Micro Inverter Market Size to reach USD 23.09 Billion in 2032-Emergen Research

The global micro inverter market size is expected to reach USD 23.09 Billion in 2032 and register steady revenue CAGR of 19.8% during the forecast period, according to the latest analysis by Emergen Research. Technological advancements in micro inverter technology is a key factor driving market revenue growth. Micro inverters are useful for installations with panels on many planes and facing different directions since these help to monitor the performance of individual panels. Advancements in inverter technologies are making these smarter and more important for the success of solar power generation.

In addition, rising demand for micro inverters owing to their remote monitoring capacities in commercial and residential sectors is another key factor driving revenue growth of the market. A micro-inverter is a device that connects to a single solar panel, converting direct current from the panel into alternating current, which can power household appliances or be sent into the grid for energy credits. Micro-inverters optimize for each solar panel individually, which allows solar panels to perform to their full capacity regardless of weather, shade, or other external variables.

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Micro inverters find the optimal voltage for each system to generate the maximum Peak Power Voltage (VPP). Moreover, Maximum Power Point Tracking (MPPT) controller embedded inside the micro inverter, monitors real-time solar intensity throughout the day, hence driving market revenue growth. However, high initial cost of micro inverters is the key factor, which could restrain market revenue growth. Extra monitoring devices are required since each inverter is separately installed below a solar panel, while a communication bus and shared monitoring system are needed.

Some Key Highlights From the Report
• The single-phase micro inverters segment accounted for largest revenue share in the global micro inverter market in 2022. This is attributed to rising demand for single-phase micro inverters since these do not require regular monitoring, hence are utilized as backup systems and are ideal for household applications. Micro inverters operate at low Direct Current (DC) voltages, which is safer for installers and maintenance personnel, as it reduces the risk of electric shock or fire hazards during installation or maintenance. Moreover, increasing strategic initiatives taken by companies is also expected to drive market revenue growth during the forecast period.
• The North America market accounted for largest revenue share in the global micro inverter market during the forecast period. This is due to rising demand for micro inverters as these provide real-time data on the performance of each individual solar panel. In addition, rising adoption of solar energy in commercial sectors and increasing strategic initiatives taken by companies are also expected to drive market revenue growth of this region during the forecast period.

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Some major players included in the global micro inverter market report are:
• Enphase Energy
• SolarEdge
• ABB
• SMA Solar Technology AG
• Altenergy Power System Inc.
• SunPower Corporation
• Chilicon Power, LLC.
• DARFON
• Tigo Energy, Inc.
• Growatt New Energy
• TransX
• Huawei Cloud
• CyboEnergy, Inc.
• ENF Ltd.
• RENESOLA
• Reliable Power, Inc.
• Envertech
• KACO New Energy
• Siemens
• Solantro

Strategic Development
• On 30 March 2023, Enphase Energy, Inc., a worldwide energy technology business and the world's leading supplier of micro inverter-based solar and battery solutions, announced the first shipments of Enphase micro inverters manufactured in Timisoara, Romania, in collaboration with global diversified manufacturer Flex. The IQ7TM line of micro inverters was the first to be shipped from Flex's Romania manufacturing.

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For the purpose of this report, Emergen Research has segmented the global micro inverter market on the basis of type of phase, communication technology, application, power rating, distribution channel, and region:

• Type of Phase Outlook (Revenue, USD Billion; 2019-2032)
o Single-Phase Micro Inverters
o Three-Phase Micro Inverters

• Communication Technology Outlook (Revenue, USD Billion; 2019-2032)
o Power Line Communication (PLC)
o Radio Frequency (RF) Communication
o Wired Communication
o Wireless Communication

• Application Outlook (Revenue, USD Billion; 2019-2032)
o Residential
o Commercial
o Industrial

• Power Rating Outlook (Revenue, USD Billion; 2019-2032)
o Low Power Micro Inverters
o Medium Power Micro Inverters
o High Power Micro Inverters

• Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)
o Direct Sales
o Distributors
o Online Retail

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa

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