Global Micro Inverter Market size and share is currently valued at USD 5.40 billion in 2024 and is anticipated to generate an estimated revenue of USD 33.27 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 25.5% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032
Market Overview:
The micro inverter market focuses on compact devices used in solar photovoltaic (PV) systems to convert direct current (DC) generated by solar panels into alternating current (AC). Unlike traditional string inverters that handle multiple panels, micro inverters are installed on individual solar panels, offering advantages such as higher energy efficiency, improved safety, and enhanced system flexibility. These features make micro inverters a preferred choice for residential and small-scale commercial solar installations. As the adoption of solar energy continues to rise globally, the demand for micro inverters is growing rapidly, driven by their technological superiority and suitability for modern solar systems.
Market’s Growth Drivers:
- Rising Adoption of Solar Energy:
The global shift toward renewable energy, coupled with government incentives and subsidies, has significantly boosted the adoption of solar PV systems, driving demand for micro inverters. - Advantages Over Traditional Inverters:
Micro inverters offer higher efficiency, greater energy yield, and better performance monitoring compared to string and central inverters, making them increasingly popular in the market. - Increased Focus on Residential Solar Installations:
The growing adoption of rooftop solar panels in residential areas is fueling the demand for micro inverters, which are ideal for smaller, distributed solar systems. - Technological Advancements in Solar Equipment:
Innovations in micro inverter design, such as integration with smart home systems and advanced monitoring capabilities, are driving their adoption in modern solar energy setups.
𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.polarismarketresearch.com/industry-analysis/micro-inverter-market/request-for-sample
Some of the major players operating in the global market include:
- AEconversion GmbH & CO. KG
- Altenergy Power Systems
- Bluesun Solar Co., Ltd.
- Chilicon Power LLC
- Enphase Energy
- Envertech
- Hoymiles
- Ningbo Deye Inverter Technology Co Ltd
- Solar Panels Plus
- ZJBENY
Recent Developments
- Yotta Energy Secures Additional Funding – April 2022
In April 2022, Yotta Energy announced securing an additional USD 3.5 million in financing, bringing its total Series A fundraising to USD 16.5 million. Including recent investments and awards, Yotta has successfully raised over USD 25.5 million in total funding, bolstering its efforts to innovate and expand in the renewable energy market. - Generac Acquires Chilicon Power – July 2021
In July 2021, Generac completed the acquisition of Chilicon Power, a leading developer of grid-interactive micro inverters and solar monitoring systems. This strategic move strengthens Generac’s portfolio in the solar energy sector and enhances its capabilities in providing advanced energy solutions.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:
The Micro Inverter Market segmentation divides the market into several segments. The industry segmentation is primarily based on product type, application, end-use, and geographic factors. Besides, the research study covers several sub-segments of the market. An in-depth examination of each market segment and sub-segment has been provided, covering the industry size, growth prospects, industry drivers, and challenges. The detailed market segmentation helps stakeholders identify the diverse needs of different consumer groups in the market. Also, it pinpoints opportunities for targeted marketing and product development strategies.
Micro Inverter Market, Type Outlook (Revenue – USD Billion, 2019-2032)
- Single phase
- Three Phase
Micro Inverter Market, Components Outlook (Revenue – USD Billion, 2019-2032)
- Hardware
- Software
- Services
Micro Inverter Market, Communication Technology Outlook (Revenue – USD Billion, 2019-2032)
- Wired
- Wireless
Micro Inverter Market, Application Outlook (Revenue – USD Billion, 2019-2032)
- Residential
- Commercial
- PV Power Plant
- Others
The micro inverter market is set to grow steadily as solar energy adoption continues to accelerate worldwide. With advancements in technology and a focus on energy efficiency, micro inverters are expected to remain a cornerstone of modern solar power systems for years to come.