Micro Inverter Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Micro Inverter Market grew at a CAGR of 12.3% between 2017-2021 and is estimated to be US$ 2,341.6Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 13.7% and is expected to reach a valuation of US$ 8,455.1Mn by 2032 end.
A micro inverter is an inverter that has been scaled down and is intended for use with single solar panels rather than strings of solar modules. Typically employed in photovoltaics, this plug-and-play component transforms direct current (DC) produced by a basic solar module into alternate current (AC).
It provides several advantages, such as an easy installation process, better optimization, design flexibility, and increased safety. Additionally, carrying out maximum power point tracking (MPPT) for the connected module aids in generating optimal power.
TECHNICAL ADVANTAGES OF MICRO-INVERTERS OVER CONVENTIONAL SOLAR INVERTERS
Technically, micro-inverters have several advantages over traditional central and string solar inverters. The micro-inverter delivers the photovoltaic (PV) system’s maximum potential output. The key benefit is their capacity to maintain a strong and steady power flow even when one or more of their panels are shaded, raising end users’ interest in micro-inverters.
HIGHER INSTALLATION AND MAINTENANCE COSTS OF MICRO-INVERTERS
Even though micro-inverters have several advantages over traditional central and string inverter systems, the cost associated with installation and maintenance is one of the key factors limiting the market. Premium products with a high price tag are micro-inverters. A communication gateway, pricey AC trunk lines, one micro-inverter per module, and specialized equipment make up a micro-inverter system.
The number of inverters that can be connected to a single cable trunk of an AC trunk is constrained by its limited current capacity. A micro-inverter system further costs USD 100 Mn. It requires more micro-inverter installations and costs more money than a string inverter on a typical solar system because these inverters are well-known for running single panels and are installed on one board each.
TECHNOLOGICAL INNOVATIONS IN INVERTERS TO IMPROVE THEIR CAPABILITIES
The need for efficient solar inverter technology has arisen due to rising electricity costs and demand. To meet the unmet needs of customers, new inverter technologies are being created and introduced. Many architectural designs have been used over time to increase the performance of micro-inverters.
Numerous micro-inverter manufacturers have also chosen partnership and collaboration tactics to grow their company operations, broaden their product offerings, improve overall performance, and increase their technological portfolios. A select group of significant players in the micro-inverter market work with different businesses to improve the range of products they offer by incorporating new technologies.
Market Segments Covered in Report
By Region and Country:
Which is the most commonly used micro inverter?
With a 90% revenue share, the single-phase micro inverter category will continue to rule the worldwide micro inverter market.
Due to their compliance with various standards, single-phase micro inverters have become the most often used power electronic device in commercial and residential structures. By using one unit rather than two or more, these tiny inverters allow consumers to save money.
Which segment contributed most to the global micro inverter market growth?
Due to their small size and ability to be put in remote locations without grid access, emerging micro inverter market trends predict that the standalone micro inverter segment will grow at a significantly higher CAGR over the forecast period. They are becoming incredibly sought-after products for homes.
On the other hand, sales of on-grid micro inverters are also anticipated to increase significantly due to their better flexibility and higher energy conversion ratios. Around 2021, the segment brought in US$ 1.1 billion.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
To obtain a competitive edge in the worldwide micro inverter market, top producers of micro inverters are constantly using various strategies, including new product releases, partnerships, acquisitions, collaborations, mergers, and price reductions. Additionally, they are making numerous efforts to inform people about the benefits of utilizing clean energy technologies for the environment.
The key developments in the Global Micro Inverter Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Phase, Connectivity, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 13.7%.
Technical advantages of micro-inverters over conventional solar inverters
Major global Micro Inverter Market players are Darfon Electronics Corp., Siemens, Solar Edge Technologies, Inc., Alternative Power System, Inc., Enphase Energy, Sensata Technologies, Inc., TMEIC, Fimer Group, Chilicon Power, LLC, AEconversion GmbH & Co. KG, Sparq Systems, Yotta Energy
Higher installation and maintenance costs of micro-inverters
Asia Pacific Region is expected to account for the largest market revenue share in the Global Micro Inverter market.
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