Press release
Micro Inverter Market Size Forecasted To Achieve $8.44 Billion By 2029 With Steady Growth
Micro Inverter Market Share
What Is the Micro Inverter Market Size and Projected Growth Rate?
In recent times, there has been a remarkable surge in the size of the micro inverter market. It is projected to expand from $3.45 billion in 2024 to around $4.17 billion in 2025, indicating a compound annual growth rate (CAGR) of 21.0%. Factors such as government incentives, progression in solar energy, enhancements in efficiency, module-level supervision, and stability of the grid have significantly influenced the historical growth pattern.
In the coming years, the micro inverter market size is anticipated to experience a swift expansion. The market is projected to escalate to $8.44 billion by 2029, recording a compound annual growth rate (CAGR) of 19.3%. The surge in growth during this forecast period can be credited to factors such as diminished setup costs, agricultural use, floating solar technology, hybrid microgrids, and the shift towards renewable energy. The forecast period will also see predominant trends such as the integration of smart grids, advancements in micro inverter technology, rural electrification, vehicular electrification, and the incorporation of energy storage.
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What Are the Major Segments in the Micro Inverter Market?
The micro inverter market covered in this report is segmented -
1) By Type: Single Phase, Three Phase
2) By Offering: Hardware, Software And Services
3) By Power Rating: Below 250 W, Between 250 W and 500 W, Above 500 W
4) By Application: Residential, Commercial, PV Power Plant
Subsegments:
1) By Single Phase: Grid-Tied Single Phase Micro Inverters, Off-Grid Single Phase Micro Inverters
2) By Three Phase: Grid-Tied Three Phase Micro Inverters, Off-Grid Three Phase Micro Inverters
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What Are The Driving Micro Inverter Market Evolution?
The micro inverter market is projected to see significant growth due to the surge in residential solar rooftop installations. Each solar panel is fitted with a microinverter to transform the direct current into an alternate current. Unlike conventional or string inverters, these microinverters operate independently, offering maximized performance. For example, a report by the International Energy Agency, a France-based intergovernmental organization, states that solar photovoltaic (PV) generation witnessed an impressive boost of 270 terawatt-hours (26%) in July 2023, cumulating to around 1,300 terawatt-hours in 2022. Forecasts suggest that by 2027, the installed power capacity of solar PV is set to eclipse that of coal, making it the primary power capacity source globally. The total capability of solar PV is predicted to almost triple in the forecast, growing by nearly 1,500 gigawatts in the set timeframe, overtaking natural gas by 2026 and coal by 2027. Thus, the escalating interest in efficient power conversion technologies along with the growth in residential solar rooftop installations will likely stimulate the expansion of the microinverters market during the projection period.
Which Firms Dominate The Micro Inverter Market Segments?
Major companies operating in the micro inverter market include Enphase Energy Inc., APsystems Co. Ltd., Canadian Solar Inc., Chilicon Power LLC, Darfon Electronics Corp., FIMER S.p.A., Loom Solar Pvt. Ltd., P&P Energy Technology Co. Ltd., ReneSola Ltd., Sensata Technologies Holding plc, SPARQ Systems Inc., ABB Ltd., AEconversion GmbH, CyboEnergy Inc., Delta Electronics Inc., Eaton Corporation plc, Fronius International GmbH, GoodWe Power Supply Technology Co. Ltd., HiQ Solar, Huawei Technologies Co. Ltd., KACO new energy GmbH, Kostal Solar Electric GmbH, Magnum Energy Solutions LLC, Omnik New Energy Co. Ltd., Pika Energy Inc., Power-One LLC, Redback Technologies Pty Ltd., SMA Solar Technology AG, SolarBridge Technologies Inc., SolarEdge Technologies Inc., Yaskawa America Inc., Sungrow Power Supply Co. Ltd., Sunmagic Solar and Electronics Pvt. Ltd., SunPower Corporation, Tabuchi Electric Co. Ltd.
What Trends Are Expected to Dominate the Micro Inverter Market in the Next 5 Years?
Leading corporations in the microinverter market are concentrating on the invention of new products like the IQ8 microinverters, to offer dependable services to their clientele. These IQ8 microinverters serve as potent microinverters for residential solar resolutions for users. For example, Enphase Energy Inc., an energy tech firm based in the US, introduced the IQ8 microinverters in October 2023. These IQ8 microinverters are designed to optimize energy production and sustain a steady direct current (DC) of 14 amperes. They support superior-powered solar modules by enhancing energy collection. IQ8 microinverters come in two models, IQ8HC and IQ8P, which have output power of 384 Watt (W) and 480 Watt (W) respectively.
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Which Is The Largest Region In The Micro Inverter Market?
North America was the largest region in the micro inverter market in 2024. Asia-Pacific is expected to be the fastest-growing region in the micro inverter market share during forecast period. The regions covered in the micro inverter market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Micro Inverter Market?
2. What is the CAGR expected in the Micro Inverter Market?
3. What Are the Key Innovations Transforming the Micro Inverter Industry?
4. Which Region Is Leading the Micro Inverter Market?
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