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Residential Solar Rooftop Installations Driving Microinverter Market Growth Emerges as a Core Driver of the Micro Inverter Market in 2025
Micro Inverter Market
What Is the Expected CAGR for the Micro Inverter Market Through 2025?
The market size of micro inverters has experienced a significant expansion over the past few years. It is projected to increase from $3.45 billion in 2024 to $4.17 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 21.0%. The surge during the historical period can be accredited to government incentives, advancements in solar energy, efficiency enhancements, module-level tracking, and grid stability.
What's the Projected Size of the Global Micro Inverter Market by 2029?
The market size for micro inverters is projected to experience a speedy expansion in the coming years, rising to a staggering $8.44 billion by 2029, with a compound annual growth rate (CAGR) of 19.3%. The predicted surge during the forecast period can be linked to factors such as lowered installation prices, applications in agriculture, floating solar, hybrid microgrids, and energy transition. Key trends to watch during this forecast period include integration with smart grids, innovations in micro inverters, the electrification of rural areas and transportation, as well as energy storage integration.
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Top Growth Drivers in the Micro Inverter Industry: What's Accelerating the Market?
The expansion of residential rooftop solar installations is predicted to drive the micro inverter market's advancement. Microinverters, which are attached behind each solar panel to transform the direct current into an alternating one, operate independently and outperform traditional or string inverters. For example, in July 2023, the International Energy Agency, a France-based intergovernmental organization, released a report showing that solar photovoltaic (PV) generation experienced a significant rise of 270 terawatt-hours (26%), totalling nearly 1,300 terawatt-hours in 2022. Predictions suggest that solar PV's installed power capacity is on its way to exceed coal's by 2027, positioning itself as the largest power capacity source globally. The total capacity of solar PV is expected to almost triple in the forecast, growing by close to 1,500 gigawatts within the projected period, overtaking natural gas by 2026 and coal by 2027. Hence, the increasing adoption of residential solar rooftop installations and the shift towards highly efficient power conversion technologies are anticipated to enhance the microinverters market growth in the forecast period.
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What Trends Will Shape the Micro Inverter Market Through 2029 and Beyond?
Leading corporations in the microinverters segment are making strides in novel product innovation, like the IQ8 microinverters, to offer trustworthy services to their clientele. The IQ8 microinverters serve as potent microinverters purposed for home-based solar solutions. For illustration, in October 2023, Enphase Energy Inc., an energy technology entity from the US, introduced the IQ8 microinverters to the market. These microinverters are engineered to optimize energy production and are capable of managing a sustained direct current (DC) of 14 amperes, thus accommodating higher-powered solar modules via enhanced energy collection. The IQ8 microinverters are offered in two models: IQ8HC and IQ8P, with their output power being 384 Watt (W) and 480 Watt (W) respectively.
What Are the Main 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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Which Top Companies are Driving Growth in the Micro Inverter Market?
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.
Which Regions Will Dominate the Micro Inverter Market Through 2029?
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.
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