Micro Inverter Market by Offering, Type, Connection Type, Communication Technology, Power Rating, Distribution Channel, Application

List of Tables

[188 Pages Report] The Micro Inverter Market size was estimated at USD 3.97 billion in 2023 and expected to reach USD 4.82 billion in 2024, at a CAGR 21.96% to reach USD 15.96 billion by 2030.

Global Micro Inverter Market

KEY MARKET STATISTICS
Base Year [2023]	USD 3.97 billion
Estimated Year [2024]	USD 4.82 billion
Forecast Year [2030]	USD 15.96 billion
CAGR (%)	21.96%

A micro inverter is a compact device used in photovoltaic (PV) systems to convert direct current (DC) supply generated by a single solar panel into alternating current (AC) supply. Unlike traditional string inverters that manage DC to AC conversion for multiple solar panels at a central point, each micro inverter is attached to an individual solar panel. This configuration allows for independent operation, enabling enhanced performance management, greater system efficiency, and improved safety through the elimination of high-voltage DC wiring. The demand for microinverters is primarily driven by the growing number of solar PV installations, the increased energy yield compared to traditional inverters, and the adoption of advanced module-level power electronics (MLPE) technology. Government incentives for solar power and the preference for integrated PV systems amongst residential customers further stimulate the micro inverter market growth. Despite the growth prospects, high initial costs compared to conventional string inverters, technical and operational complexities, and the difficulty in integrating with existing large-scale solar setups hinder the scope of the market. However, an increasing awareness of the advantages of module-level power electronics paves the way for new product development and market penetration. The growing demand for AC modules, which have micro inverters pre-installed, presents a significant opportunity. Expansion into emerging markets, where solar PV adoption is on the rise, also offers a substantial field for market expansion. Moreover, technological advancements leading to higher efficiency and longer warranties for micro inverters are presenting a lucrative future landscape for the micro inverter market.

Regional Insights

The market for micro inverters in the Americas has been witnessing substantial growth, primarily driven by the increasing adoption of solar photovoltaic (PV) systems across residential, commercial, and industrial sectors. The United States contributes majorly to the regional market, spurred by favorable government policies, initiatives to promote renewable energy, and the decreasing cost of solar installations. The adoption of advanced technologies in the energy sector and the presence of significant micro inverter manufacturers also contribute to the robust market growth in this region. In Europe, the Middle East, and Africa (EMEA), the market for micro inverters is showing a positive trajectory. There is a high awareness of the benefits of clean energy and incentives for renewable energy production, leading to the growing demand for efficient and reliable solar solutions, such as micro-inverters. Despite the promising development, the Middle East and Africa have lower adoption rates due to infrastructural and economic constraints, although prospects remain optimistic with ongoing investment in renewable energy infrastructure. The Asia-Pacific (APAC) region is experiencing a rapid increase in the market for micro inverters with increasing energy consumption, a need for energy independence, and the availability of government subsidies for solar panel installations. Manufacturers are investing in R&D to enhance product efficiency and withstand the competition from global players. The region's substantial manufacturing capacity and technological advancements position APAC as a significant market for micro inverters.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Micro Inverter Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Micro Inverter Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Micro Inverter Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., AEconversion GmbH & Co. KG, Altenergy Power System Inc., BENY New Energy, Chilicon Power, LLC, Darfon Electronics Corp., Delta Electronics, Inc., Enphase Energy, Inc., FOXESS CO., LTD, Growatt New Energy, Guangzhou Demuda Optoelectronics Technology Co.,LTD, Havells India Ltd., Hoymiles Power Electronics Inc, Must Energy, NingBo Deye Inverter Technology Co.,Ltd, Projoy Electric Co., Ltd., Samil Power Co., Ltd., Sensata Technologies, Inc., Shanghai Rockcore Electronics Technology Corp, Siemens AG, SMA Solar Technology AG, Solar Panels Plus, Solarnative GmbH, Sparq Systems, and URENERGY LLC.

Market Segmentation & Coverage

This research report categorizes the Micro Inverter Market to forecast the revenues and analyze trends in each of the following sub-markets:

Offering
- Hardware
- Software & Services
Type
- Single Phase
- Three Phase
Connection Type
- Grid-Tie
- Stand-Alone
Communication Technology
- Wired
- Wireless
Power Rating
- 250 W to 500 W
- Above 500 W
- Below 250 W
Distribution Channel
- Offline
- Online
Application
- Commercial
- Residential
Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam
- Europe, Middle East & Africa
  - Denmark
  - Egypt
  - Finland
  - France
  - Germany
  - Israel
  - Italy
  - Netherlands
  - Nigeria
  - Norway
  - Poland
  - Qatar
  - Russia
  - Saudi Arabia
  - South Africa
  - Spain
  - Sweden
  - Switzerland
  - Turkey
  - United Arab Emirates
  - United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Micro Inverter Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Micro Inverter Market?

3. What are the technology trends and regulatory frameworks in the Micro Inverter Market?

4. What is the market share of the leading vendors in the Micro Inverter Market?

5. Which modes and strategic moves are suitable for entering the Micro Inverter Market?

Product Code: MRR-7B584ECDCBA1

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Limitations
1.7. Assumptions
1.8. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

4.1. Introduction
4.2. Micro Inverter Market, by Region

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing technical advantages of micro-inverters over conventional solar inverters
  - 5.1.1.2. Increased demand for micro-inverters due to their remote monitoring capabilities
  - 5.1.1.3. Significant capital inflows in renewable energy sector
- 5.1.2. Restraints
  - 5.1.2.1. Higher installation and maintenance costs of micro inverters
- 5.1.3. Opportunities
  - 5.1.3.1. Rising number of solar PV installations owing to incentive schemes by Government of different countries
  - 5.1.3.2. Growing number of product development, partnership agreements and collaborations in micro inverter market
- 5.1.4. Challenges
  - 5.1.4.1. Technical and design limitations of micro inverters
5.2. Market Segmentation Analysis
- 5.2.1. Offering: Emerging applications of software with proactive maintenance features
- 5.2.2. Type: Higher adoption of three-phase micro inverters for high-capacity energy users
- 5.2.3. Connection Type: Significant benefits of stand-alone micro inverters through net metering capabilities
- 5.2.4. Application: Preferences for cost savings and ease of use in residential applications
5.3. Market Trend Analysis
5.4. Cumulative Impact of High Inflation
5.5. Porter's Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework

6. Micro Inverter Market, by Offering

6.1. Introduction
6.2. Hardware
6.3. Software & Services

7. Micro Inverter Market, by Type

7.1. Introduction
7.2. Single Phase
7.3. Three Phase

8. Micro Inverter Market, by Connection Type

8.1. Introduction
8.2. Grid-Tie
8.3. Stand-Alone

9. Micro Inverter Market, by Communication Technology

9.1. Introduction
9.2. Wired
9.3. Wireless

10. Micro Inverter Market, by Power Rating

10.1. Introduction
10.2. 250 W to 500 W
10.3. Above 500 W
10.4. Below 250 W

11. Micro Inverter Market, by Distribution Channel

11.1. Introduction
11.2. Offline
11.3. Online

12. Micro Inverter Market, by Application

12.1. Introduction
12.2. Commercial
12.3. Residential

13. Americas Micro Inverter Market

13.1. Introduction
13.2. Argentina
13.3. Brazil
13.4. Canada
13.5. Mexico
13.6. United States

14. Asia-Pacific Micro Inverter Market

14.1. Introduction
14.2. Australia
14.3. China
14.4. India
14.5. Indonesia
14.6. Japan
14.7. Malaysia
14.8. Philippines
14.9. Singapore
14.10. South Korea
14.11. Taiwan
14.12. Thailand
14.13. Vietnam

15. Europe, Middle East & Africa Micro Inverter Market

15.1. Introduction
15.2. Denmark
15.3. Egypt
15.4. Finland
15.5. France
15.6. Germany
15.7. Israel
15.8. Italy
15.9. Netherlands
15.10. Nigeria
15.11. Norway
15.12. Poland
15.13. Qatar
15.14. Russia
15.15. Saudi Arabia
15.16. South Africa
15.17. Spain
15.18. Sweden
15.19. Switzerland
15.20. Turkey
15.21. United Arab Emirates
15.22. United Kingdom

16. Competitive Landscape

16.1. FPNV Positioning Matrix
16.2. Market Share Analysis, By Key Player
16.3. Competitive Scenario Analysis, By Key Player
- 16.3.1. New Product Launch & Enhancement
  - 16.3.1.1. Enphase Enters Commercial Market with New Three-Phase Microinverter
  - 16.3.1.2. Hoymiles Unveils 4-in-1 Solar Microinverter for High-Powered C&I Projects
  - 16.3.1.3. Havells Launches Dual Mode Micro Inverter

17. Competitive Portfolio

17.1. Key Company Profiles
- 17.1.1. ABB Ltd.
- 17.1.2. AEconversion GmbH & Co. KG
- 17.1.3. Altenergy Power System Inc.
- 17.1.4. BENY New Energy
- 17.1.5. Chilicon Power, LLC
- 17.1.6. Darfon Electronics Corp.
- 17.1.7. Delta Electronics, Inc.
- 17.1.8. Enphase Energy, Inc.
- 17.1.9. FOXESS CO., LTD
- 17.1.10. Growatt New Energy
- 17.1.11. Guangzhou Demuda Optoelectronics Technology Co.,LTD
- 17.1.12. Havells India Ltd.
- 17.1.13. Hoymiles Power Electronics Inc
- 17.1.14. Must Energy
- 17.1.15. NingBo Deye Inverter Technology Co.,Ltd
- 17.1.16. Projoy Electric Co., Ltd.
- 17.1.17. Samil Power Co., Ltd.
- 17.1.18. Sensata Technologies, Inc.
- 17.1.19. Shanghai Rockcore Electronics Technology Corp
- 17.1.20. Siemens AG
- 17.1.21. SMA Solar Technology AG
- 17.1.22. Solar Panels Plus
- 17.1.23. Solarnative GmbH
- 17.1.24. Sparq Systems
- 17.1.25. URENERGY LLC
17.2. Key Product Portfolio

18. Appendix

18.1. Discussion Guide
18.2. License & Pricing