Micro Inverter Global Market Report 2024

A micro inverter is a compact device designed to convert direct current (DC) electricity produced by solar panels into alternating current (AC) electricity. It is connected to each individual solar module within a solar array.

Micro inverters come in two main types, single-phase and three-phase micro inverters. A single-phase inverter is responsible for converting single-phase electricity generated by photovoltaic (PV) modules into single-phase power, which can be connected to either single-phase equipment or the electrical grid. Microinverters provide a combination of hardware, software, and services. They are categorized based on their power rating, which includes below 250W, between 250W and 500W, and above 500W. These micro inverters find applications in residential, commercial, and PV power plant settings.

The micro inverter market research report is one of a series of new reports that provides micro inverter market statistics, including micro inverter industry global market size, regional shares, competitors with a micro inverter market share, detailed micro inverter market segments, market trends and opportunities, and any further data you may need to thrive in the micro inverter industry. This micro inverter market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The micro inverter market size has grown exponentially in recent years. It will grow from $2.87 billion in 2023 to $3.5 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. The growth observed in the historical period can be attributed to several factors, including government incentives supporting solar energy initiatives, the expansion of solar energy projects, improvements in efficiency within the solar industry, the implementation of module-level monitoring systems, and a focus on enhancing grid stability.

The micro inverter market size is expected to see exponential growth in the next few years. It will grow to $7.27 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. The anticipated growth in the forecast period can be attributed to various factors, including the reduction in installation costs, the integration of solar energy in agricultural applications, the emergence of floating solar technology, the implementation of hybrid microgrids, and the ongoing energy transition. Key trends expected in the forecast period encompass the integration of smart grids, innovations in micro inverter technology, efforts toward rural electrification, the electrification of transportation, and the integration of energy storage systems.

The growth of the micro inverter market is expected to be propelled by the increase in residential solar rooftop installations. Microinverters, installed behind each solar panel, convert direct current into alternating current independently, outperforming conventional or string inverters. For instance, in the United States, residential solar installations rose from 19,190.5 megawatts of direct current (MWdc) in 2020 to 23,315.3 MWdc in 2021, as reported by the Solar Energy Industries Association. This surge in residential solar rooftop installations and a shift towards highly effective power conversion technologies are anticipated to drive the microinverters market's growth in the forecast period.

The growing demand for renewable energy sources is set to fuel the expansion of the microinverter market. Microinverters play a crucial role in converting direct current (DC) generated by renewable energy sources like solar panels and wind turbines into usable alternating current (AC) electricity for residential and commercial use. According to the Energy Information Administration, renewable energy consumption in the United States increased from 12.1 quads in 2021 to 13.2 quads in 2022. This increasing demand for renewable energy sources is a significant factor contributing to the growth of the microinverter market.

Leading companies in the microinverter industry are emphasizing product innovation, exemplified by the introduction of products like the IQ8 microinverters. Enphase Energy Inc., a US-based energy technology company, launched the IQ8 microinverters, designed to maximize energy production. These microinverters can manage a continuous direct current (DC) of 14 amperes, supporting higher-powered solar modules for increased energy harvesting. The IQ8 microinverters are available in IQ8HC and IQ8P models with output powers of 384 Watts (W) and 480 Watts (W).

Innovation remains a key focus for major companies in the microinverter market, as seen with the introduction of the micro-inverter series by Zhejiang Beny Electric Co., Ltd., a China-based inverter manufacturer. This product line includes BYM550, BYM700, and BYM2800 products. The micro-inverter series caters to various solar module power ranges, offering versatility and efficiency in converting direct current (DC) electricity into usable alternating current (AC) electricity.

In July 2021, Generac, a US-based manufacturer of backup power generation products, acquired Chilicon Power for an undisclosed amount. This strategic acquisition aims to enhance technological innovation in advanced products for the solar storage market, strengthening Generac's competitive position in the rapidly growing energy market. Generac's entry into the micro-inverter market is part of its broader strategy to expand its presence in this sector. Chilicon Power, a US-based manufacturer of micro-inverter systems, brings expertise and capabilities that align with Generac's vision for growth in the evolving energy landscape.

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.

North America was the largest region in the micro inverter market in 2023. 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 analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the micro inverter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The micro-inverter market consists of sales of direct current microinverters, direct conversion inverters, wall-insulated microinverters, full-phase microinverters, and shading microinverters. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.