toward clean energy
  - 3.3.1.4 Large-scale renewable integration
- 3.3.2 Industry pitfalls & challenges
  - 3.3.2.1 Availability of auxiliary technologies
3.4 Growth potential analysis
3.5 Porter's Analysis
- 3.5.1 Bargaining power of suppliers
- 3.5.2 Bargaining power of buyers
- 3.5.3 Threat of new entrants
- 3.5.4 Threat of substitutes
3.6 PESTEL Analysis

Chapter 4 Competitive Benchmarking

4.1 Competitive landscape, 2022
- 4.1.1 Strategy dashboard
  - 4.1.1.1 Enphase Energy
    - 4.1.1.1.1 Product deployment
    - 4.1.1.1.2 Business expansion
    - 4.1.1.1.3 Partnership
    - 4.1.1.1.4 Acquisition
  - 4.1.1.2 Altenergy Power System Inc.
    - 4.1.1.2.1 Agreement
    - 4.1.1.2.2 Collaboration
  - 4.1.1.3 Sensata Technologies, Inc.
    - 4.1.1.3.1 Mergers & Acquisitions
  - 4.1.1.4 Solar Edge Technologies Inc
    - 4.1.1.4.1 Agreement
    - 4.1.1.4.2 Partnership
  - 4.1.1.5 Northern Electric Power Technology Inc.
    - 4.1.1.5.1 Expansion
  - 4.1.1.6 Sparq Systems
    - 4.1.1.6.1 Product Development
    - 4.1.1.6.2 Agreement
  - 4.1.1.7 SMA Solar Technology AG
    - 4.1.1.7.1 Supply Order
    - 4.1.1.7.2 Market Expansion
    - 4.1.1.7.3 Partnership
    - 4.1.1.7.4 Agreement
  - 4.1.1.8 Hoymiles
    - 4.1.1.8.1 Product development
  - 4.1.1.9 TSUNESS Co., Ltd.
    - 4.1.1.9.1 Product development
4.2 Innovation & sustainability landscape
- 4.2.1 FIMER Group
- 4.2.2 Enphase Energy
- 4.2.3 Altenergy Power System Inc.
- 4.2.4 Northern Electric Power Technology Inc.
- 4.2.5 SMA Solar Technology AG
- 4.2.6 Sparq Systems
- 4.2.7 Hoymiles

Chapter 5 Micro Inverter Market, By Phase

5.1 Key phase trends
5.2 Single phase
- 5.2.1 Global market from single phase, 2019 - 2032
- 5.2.2 Global market from single phase, by region, 2019 - 2032
5.3 Three phase
- 5.3.1 Global market from three phase, 2019 - 2032
- 5.3.2 Global market from three phase, by region, 2019 - 2032

Chapter 6 Micro Inverter Market, By Connectivity

6.1 Key connectivity trends
6.2 Standalone
- 6.2.1 Global market from standalone, 2019 - 2032
- 6.2.2 Global market from standalone, by region, 2019 - 2032
6.3 On grid
- 6.3.1 Global market from on grid, 2019 - 2032
- 6.3.2 Global market from on grid, by region, 2019 - 2032

Chapter 7 Micro Inverter Market, By Application

7.1 Key application trends
7.2 Residential
- 7.2.1 Global market from residential, 2019 - 2032
- 7.2.2 Global market from residential, by region, 2019 - 2032
7.3 Commercial
- 7.3.1 Global market from commercial, 2019 - 2032
- 7.3.2 Global market from commercial, by region, 2019 - 2032

Chapter 8 Micro Inverter Market, By Region

8.1 Key regional trends
8.2 North America
- 8.2.1 North America market, 2019 – 2032
- 8.2.2 North America market by phase, 2019 – 2032
- 8.2.3 North America market by connectivity, 2019 – 2032
- 8.2.4 North America market by application, 2019 – 2032
- 8.2.5 U.S.
  - 8.2.5.1 U.S. market, 2019 – 2032
  - 8.2.5.2 U.S. market by phase, 2019 – 2032
  - 8.2.5.3 U.S. market by connectivity, 2019 – 2032
  - 8.2.5.4 U.S. market by application, 2019 – 2032
- 8.2.6 Canada
  - 8.2.6.1 Canada market, 2019 – 2032
  - 8.2.6.2 Canada market by phase, 2019 – 2032
  - 8.2.6.3 Canada market by connectivity, 2019 – 2032
  - 8.2.6.4 Canada market by application, 2019 – 2032
8.3 Europe
- 8.3.1 Europe market, 2019 – 2032
- 8.3.2 Europe market by phase, 2019 – 2032
- 8.3.3 Europe market by connectivity, 2019 – 2032
- 8.3.4 Europe market by application, 2019 – 2032
- 8.3.5 Germany
  - 8.3.5.1 Germany market, 2019 – 2032
  - 8.3.5.2 Germany market by phase, 2019 – 2032
  - 8.3.5.3 Germany market by connectivity, 2019 – 2032
  - 8.3.5.4 Germany market by application, 2019 – 2032
- 8.3.6 Italy
  - 8.3.6.1 Italy market, 2019 – 2032
  - 8.3.6.2 Italy market by phase, 2019 – 2032
  - 8.3.6.3 Italy market by connectivity, 2019 – 2032
  - 8.3.6.4 Italy market by application, 2019 – 2032
- 8.3.7 Poland
  - 8.3.7.1 Poland market, 2019 – 2032
  - 8.3.7.2 Poland market by phase, 2019 – 2032
  - 8.3.7.3 Poland market by connectivity, 2019 – 2032
  - 8.3.7.4 Poland market by application, 2019 – 2032
- 8.3.8 Netherlands
  - 8.3.8.1 Netherlands market, 2019 – 2032
  - 8.3.8.2 Netherlands market by phase, 2019 – 2032
  - 8.3.8.3 Netherlands market by connectivity, 2019 – 2032
  - 8.3.8.4 Netherlands market by application, 2019 – 2032
- 8.3.9 Austria
  - 8.3.9.1 Austria market, 2019 – 2032
  - 8.3.9.2 Austria market by phase, 2019 – 2032
  - 8.3.9.3 Austria market by connectivity, 2019 – 2032
  - 8.3.9.4 Austria market by application, 2019 – 2032
- 8.3.10 UK
  - 8.3.10.1 UK market, 2019 – 2032
  - 8.3.10.2 UK market by phase, 2019 – 2032
  - 8.3.10.3 UK market by connectivity, 2019 – 2032
  - 8.3.10.4 UK market by application, 2019 – 2032
- 8.3.11 France
  - 8.3.11.1 France market, 2019 – 2032
  - 8.3.11.2 France market by phase, 2019 – 2032
  - 8.3.11.3 France market by connectivity, 2019 – 2032

Micro Inverter Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032